Chambers Ireland has today welcomed the announcement that Strategic Banking Corporation of Ireland (SBCI) loans will shortly be available through AIB and Bank of Ireland. Speaking this morning, Mark O'Mahoney, Director of Policy and Communications, Chambers Ireland said "The launch of this new source of loans is good news for Irish business. SMEs can now access lower cost, longer term loans for a wide variety of purposes. Irish SMEs have long been paying more for bank financing than their European counterparts and the SBCI will allow a broad spectrum of SMEs to borrow at an appropriate cost."
"Aside from the lower cost of funding, there are two elements of this scheme that are particularly welcome for the Irish marketplace. The first is that the SBCI will attract new entrants to the marketplace as on-lenders which will drive healthy competition. The second is the potential for innovative new non-bank financing models to be supported by the SBCI platform," he concluded.