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NI small business sector appears ’resilient’ – Bank of Ireland
11th May 2009
Northern Ireland’s small business sector appears resilient in the face of the overall downturn, Bank of Ireland said today. The bank reported that in the past year more than 1,400 separate enterprises had taken advantage of a special assistance package specifically designed for small start-up and growing businesses and it expects to exceed that figure in the coming year
Northern Ireland’s small business sector appears resilient in the face of the overall downturn, Bank of Ireland said today. The bank reported that in the past year more than 1,400 separate enterprises had taken advantage of a special assistance package specifically designed for small start-up and growing businesses and it expects to exceed that figure in the coming year.
Launched in April 2008, ‘Essentials for Business’ is designed to support new and established enterprises through a mix of funding and targeted support services. In 12 months more than 1,400 businesses with more than 3,000 employees in total have taken up the package.
Michael Kidd, Head of Business Banking at Bank of Ireland Northern Ireland, said: “Some 90% of VAT registered businesses in Northern Ireland have a turnover of less than £1million. We recognised a year ago that businesses such as these need support which amounts not only to finance but to hands-on advice in critical areas such as accounting, employment law, website development and telecommunications.
“Because small businesses are so important to creating a strong economy in Northern Ireland, we are pleased the reaction to our package of assistance has been very positive. There is no shortage of funding from Bank of Ireland for good business ideas and we are planning for increased demand for our Essentials for Business package over the next 12 months. ”
“A figure of well over 100 businesses a month taking advantage of Essentials for Business shows that small business is proving resilient and in spite of the economic gloom over the past year, there has been no let up in demand for bank service, funding and advice. As a bank deeply involved in providing finance for growth, our commitment to this sector is as strong as ever and we continue to make improvements to our package of help.”
Essentials for Business includes free current account banking for two years and unsecured or secured loans, plus the support of a number of partners who are experts in areas vital to small businesses such as employment law, website development, telecommunications, accounting software and insurance.
“One year on, we believe it remains the most comprehensive and competitive package in the market today,” Mr Kidd added.
Among those who have taken advantage of the 'Essentials for Business' package are husband and wife team Mark and Alison Simpson who opened the first franchise of children's soft play centre Funky Monkey's in Lurgan in 2008. The couple hold the master franchise for Funky Monkey's for the island of Ireland and another centre will be opened by a new franchisee at the Cinemaplex in Downpatrick at the end of May.
Alison Simpson, Director of Funky Monkeys, said: "We chose Essentials for Business because it was such a great deal and everyone we dealt with was so professional and helpful. I'd have no problem recommending the package to anyone."
UK Design Award winners IDGNI Ltd. specialise in re-branding and refurbishing retail premises and have used Essentials for Business to expand the company. The Co. Armagh based business is increasing its workforce by 2-3 members in the coming year by recruiting designers, sales people and fitters and has used the package to purchase and develop new business premises which it will move into in mid-July. The bulk of its work to date has been with the pharmacy sector in southern Ireland including brands such as Hickey’s and Bradley’s and it has now begun work in Scotland and mainland UK, a move which will be key to the company’s growth in 2009.
Martin Cush is a Young Entrepreneur of the Year Award nominee and Director of N4 Networx Ltd, an IT support business based in Ballinderry, Lisburn. Martin used Essentials for Business to fund the Management buy-in of the ten-year-old business last year and with a workforce of three intends to build on core markets in Northern Ireland this year.
Further information on Essentials for Business is available from Bank of Ireland branches or business centres.
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For further information please contact:
Julie Sherlock Bank of Ireland +44 (0)28 90433520
Audrey Nolan Bank of Ireland +353 (0)86 9176877
Alan Watson SMARTS +44 (0)7768 798148
© Bank of Ireland 2012
