Energy Efficiency Loan Scheme (EELS)
A low-cost scheme designed to support eligible SMEs, including primary producers, investing in the energy efficiency of their enterprises.
The SBCI Energy Efficiency Loan Scheme (EELS) supports qualifying viable Irish businesses, including farmers and fishers, by providing access to affordable long-term finance, enabling them to invest in the energy efficiency upgrade of their enterprise.
EELS is established and offered by the Strategic Banking Corporation of Ireland and benefits from a guarantee provided by the EU programme COSME and the European Fund for Strategic Investment (EFSI).
The scheme will run until 31 December 2023 or until it is fully subscribed.
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The SBCI Energy Efficiency Loan Scheme supports eligible SMEs to invest in the energy efficiency of their enterprises.
Assets listed on the Sustainable Energy Authority of Ireland (SEAI) “Triple E Register for Products” are deemed eligible energy efficiency assets that may be financed under EELS, except for electric vehicles (EVs).
- Finance is available from €10,000 to a maximum of €150,000 per borrower (finance amounts are dependent on aid intensity and State Aid thresholds).
- Finance terms of 1 year up to 10 years (Finance terms are dependent on the purpose of the loan).
- Finance may be secured only by the asset being funded. Personal guarantees are not permitted security.
- Finance may only be used for the purposes of upgrading the energy efficiency of the enterprise. To be eligible for inclusion, the asset to be financed must be listed on the SEAI “Triple E Register for Products”.
- Allowable Finance types include term loans, hire purchase and asset finance products.
- Finance is available up to 31 December 2023.
For an expanded list of Scheme Criteria, please check the SBCI website https://sbci.gov.ie/
- Who can apply?
Viable micro, small and medium-sized enterprises (SMEs) that meet the Eligibility Criteria.
SMEs are defined by the standard EU definition contained in Commission Recommendation 2003/361/EC as enterprises that:
- have fewer than 250 employees;
- have an annual turnover not exceeding €50 million and/or an annual balance sheet total not exceeding €43 million;
- are independent and autonomous, not part of a wider group of enterprises;
- have less than 25% of their capital held by public bodies;
In order to be eligible for EELS, SMEs must be both established and operating in the Republic of Ireland.
For an extensive definition of qualifying enterprises, please check the SBCI website
- Who cannot apply?
An SME that:
- does not satisfy the Eligibility Criteria;
- is delinquent or in default under any agreement with any financial institutions;
- is bankrupt or being wound up or having its affairs administered by courts;
- is subject to, or fulfil the criteria under domestic law for being placed in, collective insolvency proceedings;
- in the last five years has entered into an arrangement in the context of being bankrupt or wound up or having its affairs administered by courts;
- has a substantial focus in one or more of the excluded activities or restricted sectors;
- has been convicted of an offence or subject to a ruling concerning professional conduct, fraud, corruption, involvement in a criminal organisation, money laundering or any other illegal activity where such illegal activity is detrimental to the EU’s financial interest.
For an expanded list, please check the SBCI website
- Interest rates
Fexco Asset Finance Ltd will offer competitive rates with exceptional turnaround times on all agreements.
- Excluded Activities
Finance will not be provided to SMEs that focus their business on one or more of the following sectors:
- the production of and trade in tobacco and distilled alcoholic beverages and related products;
- casinos and equivalent enterprises;
- the financing of the production of and trade in weapons and ammunition of any kind. This restriction does not apply to the extent such activities are part of or accessory to explicit EU policies;
- purchase of electric vehicles is also restricted under EELS. However, EV infrastructure is eligible for funding.
For an expanded list of Excluded Activities, please check the SBCI website
- State Aid
Finance amounts and term are dependent upon State Aid thresholds.
SMEs in sectors other than fishery and aquaculture are subject to De Minimis State Aid thresholds, provided such aid does not exceed €200,000 in any 3-year fiscal period.
For SMEs in the fishery and aquaculture sector, De Minimis Aid is State Aid given to an enterprise which cannot exceed €30,000 over any 3-year fiscal period.
SMEs in the Primary Agriculture sector are subject to Art. 14 of the EU Commission “Agriculture Block Exemption Regulation” (ABER) thresholds, provided such aid for investments in tangible assets on agricultural holdings linked to primary agricultural production does not exceed €500,000 per undertaking per investment project.
Borrowing under EELS will give rise to State Aid benefit, and hence there may be a restriction on the amount of scheme funding/finance term that can be availed of by the borrower.
It is important to note that the State Aid is not the amount of the finance.
For the complete text on State aid rules, please check the SBCI website
How to apply?
- Step 1: You must first submit an Eligibility Application Form to the SBCI to check if you are eligible for EELS. If the SBCI determines that you are eligible, you will be notified in writing and will be supplied with an eligibility reference number (eligibility code) directly from the SBCI.
- Step 2: You must then provide this eligibility confirmation letter/code to Fexco Asset Finance Limited by email at firstname.lastname@example.org .
Please also include the following:
- Contact Name
- Business Name
- Business Address
- Contact Phone Number
to begin your credit application process
The SBCI eligibility letter/code is not a guarantee of credit approval and does not oblige Fexco Asset Finance Limited to provide finance.
Approval of finance is subject to Fexco Asset Finance Limited own credit criteria, policies and procedures.
The SBCI Energy Efficiency Loan Scheme will operate until 31 December 2023 or until the scheme has been fully subscribed.