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AIB expands invoice discounting - 18-Nov-2009

AIB expands invoice discounting scheme

AIB Monday 16th November 2009 said it is enhancing its invoice discounting service to help ease cash flow pressures on small and medium sized firms as a result of the current economic downturn. From today, the funding period has been extended from the current three months to four months to compensate for the slower rate of payments from debtors/customers and the minimum average funding requirement has been reduced to E100,000 to facilitate smaller companies.
The bank said that invoice discounting is now available to companies who have been historically profitable and who are capable of demonstrating an achievable recovery plan but are currently carrying trading losses as a result of the current difficult environment.
"AIB today provides approximately E3 billion in working capital facilities to SMEs across the country. The enhancements to our invoice discounting service will help a distinct segment of SMEs to raise funds from their debtor book. Not every business will be suitable, nor choose it. But it is an additional and now more practical option for SMEs in particular. Interested customers should contact any of our 270 branch outlets or 15 Business Banking centres," Robin Bradley, Head of Asset Financing and Intermediary Business, AIB Bank said.
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