Ireland-based Capitalflow Group, owned by neobank Bunq, has secured 10 million euros (about $10 million) from the low-cost Energy Efficiency Loan Scheme (EELS) of the Strategic Banking Corporation of Ireland (SBCI).
CapitalFlow specializes in offering loans to small- to medium-sized businesses (SMBs). The funding will help Irish SMBs invest in energy efficiency financing projects so they can transition to sustainable energy, Silicon Canals reported Friday (Aug. 26).
“We’re delighted to be partnering with the SBCI once again in supporting the Energy Efficiency Loans Scheme and the move toward green finance,” said Capitalflow CEO Ronan Horgan in the report. “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.”
The money is part of 150 million euros (about $149 million), the SBCI EELS is offering as a catalyst for energy efficiency investments, the report stated.
“Capitalflow’s participation will assist SMBs and farmers in accessing low-cost, flexible finance for investment in energy-efficient equipment as they respond to the ongoing increase in energy costs,” said SBCI CEO June Butler in the report. “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.”
In Ireland, the government has set the target of becoming a net zero emissions economy by 2050, the report stated.
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