Bank’s SME loan process simplified

AIB has launched a simplified loan application process to boost access to credit for small and medium enterprises (SME), including farmers.

Viable business borrowers will be able to secure a decision on their formal loan applications for up to €25,000 on a next-business-day basis.

The loans will be available for working capital, investment, and expansion activities to customers who have banked with AIB for the past 12 months.

Meanwhile, Junior Minister Shane McEntee welcomed AIB’s response to a recent meeting on cashflow issues in farming and the grain sector.

John Irwin, AIB’s head of strategy and propositions in business banking, said: “We have been examining ways to respond more efficiently to our SME customers’ credit requirements and to encourage any farmers in difficulty to approach the bank. Where a customer presents with an urgent issue we will prioritise urgent cases at our frontline.

“In addition, to highlight the issue internally and to encourage farmers to approach the bank we have again briefed our frontline on the cashflow issues in the sector, advised our frontline of the feed merchants’ need for additional working capital, and placed press advertisements asking customers to make early contact with AIB if they are concerned about cash flow pressure.”

Previously, Bank of Ireland told Mr McEntee it had introduced faster procedures for assessing loan applications from the agri-feed sector.