BOI targets food firms

A SPECIAL finance package for Irish firms in the fast-growing prepared foods and beverage sector was announced yesterday by Bank of Ireland.

The bank has set aside an initial €50 million loan fund to support development activity by small and medium-sized companies in the sector.

In addition, Bank of Ireland and Bord Bia will work together to organise briefings for the bank’s key relationship managers to develop their knowledge and expertise of the food sector.

Yesterday’s announcement is one of a number of initiatives planned by the bank that will target the food industry.

Prepared foods is a sector which will continue to grow in keeping with changing lifestyles and consumer demand for pleasure, health and convenience. In 2002, prepared food exports alone amounted to €1.8 billion.

Tom Comerford, director of business banking, Bank of Ireland said they believe the prepared food sector will continue to grow rapidly.

Welcoming the establishment of the fund, Bord Bia chief executive Michael Duffy said it recognised the growth potential of Irish food companies.

The ready availability of finance is important for the exploitation of opportunities in the marketplace, he said.

Mr Duffy said the financial needs of the food industry are different from other sectors and need to be better understood if small to medium-sized companies are to reach their full potential.