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Bank of Ireland Business Banking Introduces Two New Flexible Finance Solutions for Business

22-Nov-04

    Bank of Ireland Business Banking today (Sunday, 21stNovember 2004) announced details of two new flexible finance solutions for business.  An innovative flexible purpose loan package, which addresses some of the recommendations in the Government's Enterprise Strategy Group Report, has been launched to facilitate companies' marketing and research initiatives. In addition Bank of Ireland has also announced details of a flexible repayments option for business customers. Both initiatives are unique to Bank of Ireland and have been launched as a direct result of on-going consultation with and demand from business customers for new innovative products. 

    The introduction of the flexible purpose loan package is in direct response to demands from customers for loans to support sales and business development.  In effect it is finance for initiatives such as brand development, trade show exhibitions, research and development, employing/training new staff and market research.

    Bank of Ireland has also highlighted its flexible loan repayments options to meet the demands of customers for payment terms that suit the needs of their businesses.  This allows customers to agree a repayment schedule that suits their cash flow with their Business Manager. This may include an opportunity to take a moratorium on repayments for up to three months at the start of a loan, an opportunity to make no payments to free up cashflow for any two months of the year, or to make payments on a quarterly, six monthly or yearly basis, according to the seasonality of cash flow. 

    Commenting today, Mr. Michael O'Grady, Head of SME Segment, Bank of Ireland Business Banking said, "We understand that demands are placed on businesses at various times of the year and that they require finance for activity other than asset finance. For this reason, we have launched the flexible purpose loan package and flexible payments option.   Specifically, we want to assist our customers repay their loans according to the seasonality of their business and to facilitate those who require finance for brand investment and marketing initiatives.  As a result we are providing more flexibility around finance and introducing a number of repayment options. 

    For reference;

    Anne Mathews                                                     
    Media Relations Manager                       
    Bank of Ireland Group                          
    Tel: 01 604 3836 / 087 2460358               

    Michael O'Grady
    Head of SME Segment
    Bank of Ireland Business Banking
    Tel:  01 665 3454/086 254 0369

    About Bank of Ireland Business Banking

    Bank of Ireland is the number one Bank for business in Ireland with dedicated business managers available through each of its 270 strong nationwide branch network. Bank of Ireland Business Banking now provides almost 100 business loans per day to all types of businesses ranging from start-ups to high-growth firms. The Bank of Ireland business offer encompasses the full range of day-to-day business banking services as well as specialist Treasury, Commercial Finance, Credit card, Life Assurance planning services and Venture Capital. These business services are complemented by a team of specialist business bankers available to deal with more complex and specialist financial packages. Over 60,000 customers have registered for its "Business On Line" service.

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