Ireland-based Capitalflow Group, a privately held lending company, announced on Monday, August 8, that it has secured €10M 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 financing projects, helping them transition to sustainable energy. Businesses can apply for funding until December 31, 2023.
Ronan Horgan, CEO of Capitalflow, says, “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.”
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 up until now has been a significant roadblock for the Irish SME sector’s transition to a lower carbon emission economy.
The SBCI EELS facility totals €150M in funds intended to be a catalyst for energy efficiency investments. 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 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 in energy costs. This Scheme is our first dedicated climate action-related product. It 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.”
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.
Partnering with Irish SMEs and Property Investors, Capitalflow provides flexible finance options through its digital platform to companies looking to grow and scale their business.
Headquartered in Dublin, and with offices in Santry and Baggot Street, the company employs 80 people. It has advanced €800M in facilities to a broad range of SMEs across all sectors since formation.
