Permanent TSB has today announced a major expansion of its SME offering by partnering with the Strategic Banking Corporation of Ireland (SBCI) to provide €50m in low-cost loans under the Irish Government’s Future Growth Loan Scheme for SMEs.

This is the first time that Permanent TSB is offering low-cost SBCI loans to existing and new SME customers and represents a significant extension in Permanent TSB’s SME offering.

These SMEs will benefit from lower borrowing rates and more attractive borrowing terms as the loans will be 80% guaranteed by the SBCI, which was set up by the Irish Government to enhance access to low-cost finance for SMEs through banks and other lenders.

Applications are being accepted from today via the Permanent TSB website at permanenttsb.ie/sbci

Comment by Eamonn Crowley, Permanent TSB Chief Executive:

“This is a major statement of intent in growing our SME lending, as we work towards our Ambition of becoming Ireland’s best personal and small business bank. On my appointment as Chief Executive in June, I signalled that SME lending would be a key growth area for Permanent TSB and we have ambitious plans to attract significant numbers of new SME customers and to do more for our existing SME customers.

By teaming up with the SBCI and offering SME loans under the Government’s Future Growth Loan Scheme (FGLS), we are bringing €50m in new lending capacity to both new and existing SME customers. We will continue to develop and extend our offering to SME customers backed by our strong commitment to the communities in which we operate.”

Comment by Nick Ashmore, SBCI Chief Executive:

The SBCI is delighted to partner with Permanent TSB for the first time in supporting small businesses in Ireland. As well as driving the successful take-up of the Future Growth Loan Scheme, this also helps achieve the SBCI’s objective of promoting greater competition in SME lending and giving SMEs more choice from more lenders. Permanent TSB’s clear ambition to grow its SME lending, combined with the support of the Scheme, will create a compelling offering for firms looking to finance their long-term investment.”

Key features of Permanent TSB SME loans under the FGLS:

  • Applications accepted online at permanenttsb.ie/sbci
  • Loans will range from €25,000 to €3 million
  • Terms of 7 to 10 years
  • Rates as low as 3.44%, depending on size of loan
  • Open to all SMEs who meet the SBCI FGLS criteria across all business sectors.
  • Loans can be used to invest in the long-term growth and sustainability of the business

About Permanent TSB’s SME lending

Permanent TSB offers SMEs a range of term lending, working capital, overdraft, current account and deposit account products through a branch network of 76 branches and an experienced Business Banking team who have both lending and sectoral expertise to support our customers.

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