Businesses in manufacturing, wholesale and transport have to date tapped more than €30 million in loans provided under a partnership between the Strategic Banking Corporation of Ireland (SBCI) and Bibby Financial Services.
New figures show €32 million has been accessed by companies in these sectors since 2016, equivalent to almost half of the total €70 million available.
Of the funding provided to date, 19 per cent has been provided to businesses operating in the manufacturing sector, 18 per cent by wholesalers, and 10 per cent by transport SMEs.
Bibby said that, with banks currently reporting overwhelming increases in credit applications, it expects to provide further funding for companies looking to maintain cashflow during the Covid-19 crisis.
Threats
"No matter the obstacles faced by a business – be they threats to the supply chain caused by Covid-19, Brexit, or a struggle to drive growth – SBCI funding can be a valuable aid in overcoming them," said its chief executive Nick Ashmore.
The SBCI was established in 2015 in the wake of the banking crisis to offer loans to SMEs that are cheaper than current market rates. It teamed up with Bibby to put in place another solution last year under the €70 million funding facility. The Trade Finance offering allows businesses to buy, receive and sell goods before needing to pay for them.
Total SBCI loans drawn down since inception exceeds €1 billion.
