EIB to provide €200m funding to Irish SMEs

The European Investment Bank is to work with AIB to provide €200 million in funding for Irish small and medium-sized enterprises .

The SME initiative, the largest ever engagement by the European Investment Bank to support Irish small business, was signed at AIB Headquarters in Dublin, today.

The bank has signed a total of ten SME lending programmes with the EIB since 1990. The average loan under the latest lending scheme was €91,000 per company, with firms active in agriculture, trade, health and manufacturing benefiting.

AIB chief executive David Duffy said the fund will support investment in thousands of jobs across a range of sectors including agri-business, the services, retail and manufacturing.

The president of the European Investment Bank, Werner Hoyer, said the bank recognises the crucial contribution of small business to creating jobs and stimulating economic growth across Europe.

During 2012, the European Investment Bank provided nearly €505 million in long-term low-cost loans for key investment in projects across Ireland. This included financial support for investment in higher-education at Trinity College and UCD.