Allied Irish Bank (AIB) has announced it has now been approved for accreditation by the British Business Bank as a lender for the government backed Coronavirus Business Interruption Loan Scheme (CBILS).
The bank has already been able to support over 600 business customers with extra support prior to its accreditation, with 99.5% of applications receiving approval. Support delivered includes payment holidays on loans, overdraft extensions, working capital facilities, relaxed covenant terms, loans and overdrafts.
Tony Kelly (pictured), Regional Director North of England and Midlands at Allied Irish Bank (GB) added:
We are constantly looking at ways to support our customers during these difficult times and it is great news that we are now in a position to deliver CBILS support. As the situation evolves, we can assure customers that we will remain flexible in our response and continually review our services as necessary, always putting their needs and safety at the forefront of our thinking.
“Our amazing staff have been keen to help and are also developing various creative fundraising methods to support the ‘AIB Together’ initiative. What’s more, the bank has given £1000 to every one of our business centres and branches to donate to a charity of their choice. Business Banking services are available through the normal channels including branch and business centre support, Telephone and Online Banking as well Internet Business Banking. The safeguarding of customers, staff and communities continues to be Allied Irish Bank (GB)’s main priority as the situation with COVID-19 evolves and customers are asked to only visit a business centre if it is absolutely essential.”
The AIB together initiative has also supported local community activity to raise charitable funds. AIB staff have set a €1 million target, that the group has agreed to match, supporting charities such as Age UK.
AIB has also provided investment to Trinity College Dublin to support its research into a vaccine for Covid-19. AIG Group has provided over £2 million funding to an immunology research hub.
Adrian Moynihan, Head of AIB NI & Interim Head of GB, said:
These are extraordinary times that require extraordinary measures. In the face of this unprecedented medical, social, and economic crisis, we are keen to mobilise all the resources at our disposal in a strategic way. We are also delighted to support the efforts of scientists to develop the much needed vaccine for COVID-19.
“We are very conscious of the pressures that our business customers are under and have been proactively reaching out to them to offer the best tailored support possible to alleviate their financial concerns. Not surprisingly for many of our business customers the solution does not involve further capital borrowing or loans and instead we are working hard to offer them immediate cash flow support through for instance repayment holidays and relaxation around lending covenants.
“While it differs from sector to sector, those requiring loans have been accessing the Bank’s own competitive products to date and now we are in a position to offer them access to the Government backed CBILS scheme where this is the most appropriate solution.”