11 November 2014
Business lending approvals of £456m revealed at launch of latest Bank of Ireland UK Enterprise Week
Bank of Ireland UK today announced new credit approvals of £456m for Northern Ireland businesses in the first nine months of 2014, an increase of 59% on the same period last year.
The Bank’s figures were released as it launched its tenth Enterprise Week across Northern Ireland which runs from November 14 – 21.
During the week, hundreds of local companies and agri-businesses will showcase their products and services in Bank of Ireland branches while, under the theme of Let’s Connect, the Bank will host more than 20 networking events, seminars and clinics with business leaders and experts across the region.
Ian Sheppard, Head of Business & Corporate Banking Northern Ireland, said: “We are seeing clear signs of economic recovery and growth which is evidenced by a growing demand for credit. Bank of Ireland has approved loans worth £456m between January and September this year for businesses of all sizes in Northern Ireland, up 59% on the same period last year, and we expect to end the year well ahead of last year’s total of £500m in approvals.
“Small business and agri lending is particularly strong and we are approving 93% of all credit applications from businesses in Northern Ireland.”
Mr Sheppard added that there was evidence of growing confidence across the business community which the Bank expected would translate into business growth and jobs. At the recent CBI Northern Ireland Medium Sized Business Conference, sponsored by Bank of Ireland UK, 72% of participants agreed they were more confident about their business over the next 12 months compared to the past 12 months.
The Bank revealed that the agri-business sector was performing strongly, with a 55% increase in the number of agri-lending packages approved for producers, processors, retailers and food-related businesses in the first nine months of 2014 compared with the same period in 2013.
“We are also seeing increasing interest from companies who want to trade outside Northern Ireland. We’re supporting that trend through our partnership with the Northern Ireland Chamber of Commerce Connecting for Growth programme and during Enterprise Week we will see the fourth Meet the Buyer event under this cross-border trade initiative to foster increased business between companies from Northern Ireland and the Republic of Ireland,” said Mr Sheppard,
Bank of Ireland UK pioneered bi-annual Enterprise Weeks in Northern Ireland five years ago. More than 100 events have been held over the ten Enterprise Weeks, including the current one, involving around 6,000 businesses, including 2,500 which have promoted their goods and services in bank branches to help win new orders.
Sean Sheehan, Northern Ireland Regional Director for Consumer and Small Business, said: “Bank of Ireland UK is helping businesses of all sizes to grow – from small start-ups to major employers, and across all sectors of industry and commerce. We’re committed to supporting businesses right across Northern Ireland and we are delivering on that by having business advisers in all 36 branches and local specialists to build relationships and provide speedy decision-making.
“Our tenth Enterprise Week is designed help small businesses make connections that will offer growth opportunities and give them appropriate advice and support, including information on sources of funding. This initiative has grown in popularity of the past five years precisely because we are able to provide businesses with practical, on-the-ground help with their growth plans.”
For up to date information about Bank of Ireland UK’s Enterprise Week visit www.bankofireland.co.uk
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About Bank of Ireland UK
Bank of Ireland (UK) plc is a subsidiary of Bank of Ireland Group which has been a leading retail bank in Ireland since it was established in 1783. Bank of Ireland UK currently employs c 2,200 staff and serves over 3 million customers. Bank of Ireland has operated in the UK for over 40 years, is a full service retail and commercial bank in Northern Ireland and is the market leader in car finance under the NIIB brand and has built a significant consumer and commercial business through a number of acquisitions including Bristol and West Building Society and through its partnership with the Post Office.
Bank of Ireland (UK) plc offers products in the UK market that are regulated in the same way as products offered by other UK based providers. Bank of Ireland (UK) plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulations Authority.
For further information contact:
Alan Watson at Smarts Communicate Tel: 028 9039 5500 Mobile 07768 798 148 or email alan.watson@smartscommunicate.com