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One less bank for small businesses

Published 11/02/2014 09:33:17

This might not come as news to those businesses that currently bank with Bank of Ireland in the UK. On January the 8th, the bank sent out a letter to its business banking customers confirming that the bank will be exiting from all its business banking activities in Great Britain.

“It is with regret that I have to advise you that we are closed to all new business with immediate effect and will commence an orderly wind-down of the Business Banking GB division. It is therefore the Bank’s intention that, over time, we will close all customer accounts held in Business Banking GB”.

The bank have also said that they are “committed to supporting you through any transition”, but confirmation of this news is definitely going to worry, and inconvenience small businesses up and down the country.

And it will also mean that small businesses that are looking for finance to grow have one less place to turn to. As we mentioned last week, only 37% of small businesses think they will get finance from their bank if they were to apply, and one less bank for businesses is not going to help that figure rise.

Which is why, if you are looking for finance to grow your business, you should speak to the specialists. At ASC, we can approach several lenders on your behalf, which is why we successfully arrange finance for 74% of the small businesses who we submit finance applications for. To find out more, contact us today.

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