SBCI supports 8,619 SMEs with loans totalling €347m
SBCI's Nick Ashmore (CEO) and John Madigan pictured at the launch of the Agency's Annual Report 2015
Following on from our report last week that SBCI and Bibby Financial Services Ireland launched a new €45m invoicing finance fund, latest stats for the State agency's activities in the first half of the year are in.
The key figure from the report shows that the total value of loans drawn down has doubled from €172 million in January 2016 to €347 million by the end of June to 8,619 Irish SMEs. Other highlights from the report include:
- 154% increase since end December 2015 in the number of jobs supported by SBCI lending activity, bringing the total to 43,349 jobs
- An average loan size of €40,000 (up from €37,000 in December 2015)
- €5 million was the largest loan
- SMEs benefitted by an average of 1.5% compared to market rates for loans of less than €250,000
- The agricultural sector continued to account for most of the value of loans (24%)
- The South West of Ireland showed the most SMEs using SBCI loans with over 18% of loan numbers by region, while Dublin accounted for 15.3%
Click to see larger version of infographic
Since the SBCI began lending to SMEs in March 2015, the pace of SBCI loan drawdowns has grown steadily as it has expanded its range of on-lending partners and product types. With the recent addition of Bibby Financial Services Ireland the SBCI now has seven on-lending partners – three banks and four non-bank lenders.
For more information
Further information on how and where to apply for funding and is available on SBCI's website.
Read SBCI's Annual Report for 2015.