A new €17.5 million hire purchase and leasing programme that offers low-cost loans to SMEs, has been announced.
The State-backed Strategic Banking Corporation of Ireland (SBCI) has teamed up with Kilkenny-based lender SME Finance and Leasing Solutions for the new initiative.
The programme allows micro-SMEs - that is sole traders or businesses employing up to ten people - low-cost loans of between €1,000 and €70,000 for equipment, machinery and vehicles
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.
SME Finance & Leasing is the eleventh lender to partner with the corporation to provide funding to SMEs.
Some 30,000 SMEs have drawn down over €1.4 billion in lower cost funding through SBCI programmes to date.
Nick Ashmore, chief executive of the organisation said it plans on adding more finance partners to provide additional funding options.