Dáil Éireann Debate, Tuesday - 29 September 2026
154. Deputy Martin Daly asked the Tánaiste and Minister for Finance the measures he is taking to increase the uptake of State-supported finance by SMEs in the western region; the geographical distribution of lending supported through the Strategic Banking Corporation of Ireland; and whether further measures are being considered to improve access to finance for businesses in counties Roscommon and Galway. [68570/26]
View answerThe Government-backed Growth and Sustainability Loan Scheme is designed to support business access low-cost, long-term funding when investing in their growth or resilience or climate action and environmental sustainability. The scheme is sponsored by the Department of Enterprise, Tourism and Employment and the Department of Agriculture, Food and the Marine with support from the European Investment Bank Group (EIBG) and delivered by the Strategic Banking Corporation of Ireland (SBCI) through on lenders.
The SBCI was established in 2014 as Ireland’s national promotional bank under the aegis of my Department. SBCI’s mission is to deliver financial supports that address failures in the Irish credit market, while driving competition and innovation and ensuring the efficient use of available EU resources. The SBCI provides funding to borrowers (mainly to Irish SMEs) via ‘on lenders’ that is, banks, non-banks and credit unions. Since its establishment in 2014, the SBCI has provided about €5 billion in lending to more than 66,000 SMEs, to end June 2026.
The scheme closed for applications on 22 May 2026, as the lending pipeline was fully subscribed. Some of the loans are still in the process of being drawn down. Up to 31 August 2026, 2,169 loans were drawn down to the value of €489.2 million.
I’m pleased to say that the Government agreed to resource series 2 of the Growth and Sustainability Loan Scheme and it is due to be launched to market very soon. This will provide funding of another €500 million for SMEs and small mid-caps, including farmers, fishers and foresters nationwide.
Further lending products currently available to SMEs provided by SBCI on-lenders include, the €50 million “Green Transition Finance Product” supports the green and sustainable transition of SMEs and small mid-cap companies. This product is available from Business Venture Partners (BVP). Information on this product can also be found on the SBCI website, under the heading “Our Products”.
Microfinance Ireland was established to address a key funding gap for viable microenterprises that are unable to access finance through traditional commercial lending channels. MFI plays a vital role in supporting microenterprises, start-ups and sole traders by providing access to finance that enables businesses to start, sustain and grow.
MFI now offers loans ranging from €2,000 to €50,000 for terms of up to five years. Loans designed to support working capital requirements, including managing operating costs, are generally provided over a three-year term, while longer repayment periods of up to five years are available for capital investment projects. Interest rates range from 5.5% for applicants referred through Local Enterprise Offices (LEOs) to 6.5% for direct applications.
Since its establishment in 2012 and up to 30 June 2026, Microfinance Ireland has approved 6,426 loans valued at €112.8 million, supporting 12,694 jobs nationwide.
The Western Investment Fund, managed by the Western Development Commission, provides equity finance and loans to business, communities, social enterprises, strategic initiatives and the creative industry based in the Western Region of Ireland. Its “Business Investment” pillar provides loans for SMES, including equity investments, while its “Creative Industry Investment” pillar provides for a “Creative Micro Loan fund” and a “WRAP Fund”, to support audiovisual businesses.
The Seed and Venture Capital Scheme was established in 1994 and since then the scheme has invested €700m to support and sustain national and regional innovation, which in turn has leveraged €3.3bn in private investment.
The Scheme, which is administered by Enterprise Ireland, provides vital funding for Irish companies in their early stages of development, and is an important step in developing and growing Irish equity funding. Following the first open call for the current Scheme, which received huge interest, Enterprise Ireland made their first commitments in Q4 of 2025, under which €120m was allocated to 9 funds.
The table below provided by the SBCI provides a breakdown of the SBCI’s lending by region for the years 2023-2025.
