Dáil Éireann Debate, Wednesday - 3 February 2021
26. Deputy Pearse Doherty asked the Tánaiste and Minister for Enterprise, Trade and Employment the remaining capacity for lending under the future growth loan scheme disaggregated by each participating lender. [5648/21]
Amharc ar fhreagraThe Future Growth Loan Scheme makes lending available to SMEs and small mid-caps (up to 499 employees) seeking financing for long-term strategic investment, including in response to the impacts of Brexit and COVID-19.
The Future Growth Loan Scheme provides for a total of €800 million in lending through participating financial providers. As of the 29 of January 2021, 3,024 loans have been sanctioned through the Future Growth Loan Scheme to the value of €611.1 million.
The quantities of funding made available to each of the participating finance providers were determined as part of a competitive “open call” process operated by the Strategic Banking Corporation of Ireland.
The specific quantities of funding remaining to each of the participating lenders under the scheme may constitute commercially sensitive information for some lenders.
However, based on the allocations made to the lenders, Bank of Ireland and AIB are currently not accepting new applications to the scheme as they are working through significant “pipelines” of loan applications. These existing pipelines of loan applications are likely to translate into tens of millions of further lending being made through the FGLS by these banks, and, likely to bring these lenders to their allocation limits under the scheme.
KBC, Ulster Bank and Permanent TSB, continue to have capacity within their allocations to accept new applications and the Strategic Banking Corporation of Ireland [SBCI] are currently working to bring an additional lender to the scheme.
