Under the terms of the deal SME’s will be able to access more and lower cost funding for equipment, machinery and vehicles through Finance Ireland, a Dublin based specialist lender. It is understood the preferential interest rates will be typically 2% lower than current market rates.
Ennis Chamber CEO Rita McInerney said: “As a business representative organisation Ennis Chamber welcomes any initiative which will ensure access to finance for SME’s who are the backbone of the Irish Economy, especially in rural Ireland. SME’s employ approximately 70% of the people working in this country and make up over 99% of all businesses.”
“It has been particularly challenging in recent years for SME’s to access finance, therefore this fund will make it more affordable for businesses to grow as well as increasing competition among the lenders in market,” she added.
To access further information, SME’s should visit sbci.gov.ie.