€50m in new Funding for SMEs
The Strategic Banking Corporation of Ireland (SBCI) has launched its second phase of new funding for Irish SMEs with a €50 million equipment, machinery and vehicle finance programme through Finance Ireland – a specialist SME lender.
The new phase is in addition to €400 million lower-cost, longer-term loan programme for SMEs set up with AIB and Bank of Ireland earlier this year.
Finance Ireland will act as on-lender of €50 million provided by the SBCI to provide Irish SMEs with lower-cost funding for equipment, machinery and vehicles. Finance Ireland will provide flexible financing at competitive market rates.
The new products are:
| SME Leasing | 2-5 year lending for cars, commercial vehicles, plant and machinery
|
| Hire Purchase | Similar to SME Leasing but allows SME to take ownership of the asset at the end of the financing period |
| Contract Hire
(Vehicle Leasing |
3-4 year terms for vehicles with a lower monthly payment than lease or hire purchase
|
| Rental Agreements
(Vendor Finance) |
2-5 year leases for smaller office equipment (photocopiers, printers) or specialist equipment for medical practitioners/dentists
|
The new products are available immediately, with further details and application form available at Finance Ireland – www.financeireland.ie
