Future Growth Loan Scheme

13 Jun 2019 Admin

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The Future Growth Loan Scheme is offered by the Strategic Banking Corporation of Ireland (SBCI) with the support of the Department of Business Enterprise and Innovation, the Department of Agriculture Food and the Marine, the European Investment Bank and the European Investment Fund. The Future Growth Loan Scheme benefits from a guarantee from the European Union under the European Fund for Strategic Investments (EFSI).

Loan Features

  • Loan amounts from €50,000 to a maximum of €3,000,000 per applicant

  • Initial maximum loan interest rate of 4.5% for loans < €250,000 and 3.5% for loans >= €250,000. Variable interest rates are subject to change

  • Loan terms ranging from 8 to 10 years

  • Unsecured loans up to €500,000

  • Optional interest-only repayments available in certain circumstances

An “Applicant” is an SME or small Mid-Cap that applies for a loan under the FGLS. Applicants for loans greater than €250,000 must submit a business plan to the relevant Financial Institution.

Loan Purpose

Loans can be used for long term investment. Please see example case studies here

Applicants must choose one of the below loan purposes:

  • Investment in Machinery or Equipment

  • Investment in Research and Development

  • Investment in Business Expansion

  • Investment in Premises Improvement

  • Investment in Process Innovation

  • Investment in People and/or Systems

How to apply for a loan

  • The Applicant must first submit an Eligibility Application Form to the SBCI to check if it is eligible to apply.

  • If the SBCI determines that the Applicant is eligible it will confirm that to the Applicant in writing.

  • The Applicant must provide this eligibility confirmation letter to the relevant Financial Institution when applying for a loan.

If you would like assistance with submitting an application to the Future Growth Loan Scheme, and/or developing a Business Plan to support your application, please contact one of our offices to speak to a dedicated member of our Business Advisory Team.