Image credit: Capitalflow Group
Ireland-based Capitalflow Group, a privately held lender, announced on Monday 8 August that it has secured €10 million from the new low-cost energy efficiency loan scheme (EELS) launched by the Strategic Banking Corporation of Ireland (SBCI).
The funding will enable Irish SMEs to invest in energy efficiency finance projects, helping them transition to sustainable energy. Companies can apply for funds until 31 December 2023.
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Ronan Horgan, CEO of Capitalflow, says: “We are delighted to be working with SBCI once again to support the Energy Efficiency Loan 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.”
According to research, Irish SMEs invest just 6 per cent of their budget in energy efficiency, one of the lowest in Europe.
The lack of competitive funding to date has been a significant roadblock to the Irish SME sector’s transition to a lower carbon economy.
The SBCI EELS facility totals €150 million in funding intended to be a catalyst for energy efficiency investment. The scheme also coincides with the ambitions of the Irish government to become a net-zero emissions economy by 2050.
June Butler, CEO of SBCI, says: “I welcome the addition of Capitalflow as a partner to the SBCI Energy Efficiency Loan Scheme. Capitalflow’s participation will help SMEs and farmers access affordable, flexible finance for investment in energy efficient equipment as they respond to the ongoing rise in energy costs. This scheme is our first dedicated climate action related product. It has been specifically designed to help Irish businesses improve their sustainability, cut their energy bills and reduce their carbon footprint by investing in energy saving measures.”
Last year, Amsterdam-based challenger bank bunq acquired Capitalflow Group with its first external capital.
Capitalflow Group: What you need to know
Established in 2016 and led by Ronan Horgan, Capitalflow claims to be one of Ireland’s fastest growing specialist business lenders.
Working with Irish SMEs and real estate investors, Capitalflow offers flexible funding options through its digital platform to companies looking to grow and scale their business.
Headquartered in Dublin, with offices in Santry and Baggot Street, the company employs 80 people. It has advanced €800 million in facilities to a wide range of SMEs across all sectors since its establishment.
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