Ulster Bank waives fees and creates services
to help new businesses
27th September 2010
Ulster Bank is to provide transaction free banking and new services to start-up and early-stage companies in an effort to inject fresh life into the local economy.
Newly established and young businesses will have transaction fees waived for two years when they become customers of the bank, as part of the new initiative. They can also avail of up to £25,000 for business development purposes where personal guarantees will not have to be backed by assets.
A 12-month subscription to Ulster Bank’s award-winning online cash management system, Bankline, will also be included in the package, which is launched today.
In addition, these customers will be given free access to a new online learning centre for small firms, providing tailored and interactive training through Smallbusinesscan.com an - the fastest growing business website in Northern Ireland which is supported by Ulster Bank.
“To improve and grow, our economy requires a continuous emergence of new enterprise,” says Henry Elvin, Head of Business Banking at Ulster Bank. “We want to play a key role in helping to create a new generation of vibrant, successful local businesses and to help them to develop to their full potential.”
“The economy is still fragile and we think now is the right time to provide additional help to people who have a good business idea and to young companies that have strong potential,” Mr Elvin adds.
The Bank’s campaign for new companies will be supported by a programme of special Start Up events over the next two months, in association with Smallbusinesscan.com which provides business support and networking opportunities.
The initiative is underpinned by renewed Business Commitments which are an extension of Ulster Bank’s SME customer charter launched last year. They provide sound business customers with, access to credit and working capital, clarity regarding what they can expect from Ulster Bank as well as support for and understanding of their business needs. In addition, the Bank has launched a number of significant service commitments which will also benefit business customers, including a commitment not to close any branches and to extend opening hours.
More information is available from www.ulsterbank.co.uk or www.smallbusinesscan.com
Ulster Bank Business Commitments:
Access to Credit and Working Capital Support
- We will make support available to viable business propositions and continue to provide access to Government lending schemes such as the Enterprise Finance Guarantee (EFG)
- Overdrafts will remain in place for the entire term of the agreement unless there is a breach of the terms and conditions of the overdraft
- Access to information and tools that will support you in presenting your business proposition to us
Clarity around where customers stand with us
- We will clearly explain the cost, and terms and conditions of your credit
- We will clearly explain the factors that influence the price of your loan
- We will tell you how long it is likely to take to process your loan application
- We will not increase the margin on overdrafts on renewal unless there has been a material change in the risks associated with the business
Understanding and support for your business
- Practical support for new business start ups - Free transactional banking for start-ups in their first two years* and an online support programme for start-ups, developed by businesses
- Support for local businesses - A commitment not to close any of our 236 branches – we will remain a key part of the local business community in these towns
- Open for business – extended branch opening hours for new and existing business customers
- The continued development of smallbusinesscan.com, an independent free online service site that offers business insights, plus the ability to swap experience and make business contacts
* Available to businesses under 36 months and customers must open a Business Current Account. Fee free applies to transactions during the first 2 years. Terms and conditions apply. Charges for additional services apply please see our brochure ‘A Guide to Business Current Account Fees’ ask in branch or business centre for more information. Lending criteria applies, over 18’s only.