Permanent TSB to provide €50m in low-cost funding to SMEs

Permanent TSB has become the latest bank to take part in the Government's €800 million Future Growth Loan Scheme, which promises long-term funding at competitive rates for businesses affected by Covid-19 and Brexit.

The lender is to offer €50 million in loans to support capital expenditure and promote business investment for development, expansion and improvement.

Permanent TSB is the fifth bank to offer loans under the scheme, which was expanded as part of the July stimulus package. Other banks participating in the scheme are AIB, Bank of Ireland, KBC Bank Ireland and Ulster Bank.

Under the initiative, loans of between €25,000 and €3 million are available for terms between seven and 10 years.

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The scheme, which is managed by the Strategic Banking Corporation of Ireland (SBCI) and supported by the European Investment Bank, offers loans for businesses with up to 499 employees.