Fexco Asset Finance and the Strategic Banking Corporation of Ireland have announced a € 40 million extension of their partnership which allows SMEs to borrow at a lower cost for specialized equipment and vehicles.
The partnership was first established in 2016 and so far it has lent over € 100 million to Irish SMEs.
The extension of the funding envelope aims to support investments in SME expansion plans as well as job creation as the economy emerges from the challenges of the Covid-19 pandemic.
The scheme allows eligible SMEs to continue to borrow from FAF at an interest rate that corresponds to a 2.07% discount from FAF’s normal market rates.
Finance Minister Paschal Donohoe said the extension of the partnership will ensure continued low-cost borrowing for specialized equipment and vehicles, providing opportunities for the vital SME sector to grow and expand despite significant challenges. not only Covid-19 but also Brexit.
Fexco Asset Finance CEO Mike O’Halloran said his collaboration with SBCI has enabled him to support thousands of Irish SMEs with financing at a discounted rate.
“We are delighted to be able to continue the partnership with this extension of the program and we promise to continue to provide the excellent customer service and timeliness of loan requests that are a hallmark of our business approach,” Mike O’Halloran noted.
“With SMEs employing over a million people in Ireland, we know that providing support is vital to the economic success of the country,” he added.