The Strategic Banking Corporation of Ireland (SBCI) has launched its €150m Energy Efficiency Loan Scheme to help SMEs and farmers cut their energy bills and reduce their carbon emissions by investing in energy-saving measures.
The scheme will offer discounted term loans, asset finance and hire purchase to SMEs and farmers planning investments in a range of energy-saving equipment including solar panels, heat pumps, LED lightning and other energy-saving technology.
SMEs will benefit from reduced interest rates from as low as 4%, and finance amounts ranging from €10,000 to €150,000 over terms of up to ten years.
The new scheme is available through Bank of Ireland, with other on-lenders due to follow in the coming weeks.
"Businesses using the Energy Efficiency Loan Scheme can enhance their competitiveness, address their energy costs and boost their reputation in meeting customers' sustainability expectations.I urge businesses to exploit the new investment opportunities this creates," said Minister for Finance, Paschal Donohoe.
"I urge businesses to exploit the new investment opportunities this creates," he added.
June Butler, CEO of the SBCI said the scheme underlines their commitment to bringing more SME-friendly lending products to market.
"We are conscious that many businesses continue to grapple with the immediate challenges caused by Covid, Brexit and economic uncertainty arising from the terrible events in Ukraine, but we know that SMEs which have the capacity to invest in energy efficiency need better financing options, and this scheme is designed for them," she said.
