No restrictions on lending to viable small firms, insists Bank of Ireland

BANK OF Ireland has said there are no restraints on lending to viable small businesses across all sectors.

The bank, which launched its second National Enterprise Week yesterday, said 83 per cent of the small business loan applications made in the year to the end of September have been approved.

The bank is to host events in branches around the State where businesses will be able to showcase products and discuss business ideas with bank staff and people involved in similar enterprises.

In May, more than 5,000 businessowners attended advice events and showcased their wares in the bank’s branches. A similar attendance is expected this time.

National Enterprise Week is a “tangible demonstration of our commitment to supporting SMEs, encouraging growth and aiding long-term business recovery in the economy by providing relevant advice and financial support”, said Michael Lauhoff, head of small business and agri with the bank.

Businesses that have participated in previous initiatives have responded positively about the benefits of tailored-advice events on topics relevant to the market environment, he said.

The events also provide them with opportunities to reach new audiences by showcasing their products in the bank’s branches.

“We are well positioned for this as we have a presence in practically every community in Ireland,” Mr Lauhoff said.

The week is open to customers and non-customers and forms a key part of the bank’s pledge to work closely with viable SMEs, ensuring they receive relevant support, advice and access to finance.

The advice events will feature a mixture of breakfast briefings and evening seminars. Experienced business professionals, alongside senior bank personnel, will offer insight and knowledge with an opportunity for the audience to ask questions afterwards.

The “Show your Business” events involve branches inviting small businesses to promote and sell products and services along with the opportunity to meet like-minded proprietors.

Mr Lauhoff said the bank approved €2.7 billion in new and increased lending, with drawdowns of €1.8 billion to the end of September. There was an approval rating of 83 per cent on the approximately 50,000 credit applications processed during the period.

He said the bank wanted to encourage those whose applications had been refused to contact the Credit Review Office if they felt the refusal was unreasonable.

Information about the week’s special events can be accessed at www.allaboutbusiness.ie or at Bank of Ireland branches.