Michael McGrath (Cork South Central, Fianna Fail)
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As the Deputy is aware, the Strategic Banking Corporation of Ireland plays an important role in supporting Irish businesses to access long-term, lower cost finance. A number of successful schemes are now closed to new applications, but Government Departments continue to work closely with the SBCI to develop and implement new schemes.

I am pleased to advise the Deputy that the Growth and Sustainability Loan Scheme (GSLS) launched on 19 September 2023. The GSLS is the successor scheme to the Future Growth Loan Scheme. The GSLS uses a counter guarantee from the European Investment Fund to make €500 million in competitively priced loans available to SMEs, including primary producers. Like the FGLS, the scheme provides for long term lending terms of up to ten years.

Loans under the GSLS, ranging from €25,000 to €3 million, can enable SMEs to make essential investments in their growth and resilience, and, in particular, climate action and environmental sustainability. At least 30% of the scheme’s lending capacity is directed towards these areas, which are crucial to Ireland’s sustainable transition, and benefit from a further ‘green’ interest rate discount.

Applications can be made online via the SBCI hub.