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VIDEO: Government signs off on new scheme to lend €800m to small businesses

The German Finance Minister Wolfgang Schauble joined Finance Minister Michael Noonan at Farmleigh...
Newstalk
Newstalk

07.50 31 Oct 2014


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VIDEO: Government signs off on...

VIDEO: Government signs off on new scheme to lend €800m to small businesses

Newstalk
Newstalk

07.50 31 Oct 2014


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The German Finance Minister Wolfgang Schauble joined Finance Minister Michael Noonan at Farmleigh in Dublin today for the signing ceremony of the Strategic Banking Corporation of Ireland (SBCI).

It is a vehicle funded by German, European and Irish money which will make at least €800m in credit available to Irish businesses at low interest rates.

It is hoped the scheme will kick-start lending to small and medium enterprises (SMEs) with more favourable terms like lower rates and longer durations.

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The Irish SME sector has been struggling to access credit since the financial crisis.

If there is enough demand, it is hoped the scheme could facilitate up to €4bn in lending to the sector.

Mr Schauble took the opportunity to once again congratulate Ireland on our economic forecast.

Watch a video the ceremony below:


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