Bank of Ireland is extending its invoice discounting service to small businesses with a discount of up to 50% for new customers.
Bank of Ireland is also to pass on the full 50 basis point rate cut by the European Central Bank (ECB) to its small business customers.
Announcing the move, the bank said that the repayments on its Small Business Loan product, which offers small- and medium-size enterprises (SMEs) and start-ups a maximum loan of Ђ65,000, will now range from 4.75% to 5.5%.
Patricia Callan, Assistant Director of the Small Firms Association, welcomed today's initiative, saying that small businesses were the "back-bone" of the Irish economy. "It is particularly important that we do everything possible to promote indigenous business start-ups," she said.
Source: Business World
