Helping SMEs in financial difficulties

The cost of living crisis is having a knock-on effect on businesses because as well as impacting input costs, it directly affects their employees too. Bank of Ireland’s head of Customer Journeys & SME Sectors Jillian Clarkin talks about empowering businesses to take action.

Bank of Ireland has established a new support hub for businesses to provide support and knowledge for firms and their employees experiencing financial difficulties.

The hub will provide access to various finance supports as well as sectoral support from industry experts and tips and tools for owner managers in terms of managing a business as well as financial wellbeing advice.

“Businesses know that the wellbeing of their employees is intrinsic to their own company’s wellbeing”

In addition, a Cost of Living resource page here on ThinkBusiness outlines ways firms can take positive action to reduce financial stress on their businesses and their most important asset, their employees.

“It is really about our commitment to supporting businesses and helping them to navigate the complex landscape during this cost of living crisis,” Clarkin explained.

“We know this is having an impact on both the business itself but also the employees within the business. What we want to do is just make it easy to find the information and emphasis that we’re here to help.”

Actionable information

Among the knowledge available for employers and their employees are articles including tips and tools for better managing a business but also links to various Financial Wellbeing webinars.

“Businesses know that the wellbeing of their employees is intrinsic to their own company’s wellbeing. The fact that we have this content and the webinar series curated for your business is important to promote.”

Clarkin said that the challenging economy is being felt across all businesses in all sectors from manufacturing to healthcare and hospitality. In some cases businesses have themselves become accidental landlords buying or renting property in order to help alleviate stresses on their workers.

The purpose of the hub, she explained, is to help businesses better navigate the cost of living crisis.

“We are creating a one-stop-shop to make it easier for businesses to access information from financial supports from Bank of Ireland as well as Government supports to tools and know-how for achieving a better cash position, for example,” Clarkin said.

  • If your business is experiencing financial difficulties, check out this support hub from Bank of Ireland

John Kennedy
Award-winning editor John Kennedy is one of Ireland's most experienced business and technology journalists.