The three main Irish banks said they have reopened applications under Phase 2 of the Strategic Banking Corporation of Ireland’s (SBCI) Growth and Sustainability Loan Scheme.
The scheme gives eligible farmers, foresters, fishers and SMEs access to competitively priced, long-term finance.
The funding can support investment that improves farm productivity, strengthens resilience, reduces operating costs and enables more sustainable growth.
The Government-backed scheme has been expanded by a further €500m, increasing total lending capacity to €1 billion, and extended until the end of June 2029 or until fully subscribed, whichever is earlier.
Under the terms of the scheme, eligible agri and SME customers can apply for loans from €25,000 to €3m, with repayment terms of seven to 10 years. Loans up to €500,000 are unsecured.
It is managed and delivered by SBCI, in co-operation with the European Investment Bank Group, the Department of Enterprise, Tourism and Employment and the Department of Agriculture, Food and the Marine.
Elaine Downey, AIB Head of Retail SME, said the Growth and Sustainability Loan Scheme continues to play an important role in helping farmers, fishers, foresters, SMEs and agri-food businesses invest for the future.
“This additional funding allows AIB to support more agri customers as they strengthen their businesses, improve resilience and invest in sustainable growth initiatives,” she said.
“Farmers and SMEs are making important decisions about the future of their businesses – from upgrading buildings and equipment to improving energy efficiency, adopting new technology and investing in lower-emission practices. Access to affordable, long-term finance can help farm families and SMEs manage these investments, protect competitiveness and build resilient businesses for the next generation,” Ms Downey added.
John Feeney, Bank of Ireland chief executive, Corporate and Commercial Banking, said that supporting Irish SMEs to invest and innovate is critical to grow the Irish economy and boost national economic resilience.
“I would encourage all SMEs to explore how this scheme can help them achieve their growth and sustainability ambitions,” he stated.
Bank of Ireland said that eligible categories for the loans scheme include investment in green or sustainable measures; investment by SMEs classified as a Green Enterprise; and investment by farmers classified as holders of a Green Eco Label.
Meanwhile, PTSB said it will make available a further €70m in three tranches over the remaining lifetime of the scheme, in addition to €70m previously loaned in the first phase of the scheme.
Ger Mitchell, PTSB Chief Customer and People Officer, said the bank expects to see strong interest among SMEs for the scheme’s affordable, long-term finance.
“At PTSB, we know that businesses are increasingly recognising the commercial opportunities presented by the transition to a more sustainable economy, in addition to the importance of reducing their environmental impact,” Mr Mitchell said.
“Through this partnership, we want to enable SMEs to access the funding they need to grow sustainably and support the Irish economy,” he added.
