Irish
Bank of Ireland launches new business start-up package
By Finfacts Team
Apr 11, 2005, 10:51

20,000 new Irish business start-ups forecast in 2005

 

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"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 BoI’s 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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