AIB HAS ANNOUNCED a new initiative to make it easier for small and medium enterprises to access loans.

The simplified application process will see decisions on loans made by the next business day for amounts up to €25,000. These decisions will be made in local bank branches and will be available to customers who’ve been with AIB for 12 months or more.

Business credit applications will be processed from Tuesday 27 November.

Examinership

Last week the jobs minister Richard Bruton amended the Companies Act, allowing SMEs to apply directly to the Circuit Court for examinership.

Hughes Blake Chartered Accountants have welcomed the move, and said that 753 SME jobs were saved through the examinership process in the first nine months of the year.

Neil Hughes said:

The move to the circuit court will help to reduce costs significantly and will make this process far more accessible for all businesses in Ireland – regardless of size. All moves that will help to retain valuable jobs are to be welcomed – particularly those that are in small indigenous businesses throughout towns and villages across the country.

August: Bank of Ireland says it’s ‘concerned’ that SMEs believe banks are not lending>