Merrion Fleet Finance Supporting SME's
Merrion Fleet is dedicated to supporting the SME sector and that’s why we have partnered with the SBCI to assist Irish businesses to access finance at a more competitive rate of interest. Merrion Fleet can provide funding for your fleet of passenger or light commercial vehicles at a reduced cost. We can supply this funding for vehicles of up to €1.25 million for up to 60 months*. This will mean more competitive funding against other forms of finance.
What is SCBI (Strategic Banking Corporation of Ireland)?
The Strategic Banking Corporation of Ireland (SBCI) is a state-backed agency, established to assist funding to small and medium enterprises in Ireland. It was formally launched by the Minister for Finance, Michael Noonan, TD on 31st October 2014. Unlike many European countries, Ireland did not have a state development bank to sustain funding to businesses throughout the financial crisis. During Ireland’s exit from the EU/IMF programme in late 2013, the Taoiseach and Chancellor Merkel agreed that the German promotional Bank Kreditanstalt für Wiederaufbau (KfW) would help finance the Irish SME sector. It was this European agreement that led to the creation of the Strategic Banking Corporation of Ireland (SBCI), ensuring that in future Irish businesses have access to long-term, patient funding.The Department of Finance and the National Treasury Management Agency worked throughout 2014 to create the necessary mechanisms to establish the SBCI. Building on the initial funding offer from the KfW, the project team added funding from the European Investment Bank (EIB) and the Ireland Strategic Investment Fund, a new fund to which the assets of the National Pensions Reserve Fund were transferred.