SBCI Links With Capitalflow For SME Finance

20 Jan 2020 | 04.09 pm

SBCI Links With Capitalflow For SME Finance

Low cost funding for equipment, machinery and vehicles

20 Jan 2020 | 04.09 pm

The Strategic Banking Corporation of Ireland (SBCI) is partnering with Capitalflow with a €50m equipment, machinery and vehicle finance programme.

Capitalflow is a non-bank lender that will act as on-lender of €50m provided by the SBCI to give SMEs access to new forms of lower-cost funding for new and used equipment, machinery and vehicles.

Capitalflow becomes the tenth lender to partner with the SBCI in providing low-cost funding to SMEs, with over 30,000 SMEs benefiting from over €1 billion in lower-cost funding drawn down through SBCI-backed initiatives to date.

It is the sixth non-bank lender to team up with the SBCI, as part of the SBCI’s efforts to enhance competition in the SME funding market by supporting a combination of banks and non-banks, as well as a mix of long-established institutions and newer entrants to the market.

SBCI chief executive Nick Ashmore commented: “This fund will help promote competition in the SME funding market, giving SMEs greater choice and delivering on the SBCI’s objective in bringing cheaper and more accessible funds to Irish businesses.”

Ronan Horgan, CEO at Capitalflow, stated: “We established Capitalflow to become the leading specialist SME Lender in the Irish market. To date, we have advanced over €450m in facilities to a range of businesses across Ireland. This new facility with the SBCI is another milestone in our journey, as it allows us to build deep, long-lasting relationships with many new Irish SMEs.”

Comments are closed.