Fexco Asset Finance and the Strategic Banking Corporation of Ireland have announced a €40m extension to their partnership which allows SMEs to borrow at a lower cost for specialist equipment and vehicles.
The partnership was first established in 2016 and so far it has loaned out more than €100m to Irish SME customers.
The extension of the funding package is aimed at supporting investment in the expansion plans of SMEs as well as job creation as the economy emerges from the challenges of the Covid-19 pandemic.
The scheme allows qualifying SMEs to continue to borrow from FAF at an interest rate that is a 2.07% discount on FAF's normal market rates.
Minister for Finance Paschal Donohoe said the extension of the partnership will ensure ongoing lower cost borrowing for specialist equipment and vehicles, providing opportunities for the vitally important SME sector to expand and grow despite the significant challenges of not only Covid-19 but also Brexit.
Fexco Asset Finance CEO Mike O'Halloran said its collaboration with SBCI has allowed it to support thousands of Irish SMEs with funding at a discounted rate.
"We're thrilled to be able to continue the partnership with this extension to the scheme and promise to continue to provide the excellent customer service and quick turnaround of loan applications that are the hallmark of our approach to doing business," Mike O'Halloran said.
"With SMEs employing over one million people in Ireland we know that providing support is vital to the country’s economic success," he added.