Borrow up to €100K online or over the phone at Bank of Ireland
As the largest lender to the Irish economy, Bank of Ireland is continually striving to make it easier for customers to manage and grow their enterprises.
Through their Direct Lending channel, customers can now apply online anytime from the comfort of the office, home or farm for credit up to €100,000. Specialist Business Advisers are also available by phone from Monday to Friday 8 a.m. to 8 p.m. and Saturday from 10 a.m. to 2 p.m.
Declan Galvin, Head of Small Business at Bank of Ireland said; “At Bank of Ireland, we understand the importance of credit for sustaining business growth and development. In fact, Bank of Ireland is the main provider of new SME lending to the market, providing more than 50% of new non-property lending.
“Through our direct lending channel we have created a service which enables business and agri customers to apply for credit in a convenient manner. We understand the time pressures faced by business owners and being able to apply for credit online or over the phone can make a real difference. We also offer a broad range of supports to business startup customers who face the day-to-day demands of managing a business.”
Seymours Irish Biscuits
Seymours Irish Biscuits is an artisan biscuit company producing sweet and savoury shortbread biscuits, run by Philip O’Connor in Bandon, West Cork. Using fresh local creamery butter made from milk supplied by Philip’s own farm the product is truly homemade with each biscuit individually hand cut. Philip started the business in 2008 and after some tough years with the downturn, the business has moved past start up and into growth phase. The business now employs four people.
Philip applied to Bank of Ireland for credit through the Direct Lending channel which enabled him to purchase a chocolate enrobing line machine which was an important business development.
“Once my application had been submitted I quickly received a phone call from BOI Direct Lending confirming approval, which was good as I was able to proceed immediately with ordering the equipment and carrying on with normal day-day business operations,” says Philip.
“Seymours is currently the only Irish biscuit maker with this machine and it has been crucial to developing and growing our business. We have been able to innovate by creating new products and it has contributed to enabling us move into mass market production of biscuits.”
In addition to supplying Artisan biscuits to retailers like Avoca, Blarney Woollen Mills and Dublin Airport, Seymours was recently accepted into the Supervalu Academy and is now stocked in 12 Supervalu stores with the intention to grow this distribution in the year ahead.
“It takes a lot of hard work but seeing our products stocked extensively on shelves around the country is very rewarding.” Philip is also exporting produce to Germany, Italy, the US and most recently, Japan.
“It is very exciting to see our biscuit range become more widely recognised both within Ireland and internationally.
“In terms of the business and how we are doing, well we are already seeing an improvement on this time last year and we are confident about the year ahead.”
Bank of Ireland's loans are structured with your business in mind – so whether you require lending support to expand and grow the business or to meet seasonal cashflow requirements, visit www.bankofireland.com/100k or phone 1890 365 222 to speak with a specialist Business Adviser.
Bank of Ireland offers the following Top Tips to SMEs seeking credit approval:
• Experience – Be sure the Promoter highlights own track record and abilities as a business owner
• Business Plan – A detailed business plan will strongly assist to ensure proper understanding of the business, the product/service and the market dynamics.
• Lending Needs – Be clear on how much the Enterprise needs to borrow and what the funds will be used for
• Repayment Capacity – Applicants must show that the business has the means to repay the finance facility
• Up-to-date financials and management accounts – Analysing how the business has performed in the past will help the Bank to support you into the future
• Security – Applicants should be aware that security may be requested to support borrowing requirements