Bank of Ireland UK announces new banking packages for Northern Ireland’s growing small businesses and start-ups

Bank of Ireland UK today launched new banking packages aimed at the important small business growth and start-up segments of the Northern Ireland business market.

The Bank said it was seeing increased demand from the SME sector and was investing in its products and business support services to help more local businesses to expand.

The Bank is offering two and three year packages to new business customers, with discounted fees and other benefits. It has made a multi-million pound investment in its mobile, online and tablet services to make banking easier for small firms.

Sean Sheehan, the Banks’s regional director for small business, said: “As Northern Ireland’s Enterprise Bank, we believe the outlook for 2015 is positive and our economy will continue to grow.

“We have business advisers in every branch working with ambitious business owners to support their development. There are significant growth opportunities but the feedback we’re getting is that businesses face some challenges particularly around competition, pricing, profitability and cash flow.

“Owners and managers will measure growth not just by sales but by profitability and, most importantly, cash flow. A low inflation environment makes it hard to lift prices, so businesses need to renew their focus on costs and efficiency and we have designed our business support in that light.”

Bank of Ireland UK’s packages for new small business customers consist of a three-year deal for established growth* businesses, which gives two years of free transactions followed by a third at a 50% discount, and a two-year deal for new start-ups** offering a year’s fee-free banking followed by a year at a 50% discount. Customers of any branch will have the support of an experienced local business adviser as well as access to the full range of business products and services including the Bank’s online cash flow calculator.

One growth-oriented business being supported by Bank of Ireland UK is Tyreway, a Belfast tyre dealership established by brothers Conor and Liam Magee. As importers and suppliers of new and nearly new, top brand tyres, the Lanark Way business has developed a customer base across Northern Ireland.

Having taken on two part-time staff and purchased their own business premises, the two brothers are about to invest in a wheel alignment machine, enabling them to expand their services.

Conor Magee said: "Our Bank of Ireland UK business adviser understands our business and he’s there any time we want to discuss our ideas and new opportunities or ask for his advice.

"Over the coming months we’re planning to bring together three dealerships under the Tyreway brand. By consolidating the business we’ll be in a position to focus on development and growth and Bank of Ireland UK will continue to play a key role in helping us to achieve that."

For more details of Bank of Ireland UK’s support for small businesses, call into one of our 36 branches nationwide to speak to an experienced Business Adviser. www.bankofireland.co.uk/business

Ends

Notes to Editors

*Growth: In years 1 and 2, no Transaction Fees (as detailed in the Transaction Fees on Business Accounts section of the Schedule of Charges for Business Customers) will apply to your current account. In year 3, a 50% discount on these Transaction Fees will apply. During this 3 year fee deal, if cash lodged is more than £10,000 per quarter, a fee of 35p per £100 is charged on the excess amount over £10,000 per quarter.

**New Start Up: In year 1, no Transaction Fees (as detailed in the Transaction Fees on Business Accounts section of the Schedule of Charges for Business Customers) will apply to your current account. In year 2, a 50% discount on these Transaction Fees will apply. During this 2 year fee deal, if cash lodged is more than £10,000 per quarter, a fee of 35p per £100 is charged on the excess amount over £10,000 per quarter.

All other standard charges apply, including Electronic Banking, Foreign Exchange and Service charges as outlined in the Schedule of Charges for Business Customers.

For media enquiries contact:

Catherine Agnew, Smarts Communicate, Tel: 02890 395500 / mobile 07779101360

John Paice, UK Communications Manager, Group Communications

Bank of Ireland Tel: T:  + 44 (0)117 363 2410 / M: + 44 (0)773 9332399