Finland Times

 

Ireland said on Friday it has secured 800 million euros in funding for the country's small and medium-sized enterprises (SMEs).

     

At a signing ceremony, Ireland's Finance Minister Michael Noonan and Public Expenditure Minister Brendan Howlin along with German Finance Minister Wolfgang Schaeuble, European Investment Bank President Werner Hoyer and Ireland's National Treasury Management Agency Chief Executive John Corrigan met to formalize the release of 800 million euros in funding to the Strategic Banking Corporation of Ireland (SBCI).

     

The SBCI is a state-owned banking corporation which will provide tailored loans for SMEs.

     

It paves the way for Irish SMEs to begin the process of accessing new innovative financial products. It is envisaged that the first loans will be available to SMEs at the end of 2014.

     

"I expect that SMEs will be able to access these funds at competitive rates and through innovative products by year end," said Ireland's Finance Minister Noonan.

     

Meanwhile, Ireland's Public Expenditure Minister Howlin said his country is committed to supporting SMEs.

     

"Today's event is a watershed moment. The SBCI will be a central tool supporting innovative Irish firms and allowing greater access to finance for Irish small and medium sized businesses," he said.