A new loan fund for Small and Medium business has been launched by Bibby Financial Services Ireland (BFSI), the lending subsidiary of UK multinational Bibby Line Group.
The €60 million loan fund guarantees that credit decisions will be made within five days, whereas it normally takes 21 days to applications to be decided on. BFSI offers loaned via its website and by phone, as it does not have any branches in Ireland.
The financial services firm is set to target SMEs that have had no success with their banks. The Irish Small and Medium Enterprise Association (ISME) revealed recently that about 50% of companies were rejected for loans by their banks in Ireland last year.
Ronan Horgan, newly appointed managing director of Bibby Financial Services Ireland (BFSI) said, “Like all SMEs, our clients sell goods and services and many under their credit terms have a 60- or 90-day wait for payment. With day-to-day operating costs and staff salaries to pay, this arrangement is sometimes unsustainable for Irish SMEs.” BFSI have been present in Ireland since 2006, but now plans to expand its business here over the next three years.
© 2014 - Checkout Magazine by Genna Patterson
