The Strategic Banking Corporation of Ireland has unveiled a new low-cost loan scheme for SMEs and farmers looking to invest in energy-saving equipment like solar panels, heat pumps and LED lighting.
Aimed at helping businesses to cut their energy costs and reduce their carbon emissions, the State-backed lender said the €150 million energy efficiency loan scheme will support the Government’s climate ambitions and enhance sustainability across the economy.
SMEs will be able to take out loans at reduced rates of interest, Sbci said on Monday. It will offer rates as low as 4 per cent and financing of between €10,000 and €150,000 available over terms of up to 10 years.
The scheme is now open to applications and is available through Bank of Ireland with other lenders due to follow in the coming weeks, SBCI said.
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“Businesses using the energy efficiency loan scheme can enhance their competitiveness, address their energy costs and boost their reputation in meeting customers’ sustainability expectations,” Minister for Finance Paschal Donohoe said in a statement launching the new loan fund. “I urge businesses to exploit the new investment opportunities.”
SBCI chief executive June Butler, meanwhile, said the scheme is “designed” for the many businesses that continue to “grapple with the immediate challenges caused by Covid, Brexit and economic uncertainty arising from the terrible events in Ukraine”.
“The scheme underlines our commitment to bringing more and more SME-friendly lending products to market, helping SMEs reduce their costs, manage their cash flow, support jobs and ultimately make their business stronger,” she said.
It follows SBCI’s launch of a new Covid-19 loan scheme last week for food businesses, farmers and fisheries. Focused on helping businesses access low-cost financing following the closure of the Covid-19 Credit Guarantee Scheme in June, businesses will be able to access loans of between €25,000 and up to €1.5 million with terms of one to six years available through the new scheme.
