Bibby's Irish arm secures €25m funding line

The increase in funds is available immediately and will enable Bibby’s Irish arm to offer more favourable rates to businesses. 

The SBCI is a state-backed agency which provides greater access to financial choices for SMEs through a number of finance partners.

In 2016, the SBCI partnered with BFSI to make €45m (approximately £39.4m) in funding available to Irish businesses.

This latest facility offers SMEs a discount of up to 1.5% on existing finance services offered by BFSI. 

Mark O’Rourke, managing director at BFSI, said the additional funding would enable it to support more Irish businesses and help them to grow and thrive.

“Bibby Financial Services Ireland understands that SMEs are the powerhouse of the Irish economy. 

“Ensuring that the funding needs of SMEs are met in Ireland in 2018 will be paramount to the growth of the economy. 

“Many SME owners are unaware of the financing options available to them and tend to opt for traditional unsecured banking products to manage their cash flow – such as an overdraft – when other options might be a better fit for their business.” 

Nick Ashmore, CEO at SBCI (pictured above, left), added that the announcement demonstrated SBCI’s ongoing efforts to deliver greater financing choice to the Irish lending market.

“This extension to BFSI’s invoice finance lending facility will see a further €25m in funding being made available to Irish SMEs and considerably strengthens SBCI’s existing partnership with Bibby Financial Services Ireland. 

“With this additional funding, SMEs that need to grow and scale up their businesses will be able to access lower cost, more flexible and competitive funding solutions.”

Also pictured above (left to right): Aoife McGinley, head of operations at Bibby Finance Services, and Richard Carter, CEO Europe and Asia at Bibby Financial Services