New collaboration between SBCI and Bibby Financial Services announced, introducing a €30 million finance fund aiming at supporting Small and Medium Enterprises (SMEs).
In a move aimed at bolstering the Irish economy, Bibby Financial Services and the Strategic Banking Corporation of Ireland (SBCI) have announced a new €30 million fund to help Small and Medium Enterprises (SMEs) manage their cash flow and navigate economic challenges.
Despite the current geopolitical challenges, nine in ten SMEs are planning to invest in the coming months. This new fund, according to Paschal Donohoe, Minister for Finance, plays a critical role in creating employment and economic prosperity.
The partnership between the two entities has been active since 2016, and since then, they have helped hundreds of Irish businesses access affordable working capital. With the latest €30m facility, the SBCI's lending partnership with Bibby Financial Services now totals €100m, with over €70m deployed since 2016.
The new fund offers tailored invoice finance solutions that unlock cash tied up in pipeline invoices for Irish SMEs. This enables businesses to reinvest immediately and provides flexible funding to help SMEs navigate economic challenges, invest in growth opportunities, and sustain local employment.
Mark O'Rourke, the Managing Director of Bibby Financial Services Ireland, plays a key role in supporting Irish SMEs by facilitating access to finance. He emphasized that the new €30 million fund, backed by the SBCI, will allow Bibby Financial Services to deploy a flexible funding solution to more Irish SMEs than was previously possible.
The facility allows businesses to access up to €5m for individual SMEs that are eligible to use the facility. It has a minimum term of 24 months and competitive pricing with up to 1.3% discount from the standard facility rates offered by Bibby Financial Services.
The combined effect of the new fund and competitive pricing will assist SMEs in strengthening their cash flow. Mr. Donohoe emphasized the importance of a strong supply of competitively priced liquidity for SMEs, stating that it is crucial for the continued growth and innovation of Irish businesses.
The partnership between SBCI and Bibby Financial Services aims to continue for many years to come, ensuring SMEs have the funding solutions they need, such as invoice finance, to unlock working capital and pursue growth plans for the rest of 2025 and beyond. The latest €30m facility will allow Bibby Financial Services to provide additional invoice finance facilities to Irish SMEs, enabling growth, innovation, and the sustaining of jobs across Ireland.
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