Local Businesses Can 'Bank' on Credit

Posted by Alan Kelly on November 02, 2014 at 02:28 PM

Local businesses will benefit from the new Strategic Banking Corporation of Ireland (SBCI) when it begins providing loans to SMEs soon.

A total of €5 billion is set to be loaned to SMEs across the country over the next five years under the new bank, with an initial tranche of €800m to be released.

Local businesses across Tipperary have been crying out for to greater supports from Government to help them develop and grow in the future. As a local Labour representative, I have been particularly diligent on pressing home the need for us to implement the strategic banking fund that Labour had pledged to deliver in the Programme for Government.

I am pleased this has finally come to fruition in the shape of the SBCI, as it makes good on a key Labour pre-election promise. I am sure it will have a real impact once SMEs can begin accessing its funds and new financial products.

The SBCI represents exactly the kind of innovative strategic investment that businesses in local communities desperately need, and I am confident it will help deliver more jobs and quality employment for people in our local area.

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