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Silicon Valley Bank and Ireland Strategic Investment Fund reinforce their commitment to the Irish innovation sector; SVB announces intention to lend an additional $300 million to Irish technology businesses by 2024, bringing total Irish commitment to over $0.5 billion.

Silicon Valley Bank’s plan to commit an additional $300m in loans and credit facilities to fast-growing Irish technology and life science businesses over the next five years with the support of the Ireland Strategic Investment Fund, could result in SVB providing over half a billion dollars in capital to the indigenous technology market, combined with the $226m of loans and facilities already committed, by 2024.

Commenting on the initiative, Erin Platts, President of EMEA and Head of Silicon Valley Bank’s UK Branch, today said: “The Irish government, and particularly the Ireland Strategic Investment Fund, have been excellent partners to SVB and we thank them for their continued relationship. It is with their support and collaboration that we have met and worked with so many incredible Irish technology and life science companies over the last seven years. We’re excited to make this new financial commitment and support Ireland’s innovation economy.”

Read the full press release via SVB here.