Bank of Ireland lends over £1bn to business in 2016

Commenting on the continued uplift in demand, Ian Sheppard, Regional Director NI, Bank of Ireland UK said the increase reflected the success of the bank’s business customers in acquiring customers, often in new markets while continuing to invest and plan for their long term future.

“We welcome the sustained increase in activity and are delighted with the continued growth in lending approvals,” he said.

“We are particularly pleased to welcome new customers as it shows we have the people, the products, the services and the funds to provide local businesses with the broad range of support they need to grow.

“Growth has come from all segments in the past year which underlines the resilience of local businesses to not only navigate their way through uncertain times, but to tenaciously find new ways of adding value and growing their operations.

“Lending approvals to small business were up 22% year on year, and despite the headwinds, demand for Agri lending also increased.

“Farmers and food producers, like many businesses, rely on strong working partnerships and our local branch network and local sector experts such as agri and commercial finance have played a vital role in building relationships that work for our customers.”

One example of Bank of Ireland UK’s support for growth businesses in the agri sector is evident in the support it has provided to Grahams Bakery of Dromore, a family run firm established more than 60 years ago.

The business approached the bank a little over 12 months ago as it sought an injection of working capital to enable the business’ expansion.

The bank saw the business’ potential and provided the funds. Since then, the headcount has grown from 35 to over 50 and with a further recruitment drive underway will exceed 60 in the next month.

The firm has secured retail outlets in England for the first time, expanded further into the Scottish market and fulfilled export orders to countries as far away as Fiji and Mexico.

The support offered to the bakery included Bank of Ireland UK’s range of financial products and services starting with working capital solutions to help with cash flow and access to the expertise of its Global Markets team to help trade successfully in the global market place.

Lois Graham, Financial Director at Grahams said: “Chris Gibb, the bank’s business development manager was very approachable, he saw our ambitious growth plans and supported us as we set out to deliver on our targets.

“He provided access to the local experts and funds which have allowed us to grow at the phenomenal rate that we have.”

Looking ahead into 2017, Mr Sheppard said challeges such as Brexit had to be faced.

“However, there are some positive indicators for 2017 including the confidence in the market and the increased business investment as evidenced by our figures.”

“On balance, the outlook for 2017 is a positive one and we will continue to work hard to do all we can to support the growth ambitions of Northern Ireland businesses.”