Bank unveils loans for food and drink firms

Food and drink companies can avail of loans from €100,000 up to multi-million euro packages as part of a suite of new credit facilities launched by Ulster Bank.

The bank said these loan facilities are aimed at start-ups and established companies seeking to introduce a new product range or to grow through exports.

Dr Ailish Byrne, senior agri-food manager, Ulster Bank, said: “Food and drink is our country’s most important indigenous industry, worth €25bn in turnover to the economy and employing more than 230,000 people. Ireland has a global reputation as a provider of high quality, innovative and sustainable food and drink excellence.

“Our goal in Ulster Bank is to support both existing and new customers in this sector, with a dedicated team of managers with proven experience in many areas of food and drink.”

For food and drink start-ups, the bank’s Food & Drink Start-Up Package includes two years transaction fee-free banking; free lodgements, direct debits, and standing order payments; and access to loans, deposit accounts, and other banking services.

Agriculture Minister Simon Coveney said: “Under the Food Harvest 2020 strategy, we have set ambitious targets to grow the food sector in Ireland by €3bn and to reach €12bn in exports.

“Access to the right finance will enable companies to achieve these goals, supporting businesses in entering the sector, in their product development and equipment and for those companies already up and running, enabling them to tap in to the overseas markets where there is great demand for quality Irish food and drink products.”