COVID-19 financial solutions to assist our business customers
We know that many of you, like us, are worried about COVID-19. At AIB we are determined to continue to support you through these unprecedented times and we encourage you to contact us if you believe you have been impacted financially by COVID-19.
We have a range of solutions designed to support our customers who are experiencing financial difficulty as a result of COVID-19 including a 3 Month Payment Break for Business Loan(s) and Working Capital Solutions.
Short-term COVID-19 support
If you expect your cashflow to drop temporarily as a result of COVID-19 and you believe you will be unable to make your loan repayments, we’ll do our best to help you.
A payment break means that you won’t pay any interest or capital on your loan during the period of the break. When the 3 month payment break expires your monthly repayments over the term of your loan will be increased to ensure your loan will be repaid within its original term.
For your information, you may have insurance cover which may assist during this time. It is worth contacting your insurance provider directly for more details and have your policy number to hand.
Some additional solutions that may be suitable for our Business customers
- Short term loans
You can continue to conduct day to day banking online through internet banking
A short term loan may be used to replenish spend from cashflow
You can now apply, sign and get your funds online for business loans from €2,000 to €60,000
- Working capital solutions
- Trade Finance
AIB Customer Treasury Services offers a range of Trade Finance products to help your business win contracts abroad, and to identify and manage the risks associated with international trade.
- Foreign Exchange risk management
If your business is trading internationally, you may be exposed to Foreign Exchange (FX) risk, where adverse currency movements may reduce or eliminate the margin your business earns. Talk to us about how we can help you to manage this risk.
- Government supports
There are Government supports that AIB can facilitate such as the Credit Guarantee Scheme
Additional Government supports that are available to customers include:
MicroFinance Ireland - announced the doubling of maximum loan available to micro firms from €25,000 to €50,000. Find out more here
Enterprise Ireland - announced a €200m package for Entreprise supports including a rescue and restructuring scheme. Find out more here
- SBCI COVID-19 Working Capital Loan Scheme
AIB will be supporting the ‘SBCI Covid-19 Working Capital Loan Scheme’. SME’s can make an Eligibility Application for this scheme here.
- Customer in difficulty (Forbearance requests)
In these uncertain times we can offer help and guidance if you are experiencing financial difficulty. We recognise that you may need support in managing your existing credit facilities with us and have a number of possible solutions available to you depending on your circumstances:
a. Capital Moratorium-i.e. interest only for a period
b. Capital and Interest Moratorium
c. Covenant Waivers
- Understanding your ICB
In these uncertain times, we are here to support you. Our product solutions have been designed to ensure your credit records will not be negatively affected during these unprecedented times.
Talk to us early to find out how we can find the right solution for you and ensure your credit performance continues to remain in good shape.
- Contact us
Call 1890 478 833 to speak to a direct business advisor
Opening Hours:
Mon-Fri: 8am to 9pm
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