12th October 2026
From left to right: Ricardo Frazão (EIF Structured Finance Manager Portfolio Guarantees), Oliver Gilvarry (Department of Finance Assistant Secretary General with responsibility for Banking), Lorraine Green (SBCI Product Manager), Colin Moran (SBCI CEO), Niamh Smyth (Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation), Martin Heydon (Minister for Agriculture, Food and the Marine), Peter Burke (Minister for Enterprise, Tourism and Employment), Noel Grealish (Minister of State for Food Promotion, New Markets, Research and Development), Diarmaid Kehoe (Head of the EIB Group Office Ireland), Maeve Cotter (SBCI Senior Manager Sustainability Lending), and Vincent Van Steensel (EIF Head of Mandate Origination & Relationship Management).
Minister for Enterprise, Tourism and Employment, Peter Burke, and Minister for Agriculture, Food and the Marine, Martin Heydon, today announced the expansion and extension of the government-backed Growth and Sustainability Loan Scheme. The expansion will see a doubling of capacity from €500 million to €1 billion in available lending and an extended availability period until 30 June 2029.
This significant expansion reflects the government's continued commitment to supporting SMEs, including farmers, foresters and fishers, to invest in business expansion, productivity, competitiveness and more sustainable operating models. The decision also follows strong uptake of the Scheme since its launch in September 2023 and continuing demand for this type of longer-term investment funding.
The scheme is managed and delivered by the Strategic Banking Corporation of Ireland (SBCI), in co-operation with the European Investment Bank Group (EIB Group), the Department of Enterprise, Tourism and Employment (DETE) and the Department of Agriculture, Food and the Marine (DAFM).
Since the original scheme commenced lending, it has played an important role in helping around 2,000 businesses across Ireland invest with confidence in their future and the original €500 million lending capacity is now substantially deployed.
The additional €500 million in lending capacity reflects the government's continued support and will enable more SMEs, including farmers, foresters and fishers to access affordable, long-term finance for projects such as business expansion, innovation, digitalisation, climate action, energy efficiency, renewable energy, research and development, and other investments that support growth and sustainability.
The loan scheme will continue to target a minimum of 30% of the lending volume for environmental sustainability purposes
The scheme will be available through five participating finance providers: AIB, Bank of Ireland, PTSB, Close Brothers, and Finance Ireland. Eligible businesses can access loans on more favourable terms than those typically available through standard commercial lending, with additional interest rate discounts available for eligible green investments.
Following today’s announcement, AIB, Bank of Ireland, and PTSB have reopened for new applications, with the other lenders expected to begin accepting applications in the coming weeks.
Peter Burke TD, Minister for Enterprise, Tourism and Employment, said:
"I am pleased to deliver a major expansion of the Growth and Sustainability Loan Scheme, doubling the funding available to Irish businesses from €500 million to €1 billion. This significant increase responds to the ambition of Irish enterprise, with very strong demand for the scheme by SMEs to date. We are committed to backing Irish businesses and ensuring that SMEs have access to affordable, long-term finance so they can continue to invest, grow and compete at home and abroad.
By increasing both the scale and duration of the scheme, we are giving businesses the confidence to make ambitious long-term investments, and seize new opportunities. This expansion will support enterprises in every region of the country to innovate, scale and future-proof their operations, while contributing to a more sustainable, competitive economy."
Martin Heydon TD, Minister for Agriculture, Food and the Marine, said:
“I am delighted to see the expansion of the Growth and Sustainability Loan Scheme by another €500 million, bringing total funding to €1 billion. The success of the scheme and the continuing demand from businesses, especially in the agri-food sector, demonstrates the need for this type of longer-term, affordable investment finance, and this expansion will ensure that farmers, fishermen and women, foresters and food businesses, can access the finance they require to invest, adapt and grow for the future.
The availability of unsecured loans up to €500k under the scheme, is critical to supporting investment in productivity, climate adaption, and environmental sustainability, helping businesses to become more resilient and deliver on our climate and food security ambitions, such as those set out in Food Vision 2030.
The success of the first tranche reflects the strong collaboration between government, the Strategic Banking Corporation of Ireland, the European Investment Bank, and participating lenders and I am pleased that we can build on that success with a further €500 million in funding. I am confident the expansion of the GSLS will make a real difference to businesses seeking to future proof their enterprises while delivering more sustainable and environmentally conscious economic growth.”
Alan Dillon TD, Minister of State for Employment, Small Business and Retail, said:
“Small businesses and retailers are at the heart of communities across Ireland, supporting employment and making an important contribution to our local and regional economies. Access to affordable, long-term finance can give these businesses the confidence to invest in their future, improve productivity and strengthen their competitiveness. The expansion of the Growth and Sustainability Loan Scheme will provide more SMEs with the opportunity to make the investments they need to grow and build resilience. Whether investing in new equipment, improving their premises or expanding their operations, this additional funding will help businesses across the country to plan for the long term, support sustainable jobs and seize new opportunities.”
Niamh Smyth TD, Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation, said:
“Digital transformation and innovation are increasingly important to the productivity and competitiveness of Irish businesses. For SMEs in particular, investing in technology and new ways of working can help them become more efficient, strengthen their resilience and position themselves to take advantage of new opportunities. The expansion of the Growth and Sustainability Loan Scheme will give more businesses access to the long-term finance needed to make strategic investments in their future. I want to see businesses across Ireland embracing innovation and digital technologies, including the opportunities presented by AI, so that they are well positioned to compete, grow and succeed in an increasingly digital economy.”
Timmy Dooley TD, Minister of State with responsibility for Fisheries, said:
“The inclusion of recipients of the Bord Iascaigh Mhara Young Fisher Scheme grant in the expanded Growth and Sustainability Loan Scheme will provide new entrants to fisheries with greater flexibility in accessing finance alongside their grant support. Importantly, the loan can help bridge the gap between receiving grant approval and having the upfront finance needed to invest in a vessel, helping young fisher men and women get established and progress their plans more quickly. This is a practical step in supporting generational renewal in our fishing industry, reducing financial barriers for new entrants, and helping to build a strong and sustainable future for Ireland’s marine sector.”
Niall Collins TD, Minister of State with responsibility for Foresty, Farm Safety and Horticulture, said:
“Access to longer-term finance such as that delivered through the increased €1bn Growth and Sustainability Loan Scheme provides important funding opportunities for businesses across Ireland’s forestry and horticulture sectors. It will enable them to invest in necessary equipment, infrastructure, technology and innovation to improve efficiency and strengthen their resilience. The scheme provides an additional opportunity for forestry and horticulture businesses to invest with confidence and plan for the future. The availability of unsecured funding up to €500,000, can deliver particular benefits in encouraging young men and women, and new entrants into both sectors, supporting objectives for greater gender balance and generational renewal.”
Ioannis Tsakiris, European Investment Bank Vice President, said:
“This is a major boost for Irish enterprise. Increasing the scheme to €1 billion means more businesses across Ireland can turn ambition into investment—expanding, innovating, cutting emissions and building resilience. Through the EIB Group’s partnership with the Irish Government, SBCI and participating lenders, the EIB and EIF are helping ensure that finance reaches the businesses and communities driving Ireland’s next phase of sustainable growth.”
Colin Moran, SBCI CEO, said:
“We’re seeing strong demand for the Growth and Sustainability Loan Scheme and this shows the ambition and confidence that Irish SMEs and agri-businesses have to invest in their future. By increasing the scheme’s lending capacity to €1bn, we can support even more SMEs across Ireland to invest in growth, enhance productivity, strengthen competitiveness and advance their sustainability ambitions.
As Ireland's National Promotional Institution, the SBCI works to address financing gaps and improve access to finance for SMEs. This extension demonstrates the impact that strong partnerships between the SBCI, government departments, the EIB Group and lenders can deliver for Irish businesses, local communities and the wider economy.”
John Brennan, AIB Head of Products and Payments Strategy, Retail Banking, said:
“AIB is delighted to continue our partnership with the SBCI and make a further tranche of funding available under the Growth and Sustainability Loan Scheme. Eligible borrowers can access affordable long-term finance, including unsecured loans of up to €500,000, to support investment in business growth, resilience and environmental sustainability. The application is straightforward, and customers can apply using our SBCI lending form which is available on aib.ie/sbcigrowth.”
John Feeney, Bank of Ireland Chief Executive, Corporate and Commercial Banking, said:
“Bank of Ireland is delighted to participate in the second phase of the Growth and Sustainability Loan Scheme that will provide businesses with access to low-cost, long-term finance for growth and sustainability investments. Supporting Irish SMEs to invest and innovate is critical to grow the Irish economy and boost national economic resilience. I would encourage all SMEs to explore how this scheme can help them achieve their growth and sustainability ambitions.”
Ger Mitchell, PTSB Chief Customer and People Officer, said:
“PTSB is pleased to partner with SBCI on the expansion of the Growth and Sustainability Loan Scheme to €1 billion and extension to 2029 to provide SMEs with long-term, competitively priced finance.
We know that businesses are increasingly recognising the commercial opportunities presented by the transition to a more sustainable economy, in addition to the importance of reducing their environmental impact. Through this partnership, we want to enable SMEs to access the funding they need to grow sustainably and support the Irish economy.”
Notes to editors
Growth and Sustainability Loan Scheme
- Government-backed investment loan scheme designed and delivered by the Strategic Banking Corporation of Ireland (SBCI).
- Loans available from €25,000 to €3,000,000.
- Repayment terms from seven to 10 years.
- Loans up to €500,000 available unsecured.
- Competitive interest rates.
- Now available until 30 June 2029 or until the scheme has been fully subscribed (whichever is earlier).
- Total scheme capacity increased from €500 million to €1 billion on 12 October 2026.
- Supports eligible SMEs, Small Mid-Caps, farmers, foresters, and fishers.
- Loans are available through five participating finance providers: AIB, Bank of Ireland, PTSB, Close Brothers and Finance Ireland
- Provides competitive long-term investment finance, with additional interest rate discounts available for eligible green investments.
- Funded by the Department of Enterprise, Tourism and Employment, the Department of Agriculture, Food and the Marine, and guaranteed by the European Investment Bank Group.
Scheme impact to end of June 2026
- €500 million originally announced in September 2023.
- 1,972 businesses supported.
- 36% of lending supporting green investment (€171 million).
- 79% of lending provided outside Dublin (€374 million).
- 24% of lending issued to the Agri & Agri food sector (€112 million).
- €219,537 average loan value.
About the Strategic Banking Corporation of Ireland (SBCI)
The Strategic Banking Corporation of Ireland (SBCI) is Ireland’s National Promotional Institution. Established in 2014 by the Department of Finance, the SBCI provides Irish businesses with access to lower-cost, longer-term funding options.
The SBCI provides its range of supports, including low-cost liquidity and government-backed guarantees, through a wide range of finance providers, including banks, non-bank finance providers and credit unions. This ensures that the benefits of its funding are passed on to SMEs in the form of lower interest rates, longer repayment periods and lower collateral requirements.
About the European Investment Fund (EIF)
The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them access finance. EIF designs and develops venture capital, growth capital, guarantee and microfinance instruments that specifically target this market segment. Through this work, the EIF supports EU objectives relating to innovation, research and development, entrepreneurship, growth and employment.
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