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, 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, 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.”
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.”
