Open for business with business

As National Enterprise Week draws to a close, Bank of Ireland has a key role to play in getting business moving again through…

As National Enterprise Week draws to a close, Bank of Ireland has a key role to play in getting business moving again through the support and services it offers to entrepreneurs and business people

BANK OF Ireland’s National Enterprise Week draws to a close today following a busy schedule of events, seminars and local-business showcases taking place in hundreds of branches and other venues throughout the State. According to Bank of Ireland director of business banking Mark Cunningham, the week was all about sending a clear message to the public and to Ireland’s business community that the bank is very much open for business with business.

“Bank of Ireland wants to help get business and the economy moving again. We are very much part of society and the overall economy and we want to play our role in the recovery,” he says. “During the week we have had more than 100 business networking events, more than 1,700 firms showcasing their products and services in our branches, and tens of thousands of people calling in to see what these businesses have to offer them as well as what Bank of Ireland can offer their businesses.

“We also had a series of highly successful business briefings featuring household names such as Gavin Duffy, Bobby Kerr and Sean Gallagher from the Bank of Ireland-sponsored Dragons’ Den TV series,” he says.

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Cunningham believes that part of the bank’s role is to foster confidence. “We want to help in the restoration of more normalised trading conditions,” he explains. “It is important to focus on the positives. The country is heading for a balance of payments surplus next year for the first time in quite a while, so we will be able to pay our way in the world once again. The savings ratio has climbed to a very high level of 13 per cent, and we now have more than €14 billion in domestic deposits – more than at the height of the SSIA scheme in 2006. The economists call this the paradox of thrift – where people can actually save themselves into a recession. What we need to do now is restore confidence to get people spending and get the country moving again.”

National Enterprise Week is aimed at demonstrating Bank of Ireland commitment to supporting business and making business aware of what Bank of Ireland can do for it. “As of the end of October, we had already advanced upward of €3 billion in business lending in the Republic this year. National Enterprise Week is getting the message across that we are there to support business, and it is allowing our staff to demonstrate their commitment to supporting business and their communities.”

According to Cunningham, there will be two strands to the economic recovery. “The first part is the export sector and this is most definitely on the turn and that is good news,” he says. “According to the Irish Exporters’ Association Third Quarter Review for 2010, the three months from July to the end of September saw very strong growth of 12.8 per cent in merchandise exports, and continued good growth in services exports, bringing total exports for the quarter to €40.4 billion – up 9.3 per cent on the same period last year. Overall, the Irish Exporters Association is forecasting total exports for the year of €158.9 billion, representing growth of 5.8 per cent over 2009.”

The other strand is the indigenous SME sector. “These companies which serve the domestic market need a bit of a boost to get going,” says Cunningham. “National Enterprise Week is also aimed at giving these businesses an opportunity to generate sales through showcasing themselves in our branches through the Show Your Business element of the week. This offers participating firms a valuable boost and helps them move forward. I hope that we will see the improvement in our export performance being reflected in our indigenous SME base in 2011, and that this will translate not just into economic growth but into employment growth as well.”

He points to the cumulative effect of National Enterprise Week as being among its most important features. “In the same way as it is the combination of small businesses that makes a difference to the economy, it is the cumulative effect of Enterprise Week that we believe will make a difference in the longer term,” he says.

“We are trying to create some momentum and get the message across that supporting SMEs is our core business. But we have to keep going. It’s certainly going to be a long road back for the economy and for business and we have a lot more to do to help in the recovery.”

He also urges entrepreneurs and business owners to use Bank of Ireland’s online suite of resources. “Our Business Coaching Series provides information booklets on a wide range of topics including finance, cash flow, employment rights and other areas and can be accessed at bankofireland.com/business,” Cunningham says.

“Another web resource is our dedicated SME website allaboutbusiness.ie. This site is designed to serve as an online community where SMEs can access advice and network with like-minded business owners.”

Business customers can also avail of a range of free services and special offers which Bank of Ireland has negotiated with affiliate companies and organisations. Among these are a free one-hour consultation with a participating ACCA accountant, chartered accountant or certified public accountant; a free one-hour consultation with a participating member of the Law Society of Ireland; discounts from mobile phone service provider O2; and discounts from other organisations such as the Irish Internet Association and the Irish Small and Medium Enterprise Association (ISME).

He concludes with a message for businesses and entrepreneurs looking for support from Bank of Ireland. “Come into your local branch and talk to one of our business advisers. We want to hear about your business and your ideas. We are there to support the Irish economy and the best way to do that is by supporting Irish business.”

For more information on the events being held during Bank of Ireland’s National Enterprise Week, see allaboutbusiness.ie or contact your local branch