Close Brothers Commercial Finance has partnered with the Strategic Banking Corporation of Ireland (SBCI) to provide a low-cost funding scheme to further support Irish SMEs and primary producers.
The Growth and Sustainability Loan Scheme (GSLS) is offered by the SBCI and benefits from a guarantee provided by the European Investment Bank Group with support from the Department of Enterprise, Trade and Employment and the Department of Agriculture, Food and the Marine.
Welcoming the announcement by Close Brothers, Minister for Enterprise Trade & Employment, Peter Burke said:
“I am pleased to note the addition of Close Brothers as an onlender for the €500 million Growth and Sustainability Loan Scheme. This scheme provides long-term finance at a lower cost which is critical funding for SMEs to facilitate growth, diversify, and invest in energy efficiency and sustainability.”
Minister for Agriculture, Charlie McConalogue, said:
“I am pleased to see Close Brothers enter the market as a lender for the €500m Growth and Sustainability Loan Scheme (GSLS). In recent years, the agri-food sector has faced many challenges, and it is important that we continue to provide access to long-term finance to support the continued growth and innovation of agri-businesses. The GSLS provides an important source of funding for farmers, fishers, foresters, and food businesses, including the seafood sector. It assists resilience and climate action, facilitating both economic and environmental sustainability.”
Minister for Finance, Jack Chambers, said:
“I welcome Close Brothers’ announcement that they will join the SBCI Growth and Sustainability Loan Scheme, under both their Invoice Financing and Asset Financing pillars of business. As the second non-bank lender entering the scheme, I am confident that their participation will further enhance competition in this pivotal investment measure, under both its growth and sustainability elements.
SMEs are at the core of the Irish economy, creating employment and economic prosperity throughout the country. This Government is committed to supporting SMEs to invest in the growth and resilience of their business and to continue to assist them as they transition to environmentally sustainable systems and practices.
The Growth and Sustainability Loan Scheme, delivered by the Strategic Banking Corporation of Ireland and underpinned by a guarantee from the European Investment Fund, is a key tool to help achieve these aims. I encourage all interested SMEs and farmers to contact the SBCI and participating financial institutions such as Close Brothers to learn more about the benefits available.”
For those eligible, GSLS loans range from €25,000 up to a maximum of €3,000,000 for terms from 7 to 10 years; with loans of up to €500,000 available on an unsecured basis.
Loans available through GSLS will allow businesses to invest in long-term growth and resilience, or for investment in climate and environmental sustainability actions designed to improve their performance. The scheme will support the working capital needed for the continued success of Irish enterprises, offering opportunities to invest in the medium and long-term.
Managing Director, Close Brothers Commercial Finance Ciaran McAreavey said:
“This scheme provides long term finance that is critical for SMEs progress and resilience whilst developing their products and services, investing in energy efficiency and sustainability. Our Business Barometer research has shown that over 95% of firms said they felt motivated to do business more sustainably but a third of them were deterred by potential costs*.
As a specialist lender in Ireland, we are committed to offering solutions that support innovation, growth and sustainability, so we are delighted have partnered with the SBCI to offer GSLS and provide new commercial funding opportunities for Irish businesses.”
SBCI CEO, June Butler said:
“We are delighted to announce that Close Brothers has joined the government-backed Growth and Sustainability Loan Scheme. Their participation in the scheme will lead to more competition and choice for Irish SMEs, farmers and fishers. The Scheme has been designed to help businesses looking to invest in greener measures and grow profitability by providing low-cost loans of up to €3 million with terms of seven to 10 years. At the SBCI, we are committed to supporting businesses making the strategic investments needed to grow, expand, and become more sustainable and profitable.”
* All figures unless otherwise stated are from a survey conducted April 2023. The Business Barometer survey canvassed the opinion of 900 SME owners and business managers from industries across the UK and Ireland on a range of issues affecting them.
