Published on Tuesday29thNovember2016

€70 million in Specialist Leasing Finance Announced

20161129FEXCO

Pictured are Minister of State for Financial Services Eoghan Murphy, Nick Ashmore, SBCI CEO,  Finance Minister Michael Noonan, Denis McCarthy, CEO FEXCO and Mike O'Halloran, Head of Asset Finance, FEXCO

The Strategic Banking Corporation of Ireland and FEXCO Asset Finance today announce a new funding package of €70 million that will allow Irish SMEs to borrow at a lower cost for specialist equipment and vehicles. 

SMEs will now be able to access this finance from FEXCO with an SBCI discount of 1.57%.

Finance Minister Michael Noonan said:

FEXCO’s partnership with the SBCI shows how Government can work together with domestic business to support Irish SMEs. Today’s announcement is another example of the commitment in the Programme for a Partnership Government to increase the availability of credit for SMEs and the provision of supplementary sources of finance.

Minister of State for Financial Services, Eoghan Murphy said:

FEXCO is a great example of how our indigenous financial services sector can expand both at home and through export of its services. From their beginnings in Kilorglin, Co. Kerry FEXCO now offer their services in 29 countries. Such diversification into new markets is the way forward for our sector.  Our Irish Financial Services industry has a lot to offer and the Government through its IFS2020 strategy will continue to support growth in employment over the coming years.

During 2016, SBCI has provided funding to four new lenders, Ulster Bank, First Citizen, Bibby Financial Services and FEXCO and in July announced it had facilitated more than 8,600 loans since being established in early 2015. 

Please visit https://fexco.com/asset-finance/introduction/ for more information.