The Strategic Banking Corporation of Ireland and business lender Bibby Financial Services Ireland have announced a new €30m fund to help Irish SMEs manage their cash-flow.
The new fund brings the SBCI's lending partnership with Bibby Financial Services to €100m, with over €70m deployed by the partnership in support of hundreds of SMEs since 2016.
The latest €30m facility will allow Bibby Financial Services to provide additional invoice finance facilities to even more Irish SMEs, allowing them to use their trade debtors and invoice pipeline as a flexible and SME-friendly source of working capital.
Bibby Financial Services will be able to offer up to €5m for individual SMEs that are eligible to use the facility, with a minimum facility period of 24 months as well as competitive pricing with up to 1.3% discount from the standard facility rates offered by Bibby Financial Services.
It will also offer SMEs tailored invoice finance solutions that unlock cash tied up in pipeline invoices, allowing businesses to reinvest immediately as well as flexible funding that will help SMEs to navigate economic challenges, invest in growth opportunities and sustain local employment.
Paschal Donohoe, Minister for Finance, said that SMEs play a critical role in the Irish economy, creating employment and economic prosperity.
"It is essential that there is strong supply of competitively priced liquidity, available to SMEs. This new €30m fund will enable Bibby Financial Services to deploy a flexible funding solution to more Irish SMEs than was previously possible," Mr Donohoe said.
"This fund will also allow SMEs to avail of more competitive pricing on facilities. The combined effect will assist SMEs to strengthen their cashflow situation; providing them with more working capital to invest and achieve their growth plans over the next few years," he added.
Colin Moran, SBCI Head of Lending, said that since 2016, its partnership with Bibby Financial Services has helped hundreds of businesses across Ireland access affordable working capital when they have needed it most, supporting growth, enabling innovation and sustainability, and protecting jobs.
"This latest facility will ensure even more businesses can strengthen their cash-flow and seize opportunities for the future," Mr Moran said.
Mark O'Rourke, Bibby Financial Services Ireland Managing Director, said that over the past nine years, the company has have worked hand in hand in hand with the SBCI to help businesses nationwide to access funding to enable a range of scenarios.
"Despite current geopolitical challenges, our recent 'SME Confidence Tracker' survey shows that nine in ten SMEs are planning to invest in the coming months," Mr O'Rourke said.
"Today's announcement with the SBCI will allow us to continue working with SMEs - the backbone of the Irish economy - for many years to come to ensure they have funding solutions they need, such as invoice finance, to unlock working capital and pursue ambitious growth plans for the rest of 2025 and beyond," he stated.
