Jackie Cahill (Tipperary, Fianna Fail)
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43. To ask the Minister for Enterprise, Trade and Employment to report on the growth and sustainability loan scheme for SMEs; and if he will make a statement on the matter. [30034/24]

Peter Burke (Longford-Westmeath, Fine Gael)
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The €500 million Growth and Sustainability Loan Scheme is a long-term loan guarantee scheme jointly developed by the Department of Enterprise, Trade and Employment and the Department of Agriculture, Food and the Marine. The scheme is underpinned by resources from the European Investment Bank Group (EIBG) and delivered by the Strategic Banking Corporation of Ireland (SBCI).

The Growth and Sustainability Loan scheme provides lending to SMEs, including farmers and fishers and small mid-caps. Loans of between €25,000 and €3 million, with terms of up to 10 years and attractive terms and conditions, are available through the scheme to eligible SMEs through participating finance providers, with loans of up to €500,000 available unsecured.

The scheme targets a minimum of 30% of the lending volume towards environmental sustainability purposes with the aim of encouraging SMEs to take positive actions in support of the climate change agenda. Up to 70% of lending is for strategic investments with a view to increasing productivity and competitiveness and thus underpinning future business sustainability and growth. Loans for climate action and environmental sustainability purposes will also benefit from an additional interest rate discount.

Bank of Ireland were first to launch the scheme on 19th September 2023. AIB launched the scheme on 13 November 2023, followed by the first non-bank lender Finance Ireland who launched the scheme on 15 December 2023. PTSB launched the scheme on 16 April 2024 with another non-bank lender due to launch the scheme in the coming weeks.

As of 31 March 2024, 391 loans have been sanctioned for the amount of €62,840,416.

The Growth and Sustainability Loan Scheme will operate until 30 June 2026 or until the scheme has been fully subscribed (whichever is earlier).