AIB unveils plans to improve small business lending

Allied Irish Bank (AIB) has announced plans to improve lending to Irish small firms, setting up a new scheme in the process.

The new initiative will deliver credit decisions on loans of up to €25,000 on the next business day, while loan applications and decisions can be made in a local bank.

Furthermore, the application process will be made easier to ensure smaller firms are giving access to the funding they need to grow in the next few years.

AIB's chief executive, David Duffy, explained that the small businesses sector will have quick and efficient access to credit.

"This initiative is a key step to improving credit flow and boosting economic activity whilst still maintaining prudent credit standards," he explained.

"There is a perception at large that banks are not lending which is, in itself, discouraging SME customers from approaching the bank for credit. AIB is determined to change that perception."

It comes after the Irish government Budget was published earlier this week, providing additional help for small businesses.

Posted by Thomas Fletcher

Date published 18 Feb 2013 | Last updated 7 Dec 2012