The Strategic Banking Corporation of Ireland (SBCI) has announced details of its initial programme to provide €400m in long-term loans to Irish SMEs.

The first phase of loans will be available from March 9th through AIB and Bank of Ireland.

The following aids will be available:

• SBCI SME Investment and Working Capital Loan - Key features include a discounted interest rate and loan amounts up to €5m for periods between 2 and 10 years.
• Facilities to re-finance Exiting Banks - Loans to refinance those SMEs whose current bank loan facilities originated with banks which are exiting the Irish market. Loans may also cover new lending for investment and working capital purposes.
• SBCI Agriculture Investment Loan - Available to support investment by agriculture SMEs involved in primary agriculture production, the processing of agriculture products or the marketing of agriculture products.
• The SBCI is going to handle €800m that is being made available to SMEs in Ireland. The European Investment Bank will contribute €400m, €240m will come from the Irish Government, and €150m will come from the German state bank KfW.

Taoiseach, Enda Kenny welcomed the plans:

"The mission of the Strategic Banking Corporation of Ireland is aligned to that of Government. Providing more credit for businesses to grow and create more jobs is key to securing Irish recovery. More jobs fund better services, reduce taxes on those already at work and provide opportunities for people who have left Ireland to come home."

Originally published at 11.10am