AIB to increase SME credit supply by 20%

AIB is promising to increase its supply of available credit to the SME market by “at least” 20% this year.

The bank also claims to be committed to achieving the 2012 SME sanction target of €3.5bn.

AIB exceeded its SME sanctions target for last year, when more than 20,000 SME customers drew down new funding from the bank. Through initiatives such as the Big Drive for Small Business and the Job Creation Loan, the bank is aiming to engage closer with its business customers around the country and help small businesses develop new projects.

Another initiative is an online information hub offering assistance and tips to small businesses. Designed to assist in the engagement with SMEs, the hub features short videos, tips and articles to support small firms at all stages of their business.

According to John Irwin, head of business banking strategy and propositions at AIB: “The information hub aims to inform and support SMEs from start-up firms to established SMEs and will also provide practical information to assist AIB customers, and non-customers in building, promoting and managing their business. The microsite also provides access to practical resources to assist SMEs in preparing business plans and cashflow statements.”

The hub will also provide support for customers experiencing financial difficulty and who require additional expertise and support.

AIB’s head of business banking John Webb said the bank understands the importance to the economy of new credit and its impact on economic recovery.

“Demand for SME credit remains low as a consequence of economic conditions and we want our customers to approach our branches and commercial centres to discuss their requirements. This will allow us to help them make formal credit applications.”