Ulster Bank Group announces €1 billion finance support package for businesses |
Declan Fitzgerald, Managing Director Business Banking RoI, Ulster Bank said; “Now more than ever, businesses across the island need access to funds and the support of their bank. Ulster Bank is determined to ensure the credit needs of businesses are met in these uncertain times. Our €1 billion commitment to the business community is designed to enable Irish enterprises to carry on their business and to facilitate their growth and development by providing a number of working capital solutions.”
“These initiatives highlight Ulster Bank’s support and commitment to the business community and our dedication to maintaining last year’s level of funding to the SME sector. We will also be providing the benefits of the European Investment Bank (EIB) Fund and making these monies available to the market”, he added. |
For start up and early stage businesses, Ulster Bank will offer customers loans at a reduced and lowest market rate of 4.95% Variable.* Additional start up support will also be available through Ulster Bank’s Franchising Support Unit and through the recently launched Ulster Bank Diageo Fund managed by NCB Ventures**. The €75million Ulster Bank Diageo Fund will invest in companies at early and expansion stages of development across a broad range of industrial sectors.
Welcoming the announcement, Dr. Aidan O'Boyle, SFA Chairman commented; "The Small Firms Association welcomes the range of supports announced today by Ulster Bank – cash flow is the life blood of any business and currently small businesses are facing financial pressures from all angles - restricted access to finance; extension of creditor days taken by customers and reduced spending. It is good news that Ulster Bank is reacting to the real problems which their small business customers are facing and their proposed actions should assist the small business sector with financial pressures to prevent business closures and job losses."
Cash Flow Management support options are available from Ulster Bank Invoice Finance*** and Lombard Asset Finance****. Asset and invoice finance facilities enable customers to better manage the flow of working capital. In addition, international trade finance and cash management solutions from the Ulster Bank Global Transaction Service Division***** for exporters and importers will optimise working capital and protect cash in the current environment.
Full details of Ulster Bank’s support initiatives are available from business advisers throughout the branch and Business Centre network. |
*New lower Start Up Loan Rate of 4.95% variable rate - Continuing to provide the best business banking package for start ups – with lowest start up business loan 4.95%% variable rate, 3 years transaction fee free banking (Charges for additional services still apply) and an unsecured lending facility up to €30,000.
**€75m Ulster Bank Diageo VC Fund – The Ulster Bank Diageo Venture Fund Limited Partnership will invest in companies at early and expansion stages of development across a broad range of industrial sectors.
***Working Capital Finance: Enhanced Invoice Finance to accelerate the availability of trade debtor cash and Supplyline to pay selected suppliers on your behalf with payment at a future date to match your cashflow. Ulster Bank Invoice Finance will provide immediate cash injection by freeing up funds tied up in debtors (up to 80% of the value of unpaid invoices).
****Lombard: Lombard is a leading provider of Asset Finance, providing a wide range of Finance options to meet business customers’ needs Lombard is part of the Royal Bank of Scotland Group. Asset finance from Lombard: Asset finance can release cashflow tied up in depreciating assets such as company cars, machinery and equipment. The finance is secured on the asset itself, freeing up other security (often property) to secure and raise other forms of finance. Installation, maintenance, servicing and insurance can all be included.
*****Global Transaction Services Trade Finance: Enhanced international trade finance and cash management solutions for exporters and importers to optimise working capital and protect cash.
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