Fexco increases the pot of loans to SMEs by 40 million euros

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Kerry-based financial services company Fexco has announced the availability of additional loans for SMEs of € 40 million.

The money will be loaned through Fexco Asset Finance’s SME lending partnership with the Strategic Banking Corporation of Ireland. The partnership has already lent € 100 million to SMEs since 2016, with SBCI indicating that nearly 43,000 Irish SMEs benefit from the funding it supports.

“Our collaboration with SBCI has enabled us to support thousands of Irish SMEs with financing at a reduced rate,” said Mike O’Halloran, Managing Director of Fexco Asset Finance.

“With SMEs employing over a million people in Ireland, we know that providing support is vital to the country’s economic success,” he said.

Visiting Fexco’s headquarters in Killorglin, Finance Minister Paschal Donohoe said that the SME Supplementary Loan Fund “will ensure continued low-cost borrowing for specialized equipment and vehicles, providing opportunities for our SME sector to grow. ‘vitally important to develop and grow despite the significant challenges of not only Covid-19 but also adapting to Brexit.

FAF is a well-established finance company in the Irish market, providing finance solutions including commercial lease and hire-purchase loans.

The SBCI Partner Program allows eligible SMEs to continue to borrow from FAF at an interest rate corresponding to a 2.07% discount from FAF’s normal market rates.


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