The Strategic Banking Corporation of Ireland is to make lending of 50m available to small and medium-businesses looking to buy equipment, machinery and vehicles.

Finance Ireland will provide the money and will include leasing, hire purchase and rental agreement options.

SBCI is Ireland’s state development bank, which includes backing from German promotional bank KfW.

It has committed to providing at least €800m worth of loans to SMEs in Ireland and has already pledged €400m to a programme which sees AIB and Bank of Ireland provide lower interest, long-term loans to businesses.

Over 1,600 Irish SMEs benefited from SBCI loans in its first four months in operation which started in March of this year. They borrowed €45m in total through AIB and Bank of Ireland

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