Close Brothers Commercial Finance Joins SBCI Scheme to Support Irish SMEs and Primary Producers

Simplí Finances is pleased to share the news that Close Brothers Commercial Finance has entered into a partnership with the Strategic Banking Corporation of Ireland (SBCI) to offer a low-cost funding scheme aimed at supporting Irish SMEs and primary producers. This collaboration will enhance access to affordable, long-term finance, which is essential for fostering growth, sustainability, and innovation across various sectors of the Irish economy.

The Growth and Sustainability Loan Scheme (GSLS), backed by a guarantee from the European Investment Bank Group with support from the Department of Enterprise, Trade and Employment, and the Department of Agriculture, Food and the Marine, offers businesses crucial financial resources. This scheme will enable SMEs to invest in their future by promoting diversification, energy efficiency, and sustainability.

Minister for Enterprise Trade & Employment, Peter Burke, welcomed Close Brothers' involvement in the scheme, stating, "I am pleased to note the addition of Close Brothers as an on-lender 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."

Similarly, Minister for Agriculture, Charlie McConalogue, emphasized the importance of this initiative for the agri-food sector, noting that the GSLS provides essential funding for farmers, fishers, foresters, and food businesses, including those in the seafood sector. "It assists resilience and climate action, facilitating both economic and environmental sustainability," he added.

Minister for Finance, Jack Chambers, also expressed his support, stating, "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."Ciaran McAreavey, Managing Director of Close Brothers Commercial Finance, highlighted the significance of the partnership, saying, "This scheme provides long-term finance that is critical for SMEs' progress and resilience while developing their products and services, investing in energy efficiency, and sustainability. Our Business Barometer research has shown that over 95% of firms feel motivated to do business more sustainably, but a third of them are deterred by potential costs."

Adding his voice to the announcement, Gary Grimes, Funding & Merchant Services Director at Simplí Finances, stated, "We are pleased to see Close Brothers join the SBCI Growth and Sustainability Loan Scheme. Their participation will not only bring more competition and choice for Irish SMEs but also provide them with the necessary financial tools to invest in sustainable practices and long-term growth."

For those eligible, GSLS loans range from €25,000 up to a maximum of €3,000,000, with terms ranging from 7 to 10 years. Loans of up to €500,000 are available on an unsecured basis, offering businesses the flexibility and support needed to invest in their future.