Dáil Éireann Debate, Wednesday - 19 January 2022
86. Deputy Louise O'Reilly asked the Tánaiste and Minister for Enterprise, Trade and Employment if he will engage with a company (details supplied) regarding a Strategic Banking Corporation of Ireland future growth loan, given the company refuse to engage with the business making the loan application. [1133/22]
View answerThe Future Growth Loan Scheme (FGLS) first launched in 2019 to provide an option for SMEs and small mid-caps to access appropriate finance for investment purposes. The scheme has seen a rapid uptake and as of January 10th, 2022, there has been 3,480 loans sanctioned to a total value of over €748 million.
The scheme features a two-stage application process, whereby businesses must first apply to the Strategic Banking Corporation of Ireland (SBCI) to confirm their eligibility under the scheme. Successful applicants are issued an eligibility reference number, which they can then use to make a loan application to a participating finance provider.
The information provided with this parliamentary question confirms that the business secured an eligibility reference number from SBCI for the FGLS.
The SBCI administer the FGLS on behalf of my department and were requested to look into the matter raised by the business in relation to the FGLS participating finance provider's engagement with them regarding a loan application through the FGLS.
SBCI contacted the business and participating finance provider for details of this matter. The participating finance provider is in the process of reviewing the business plan underpinning the loan application by the business.
The business has also been provided with contact details for a lending manager within SBCI in case of the need for further follow up.
The decision on any loan application by the business will be made by the participating finance provider in line with their own credit policies and procedures. However, if the business is not successful in their loan application, there is an option for them to avail of the internal appeals process within the finance provider.
