New Business Borrowing Hub cuts application times to minutes as demand from small firms and farmers exceeds €433m.
Bank of Ireland has committed €20 million to upgrading its business lending services in a move designed to make it faster and easier for companies to access finance.
The investment underpins a new digital Business Borrowing Hub that is already being used by thousands of small business and agricultural customers.
“As leading lender, our ambition is to make business lending simpler, faster, and more intuitive”
The lender said the revamped service significantly reduces the time required to apply for credit, with some applications completed in as little as three minutes.
In other cases, credit decisions can be issued within an hour, while funds can reach customer accounts within 24 hours.
Empowering business owners
Since its launch last year, the Hub has processed more than 12,800 applications, representing lending demand of over €433 million. The platform is aimed primarily at small enterprises and farmers, two segments that often face tight timelines when seeking funding.
Bank of Ireland plans to expand the service further later this year. A second release scheduled for the fourth quarter will increase the borrowing limit available through the hub to €1 million for existing customers, up from the current €120,000 threshold.
Susan Russell, CEO of Retail Ireland at Bank of Ireland, said the initiative reflects the bank’s wider ambition to improve how businesses engage with the Bank.
“As leading lender, our ambition is to make business lending simpler, faster, and more intuitive,” she said.
“By doing so, we empower business owners to focus on what truly matters – building, running, and growing their businesses – while strengthening the trusted relationships we share with them. Through continued investment and the dedication of our colleagues, we are delivering meaningful improvements to the business customer experience.”
Top image: Susan Russell, CEO of Retail Ireland at Bank of Ireland
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