My Business is Looking for Finance

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Credit available

We understand that through various life stages of your business that you need help financially. We have credit available to lend. Whatever your financial needs, we have the solution.

Come and talk to us

Step 1 - Come and talk to us

Prior to preparing your application we would recommend that you read our ‘A Helpful Guide to Applying for Business Finance‘ booklet which gives you a simple step by step guide to applying for finance. You can request a meeting with a Business Relationship Manager. At this initial meeting you will receive:

• an outline on the information we require to support your application

• a copy of  the “SME Lending Application Form

Prepare your business plan

Step 2 - Prepare your business plan

Gather the following up to date financial information:

  • Management accounts to reflect the current trading period
  • Aged list of debtors/creditors
  • Tax clearing certificate
  • Asset/liability profile of the company
  • Financial and cashflow projections
  • Details of security may be required
Gather your business financial information

Step 3 - Gather your business financial information

Present a clear picture of your business story, e.g.:

• key strengths, weaknesses, opportunities and challenges

• risk analysis from a market, customer, financial and operational perspective

• strategy and future goals

Tip! - Have your business plan validated by a 3rd party

For a full picture of the information we require to support your application, please refer to our “A Helpful Guide to applying for finance” booklet.

complete your application form

Step 4 - Meet us to complete your application form

Meet us to complete your application form

• Complete all documentation and submit 2/3 days in advance of your meeting

• Ensure your Business Relationship Manager has a full understanding and knowledge of your proposal

• Discuss financial solutions (products) to meet your requirements

Gather your business financial information

What happens next?

  • Once all the relevant documentation is in place we will process a formal application for credit.
  • We aim to meet your needs and respond in a realistic way and will advise you of approximately how long it will take to process your credit application.
  • If you are looking for a new business loan of up to €30,000 we will give you an answer within 48 hours*
  • Where appropriate, we may seek security to reduce the Bank's credit risk, any security that we request will be reasonable and proportionate to your situation.

Tip! – We recommended that you consult with a legal advisor to ensure you fully understand the terms and conditions.

*48 hours starts upon receipt of all required information, excludes weekends and bank holidays. It may take longer for customers experiencing financial difficulties. 

Gather your business financial information

What happens if my application for credit is unsuccessful?

Where we decline a request for credit, we will advise you directly, giving you a clear reason for our decision and make every effort to work with you to find an alternative solution. Please note that a declined request for credit will not have a negative impact on your credit rating.

Instances where you may appeal a credit decision include:

– Where you feel the decision to be unjustified

– You believe that we have unfairly offered a smaller facility than requested

– Existing facilities have been reduced or removed

– You feel the approval terms are unacceptable

If you wish to appeal an SME credit decision, there is a two-stage process to follow:

1. Through the AIB Internal SME Credit Appeals Process - you can expect a written response within 15 business days

2. If your appeal to AIB is unsuccessful, you can then refer your case to the Credit Review Office (full details available on www.creditreview.ie)

Tip! – If you are a micro-enterprise (turnover less than €2m, staff less than ten) you may eligible to apply to Micro Finance Ireland for a Micro Finance Loan.

In addition to Micro Finance Ireland that are other government support schemes available to SMEs. You can visit www.supportingsmes.ie to find out more. 

There are alternative sources of finance to choose from, including Seed Capital Funding. Find out more.

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    Step 1 – Selling Opportunity

    Treat the interview with the bank like any other selling opportunity. The purpose of the meeting is to convince the bank that the business opportunity requiring credit merits consideration and support.

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    Step 2 – Preparation is Key

    The outcome will be determined by the amount of preparation work and pre-planning in advance of the meeting.  Before you meet the bank they should have submitted some or all the following documentation:

    • Business Plan
    • Audited and management accounts
    • Personal asset and liability statement
    • Evidence of an up to date tax position
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    Step 3 – Information

    We can only make an informed decision if we have the information, so take the time to carefully gather and submit all the information that we are likely to need or have asked for well in advance of the meeting.

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    Step 4 – Clear objective

    You should be clear about the objective of the meeting with us. The purpose of this meeting normally revolve around the following three objectives:
    1.   Convince us that the opportunity is viable, has been well researched and merits support
    2.   Make sure we fully understand the business model, how it works and how it is going to make money to generate cash to service the loan and interest repayment
    3.   Confirm that we have all the required information to complete credit assessment and make a credit decision

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    Step 5 – Information

    The interview conversation should touch on critical issues such as the market research to support the plan, any competitor analysis, projected cashflow capability that would be used to repay the money.

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    Step 6 – Showcase your competence

    Meeting with us is also an ideal opportunity to showcase the commercial competence and experience of you, the promoter. You should make sure that we get a good feel for your previous experience and financial capabilities.

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    Step 7 – Third party support

    We welcome the attendance of third party advisers to support you at the interview process. So if you have an accountant, legal, tax or market adviser you should feel free to bring them along to support you during the process.

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    Step 8 – Your experience

    If you have any previous banking experience with the bank, either in a personal or business capacity, you should make sure that the bank representative at the meeting knows about that relationship.

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    Step 9 – Ensure clarity

    If you detect uneasiness on the banks part around the request, you should use the interview opportunity to tease out those concerns. Very often concerns are not grounded and can be due to a misunderstanding of a factual nature. You should remember that we reject projects and not people. Use the interview opportunity to ensure that we are comfortable with the proposal.

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    Step 10 – Expected timelines

    At the end of the meeting you should try to establish some timelines as to when you can expect a formal response. Depending on the size of the loan or the complexity of the business the response time may take up to 10-15 business days. Make sure that we have details of your contact points (mobile, email, etc.) in case we need to talk to you during the evaluation process.

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