A NEWLY announced €50 million loan facility for the SME sector will allow businesses to grow, an Ennis business representative group has said.
The Strategic Banking Corporation of Ireland has announced that under the terms of the deal, SMEs 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, the chamber welcomes any initiative that will ensure access to finance for SMEs, who are the backbone of the Irish economy, especially in rural Ireland.
“SMEs 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 SMEs 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.”