Ireland doubles EIB-backed SME loan scheme to €1bn

The Irish Government has announced a €500m expansion of its Growth and Sustainability Loan Scheme (GSLS), doubling the total lending capacity to €1bn and extending its availability until 30 June 2029.

The expansion, announced by Minister for Enterprise, Tourism and Employment Peter Burke and Minister for Agriculture, Food and the Marine Martin Heydon, follows strong demand for the scheme since its launch in September 2023.

Managed by the Strategic Banking Corporation of Ireland (SBCI), in partnership with the European Investment Bank (EIB) Group and Irish Government departments, the scheme provides affordable, long-term finance to SMEs, including businesses operating in agriculture, forestry and fisheries.

Since its launch, the scheme has supported approximately 2,000 businesses, with the original €500m lending capacity now substantially deployed.

The additional funding will support investment in business expansion, productivity, innovation, digitalisation, energy efficiency and renewable energy, with at least 30% of total lending targeted towards environmental sustainability projects.

Eligible businesses can access finance on more favourable terms than standard commercial lending, including unsecured loans of up to €500,000 and additional interest rate discounts for qualifying green investments.

The scheme will be delivered through five participating lenders: AIB, Bank of Ireland, PTSB, Close Brothers and Finance Ireland. AIB, Bank of Ireland and PTSB have reopened for applications, with the remaining lenders expected to follow in the coming weeks.

“I am pleased to deliver a major expansion of the Growth and Sustainability Loan Scheme, doubling the funding available to Irish businesses from €500 million to €1 billion.

“This significant increase responds to the ambition of Irish enterprise, with very strong demand for the Scheme by SMEs to date. We are committed to backing Irish businesses and ensuring that SMEs have access to affordable, long-term finance so they can continue to invest, grow and compete at home and abroad.”

“Increasing the scheme to €1 billion means more businesses across Ireland can turn ambition into investment – expanding, innovating, cutting emissions and building resilience.”

Colin Moran, CEO of SBCI, added: “By increasing the Scheme’s lending capacity to €1bn, we can support even more SMEs across Ireland to invest in growth, enhance productivity, strengthen competitiveness and advance their sustainability ambitions.”

The extension is expected to improve access to long-term investment finance for Irish SMEs, helping businesses strengthen their competitiveness and invest in more sustainable operating models.