20,000 new Irish business start-ups forecast in 2005
"With an average of 80 businesses established in Ireland each day, it is vital that businesses have the proper advice and access to finance if we are to develop a more entrepreneurial society", according to Cathal Muckian, Director, Bank of Ireland Business Banking. Commenting today following the launch of an enhanced Bank of Ireland start-up package for business customers, he forecast that there will be approximately 20,000 new business start-ups in 2005.
The new package features a number of free banking services as well as a range of offers and discounts to the value of 1,500.
"The recent Enterprise Strategy Group Report identified innovation and entrepreneurship as the key elements of sustainable enterprise. Business start-ups face considerable challenges and need to be fostered through availability of finance and expert advice if we are to encourage entrepreneurship as an integral part of the State's wider economic agenda. With one in twelve working adults in Ireland engaged in entrepreneurial activities this agenda must focus on ensuring that the right conditions are in place for business start-ups and entrepreneurs to prosper", according to Cathal Muckian.
The new Bank of Ireland start-up package is specifically designed to provide businesses with both the finance and expert advice necessary to start and run a business successfully. The package will target all sectors of the economy with particular emphasis on the two key growth areas of entrepreneurial activity - the business services sector which currently accounts for 30% of all entrepreneurial activity and the consumer services sector which currently accounts for 17%.
Business Start-up customers will be entitled to a number of Bank of Ireland
products at attractive rates and a range of banking services free of charge
for two years.
The value of the offering is based on research indicating that one in four entrepreneurs plan to start a business with less than 5,000, less than 1,000 of which is a personal investment. Based on these figures Bank of Ireland has teamed up with a number of key partners to provide a range of offers and discounts to the value of 1,500 appropriate to new customers opening a business current account between April 05 and 31st March 06 . Combined with
preferential rates and free current account banking this offers customers a considerable reduction on their initial investment and costs.
In addition, Bank of Ireland plans to run a series of internal seminars for its 600 strong Business Banking team aimed at increasing their understanding of new businesses.
Bank of Ireland Business Banking has launched the package following research in response to increasing demand for finance and advice from
individuals considering starting their own business. The research indicates that 160,000 Irish people consider starting a business every year with 20,000 of these actually setting up a business.
Cathal Muckian concluded: "Ireland already has the highest level of
entrepreneurship in Europe with one out of 12 adults currently engaged in
entrepreneurial activity. This package is based on the premise that start-ups not only rely on finance but also on the availability of a range of products and expert advice. We have teamed up with key partners to ensure that the package provides a sound foundation for business start-ups".
There are three key components of the Business Start-Up Package
1. Bank of Ireland Products and Services
- Free access for two years to Level 1&2 Business Online
- Competitive Small Business Loan for up to 200,000 at rates from 4.75% to 6.75%
- A flexible Leasing/Hire Purchase repayment schedule together with waiver of the Leasing/Hire Purchase set-up fee.
- A waiver on the first year Visa business card annual fee available at any time over the two year period
- Reduced administration fees on Invoice Finance facilities for companies with projected turnover in excess of 500,000
- A range of reduced fees and charges on card services when setting up and operating a customer credit card and laser card payment service for two years
- Free copies of a range of Bank of Ireland's business support guides 'Starting your Business', 'and ' Guide to Franchising'
- Free advice from any of BoIs 600 business managers in branches throughout the country and a range of business specialists in the Enterprise Support Unit, Bank of Ireland Life, Bank of Ireland Finance, Bank of Ireland Credit Card Services and Bank of Ireland Global Markets.
2. Discounted External Offers
-
One hour's free initial consultation with an accountant who is a member of the ACCA (offer available for 6 months from date of opening BOI business current account)
-
Up to 20% discount on a choice of mobile phone handsets from 02
together with a free Blackberry 5820, free desktop text application
software and a reduced business start up customer tariff on telephone calls
and line rental (available for one year from date of opening BOI business
current account) (Note: Blackberry 5820 available while stocks last)
-
Free regular listing in a Golden Pages directory and free graphic
design service (includes complete design of advert and company logo for
inclusion in Golden Pages and use thereafter for other purposes by the
company (available for one year from date of opening BOI business current
account).
-
50% reduction in Year 1 Membership fees from both ISME and the SFA
(available from both for one year from date of opening BOI business current
account)
-
50% off the RRP of 'Starting a Business in Ireland' book by Brian O'Kane, OaK Tree Press (available for one year from date of opening BOI business current account)
-
50% discount off a complete suite of Big Red Book business software
including a bookkeeping/accounts package, a payroll package, business
planner software, office software (word processing, database, spreadsheet
etc) and anti-virus software. (Offer available for one year from date of
opening BOI business current account)
Up to 20% discount off the Hewlett Packard List Price on selected mobile computer devices, desktop computers, printers and network equipment
(available for one year from date of opening BOI business current account)
3. Training and Education
-
Bank of Ireland Business Banking is running a Start-up Boot Camp for customers in conjunction with Brian O' Kane, Oak Tree Press. Bank of Ireland business start-up customers can attend for 50% of the normal price.
-
Bank of Ireland Business Banking is also running a series of internal
'Understanding Business' seminars for all business banking branch staff. These are currently underway and focus on the issues and challenges facing business customers in starting and running a business.
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