Capitalflow Group, Ireland’s fastest growing business lender, has secured €10 million from the new low-cost Energy Efficiency Loan Scheme (EELS) launched by the Strategic Banking Corporation of Ireland (SBCI). This funding will enable Irish small and medium-sized enterprises (SMEs) to invest in energy efficiency financing projects, helping them transition to sustainable energy and thus directly contributing to Ireland’s goal to halve its greenhouse emissions by 2030. Businesses can apply for funding until 31st December 2022.
Research shows that Irish SMEs invest a mere 6% of their budget in energy efficiency, one of the lowest in Europe. The lack of competitive funding up until now has been a major roadblock for the Irish SME sector’s transition to a lower carbon emission economy. By obtaining €10M from the SBCI EELS facility, Capitalflow can directly leverage a positive impact on the climate, as they can now offer SMEs easy access to energy efficiency financing projects.
Commenting on the development, Ronan Horgan, CEO of Capitalflow, said: “We’re delighted to be partnering with the SBCI once again in supporting the Energy Efficiency Loans Scheme and the move towards Green Finance. By investing now, helped by the Energy Efficiency Loan Scheme, businesses can help the environment and reduce their costs in the medium to long term”
June Butler, CEO of SBCI, added: “I welcome the addition of Capitalflow as a partner for the SBCI Energy Efficiency Loan Scheme. Capitalflow’s participation will assist SMEs & farmers in accessing low-cost flexible finance for investment in energy efficient equipment as they respond to the ongoing increase of energy costs. This Scheme is our first dedicated climate action related product and has been specifically designed to help Irish businesses to improve their sustainability, cut their energy bills and reduce their carbon emissions by investing in energy-saving measures”
The SBCI EELS facility totals €150M in funds intended to be a catalyst for energy efficiency investments. This Scheme coincides with the ambitions of the Irish government to become a net-zero emissions economy by 2050 and will enable businesses to align their efforts accordingly. Recently acquired by leading EU’s second largest digital bank, bunq, both Capitalflow and bunq share a commitment to reducing their carbon footprint with bunq firmly on track to become a climate neutral bank.