Gary Duffy, Head of Customer Policy at IBCB is interviewed for an article in SFA’s Better Business Spring 2024 edition which sets out the case for developing a good relationship with your Bank. Gary covers the importance of having sufficient working capital through to the risks attached to expanding a Business and why all of these issues can be supported, if early engagement is instigated with timely provision of financial information. A good relationship built on trust and confidence can help a business realise its potential.
See full article at https://www.ibec.ie/sfa/your-sfa/better-business-magazine
Link to the article – Building a relationship with your bank 11 May 2023 (farmersjournal.ie)
In January 2022 the IBCB facilitated a roundtable meeting with Microfinance Ireland (MFI) and member banks. MFI receives funding in part through our member banks and provides small loans to small businesses to help start-ups and established businesses to get the finance they need for their business. The focus of this meeting was as an initial roundtable discussion, and it was an opportunity for both the MFI and the banks to listen to and learn from each other regarding steps that can improve the overall process for micro-businesses to access loans.
The next steps following this discussion were that member banks and MFI agreed to look at means to improve referrals and capture more information, including such mechanisms as raising awareness of MFI with advisors and assessing which channels work best for customers, with each bank working directly with MFI on these details. Member banks and MFI also agreed to individually meet on a regular basis to ensure there is good communication between organisations and to assist with improving staff awareness in banks.
The Covid-19 pandemic impacted all aspects of Irish society and the economy and in particular, caused significant challenges for many SMEs. The IBCB consulted with key SME stakeholders and heard feedback that businesses found it difficult to navigate the range of supports available and information required to support applications was not always readily available. We raised these issues with our member banks and welcomed the significant effort made by them to put in place a range of support options for customers, including payment breaks and ongoing supports.
We ran a workshop in July 2020 with representatives from our member banks, the Small Firms Association, the Strategic Banking Corporation of Ireland, the Banking and Payments Federation Ireland, and the Department of Business Enterprise and Innovation to discuss the challenges facing small business and to identify actions to support businesses. Arising from this workshop, the IBCB created our ‘Support, Share, Signpost’ initiative which looks to raise financial awareness for SMEs and Farmers through sharing and signposting relevant key information. As part of this initiative we:
