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€300m Loans For Small Irish Businesses

 

Updated : Mar 31, 2009

Cash-strapped small and medium sized firms in Ireland will be able to benefit from loans totalling €300 million in the coming weeks, it was announced today.

The European Investment Bank (EIB) is finalising agreements to extend three new generation loans for small and SMEs in Ireland for a total of €300 million.

Three banks - AIB, Ulster Bank and Bank of Ireland - will act as financial intermediaries for the funds, passing them onto SMEs with projects “which further EU policy objectives.” These new loans are in addition to the €50 million of EIB funds which were made available to Bank of Scotland (Ireland) in December to finance investment projects by small businesses.

Finance Minister Brian Lenihan, speaking at the initiative's launch in Dublin this morning, described it as a 'significant facility' for small businesses.

Welcoming the initiative, Chambers Ireland chief executive Ian Talbot said it would help restore confidence and liquidity in the wider Irish Economy. The EIB's Plutarchos Sakellaris said ensuring access to finance for small firms was a crucial element of the bank's strategy to help Europe through the current crisis.

VeryHappyPig wonders would a good news website be considered as furthering EU policy objectives…. We could seriously do with a few back hander’s!

 

 

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