This transaction is guaranteed by the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe. The COSME EFSI counter-guarantee agreement will allow SBCI to support €100 million of loans to small and medium-sized enterprises (SMEs), including start-ups, in Ireland over the next 3 years. The loans will be provided as a result of a guarantee from EIF under the COSME programme with financial backing from the European Commission. The agreement will make it possible for SBCI to support additional attractive loans to around 2,000 SMEs through risk sharing initiatives.

European Commissioner for Agriculture and Rural Development, Phil Hogan, said: "Supporting SMEs is a key element of our strategy to boost jobs and growth, particularly in rural areas. Today's agreement with the SCBI shows that the Investment Plan is playing a crucial role in delivering new financing solutions for smaller Irish businesses, allowing them to expand and create jobs. I hope that the EIB Group's decision to open an office in Dublin will facilitate many more of such agreements in the months and years ahead, especially in the agri-sector."

About COSME

COSME is the EU programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (SMEs) running from 2014 to 2020 with a total budget of €2.3 billion. At least 60% of the programme will be devoted to easing access to finance for SMEs in Europe, with 2 financial instruments. The COSME Loan Guarantee Facility supports guarantees and counter-guarantees to financial institutions to help them provide more loans and lease finance to SMEs. This facility also includes securitisation of SME debt finance portfolios. The COSME programme also invests through the COSME Equity Facility for Growth in equity funds that provide risk capital to SMEs mainly in the expansion and growth stages. The COSME programme builds on the success of the Competitiveness and Innovation Framework Programme (CIP) (2007-2013) which helped to mobilise almost €21 billion of loans and €3 billion of venture capital to over 383,000 SMEs in Europe.

Businesses can contact selected financial institutions in their country to access EU financing via the Access to Finance website