Monday 20 October 2014

Bank lines up €12m fund to support businesses hit by flood catastrophe

Sarah Stack

Published 06/02/2014 | 02:30

A woman bails out water from a shop as flood water rises in Cork city. Photo: Niall Carson/PA
A woman bails out water from a shop as flood water rises in Cork city. Photo: Niall Carson/PA
A woman bails out water from a shop as flood water rises in Cork city. PRESS ASSOCIATION

ULSTER Bank has announced a €12m support package for businesses affected by the recent bad weather.

Heavy rainfall, high tides and gale force winds have battered the south and west of the country in recent weeks, with small firms and business left counting the costs of severe flooding and closures.

The bank said credit would be granted to new and existing customers to meet short-term cash commitments as a result of bad weather, such as repairs and managing their working capital.

Ulster Bank's Ellvena Graham said the fund was intended to provide some relief for businesses working back to normal trading conditions or awaiting insurance claims.

"Many businesses have suffered sudden and severe disruption and loss of income because of the recent unseasonal weather," she said.

"Ulster Bank recognises the difficulty that this causes and is on hand to offer support to help relieve some of this stress, whether that's for an existing customer or someone joining the bank for the first time.

"Our dedicated team has a thorough understanding of the specific challenges that businesses face, so we can target this support and get companies back trading normally as quickly as possible."

Funds are available at existing rates for business customers extending their facilities, while normal terms and conditions apply to new customers. For details visit ulsterbank.com.

Separately, the Government has put in place a fund of €15m to deal with the crisis.

Irish Independent

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