The Irish government, working with the Strategic Banking Corporation of Ireland and the European Investment Bank Group, announced on 12 October 2026 that the Growth and Sustainability Loan Scheme will be expanded from a capacity of €500 million to €1 billion and extended through 30 June 2029.

What changed today

The expansion increases the scheme's lending capacity by €500 million and prolongs the window for new loans. The scheme, which began in September 2023, is designed to provide longer term, competitively priced investment loans suitable for small and medium enterprises, small mid cap companies, and businesses in the agriculture and fisheries sectors. Loans range from €25,000 to €3,000,000 with repayment terms of seven to 10 years, and unsecured loans up to €500,000 are permitted for eligible borrowers.

The Department of Enterprise, Tourism and Employment said the original €500 million capacity is substantially deployed, with nearly 2,000 businesses helped through the scheme to the end of June 2026. The scheme aims to direct at least 30 percent of lending volume to environmental sustainability purposes, and participating lenders will offer additional interest rate discounts for qualifying green investments.

Who is involved and how it will be delivered

The scheme is managed and delivered by the Strategic Banking Corporation of Ireland in cooperation with the European Investment Bank Group, the Department of Enterprise, Tourism and Employment, and the Department of Agriculture, Food and the Marine. The EIB Group has published a joint statement with ministers confirming the expansion and the continued guarantee of the facility.

Five finance providers will participate in the expanded scheme: AIB, Bank of Ireland, PTSB, Close Brothers, and Finance Ireland. According to the announcements, AIB, Bank of Ireland and PTSB have already reopened for new applications, and the remaining lenders will begin accepting applications in the coming weeks.

Why ministers and lenders are backing the move

Ministers framed the expansion as a response to strong demand from Irish businesses for longer term, affordable finance to support investment in growth, productivity, digitalisation and climate related actions. Minister for Enterprise, Tourism and Employment Peter Burke said the increase gives businesses confidence to make long term investments and to scale, innovate and future proof operations across the country.

Martin Heydon, Minister for Agriculture, Food and the Marine, highlighted the importance of unsecured loans up to €500,000 for farmers, fishers and food businesses, and said the expanded facility will help bridge financing gaps for investments in productivity and climate adaptation.

From the finance side, the EIB Group welcomed the enlargement as a way to crowd in additional private lending and to support regional investment and job creation. The Strategic Banking Corporation of Ireland said the expansion reflects strong demand and will increase opportunities for businesses outside Dublin, including in the agri food and rural sectors.

Scheme performance to date and intended impact

Information published with the announcements shows that to the end of June 2026 the scheme had supported about 1,972 businesses, with an average loan value of roughly €219,537. Around 36 percent of lending to that date had supported green investments, and 79 percent of lending was provided outside Dublin. The agri and agri food sector accounted for about 24 percent of lending by value.

The government and partners say the additional €500 million will expand access to affordable long term finance for projects including energy efficiency, renewable energy, digitalisation, research and development, and other investments intended to increase competitiveness and resilience.

What businesses should know now

  • Loans under the scheme are available from participating lenders on more favourable terms than standard commercial lending, with preferential rates for eligible green investments.
  • Eligible enterprises include SMEs, small mid caps, farmers, foresters and fishers, subject to lender terms and scheme eligibility rules.
  • Applications are open now with AIB, Bank of Ireland and PTSB. Close Brothers and Finance Ireland are expected to open in the coming weeks.
  • The scheme will be available until 30 June 2029 or until the scheme has been fully subscribed.

Context and why this matters

The expansion arrives at a time when Irish policymakers have prioritized both regional economic balance and support for the green transition. For many small businesses and farm enterprises, access to longer term, lower cost finance is often a barrier to investing in equipment, energy upgrades and technologies that reduce emissions and boost productivity.

The pairing of government support with the EIB Group guarantee is intended to lower lender risk and pass through lower costs to borrowers. That structure has been used across the EU to increase the volume of affordable lending to smaller businesses and to channel capital toward climate related upgrades and productivity enhancing investments.

Limits and immediate questions

While the announcement expands capacity, the scheme will still be constrained by supply and demand dynamics. The government notes that the scheme is available until 30 June 2029 or until fully subscribed, which means businesses seeking finance should consider timing. Details on lender specific terms, credit criteria and application timelines remain matters for participating banks and finance providers, and prospective borrowers should contact their chosen lender for exact eligibility and documentation requirements.

For small businesses and agricultural enterprises weighing investment plans, the expanded scheme offers a clearer path to finance for climate and productivity related projects. How quickly the new capacity is drawn down will be a practical test of demand for long term, sustainability oriented lending across Ireland over the next two and a half years.