BoI introduces new business loan

BANK OF IRELAND has introduced a €100 million unsecured developing business loan fund at a rate of 6.2% aimed at SME customers.

The fund is open to companies in business less than five years; no security is required for borrowing, finance is available immediately and companies can borrow up to €25,000.

Almost half of all businesses have a borrowing requirement, with the average small business loan value being approximately €17,000.