The Strategic Banking Corporation of Ireland (SBCI) and Bibby Financial Services Ireland (BFSI) have announced a €45million lower-cost invoice financing fund for Irish SMEs.

An extension of SBCI’s on-going efforts to drive competition and choice in the Irish lending market, the announcement sees €45 million in funding being made available to Irish businesses. The agreement enables businesses to access favourable rates for BFSIs’ invoice finance facilities and is available immediately.

Invoice financing frees up cash for businesses by providing upfront payment against the value of outstanding invoices. Leading independent funder, BFSI, becomes SBCI’s first invoice finance partner, fourth non-bank provider and seventh on-lending partner.