Payment break on your Business Loan
If you need a payment break, the deadline for first applications to be received and approved is 30 September. A payment break may result in higher monthly payments over the term of the loan. If you are in a position to continue or revert to making payments it is in your financial best interests to do so as the cost of credit may increase because of the payment break.
We have both short-term and long-term solutions for customers who are having cash flow issues due to COVID-19.
COVID-19 - Solutions to assist our business customers
At AIB we are determined to support our customers to manage the impacts of COVID-19 and we have a range of solutions to assist you.
If you are concerned about how your business has been impacted we encourage you to contact us as soon as possible.
Check out our new podcast series in Sector Focus which looks at the challenges COVID-19 has presented to different sectors of Irish Business.
Solutions for Businesses
Additional supports that may be suitable
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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 Enterprise supports including a rescue and restructuring scheme. Find out more here
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AIB Merchant Services Business Support
We are conscious that many businesses have had to temporarily close or make adjustments to provide products and services from a distance. We would like to help you. Should you have any difficulties regarding fees that fall due, or if you need help accepting payments over the phone, please email rrm@aibms.com and we will do our best to help you.
Should you require any further details please visit our Covid-19 business support page.
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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
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Understanding your Irish Credit Bureau(ICB)/Central Credit Register (CCR) impacts
In these uncertain times, we are here to support you. Our COVID-19 Business Loan solution of a 3 month payment break has been designed to ensure your credit records will not be negatively affected by the application of the payment break.
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. For all other products and circumstances our reporting requirements to ICB and CCR are unchanged.
Sector focus
Our AIB sector special podcasts look at the challenges Covid-19 has presented to different sectors of Irish Business.
Frequently Asked Questions
Here are some Business related FAQs to help you through uncertain times. These will be updated regularly with the latest information and guidance.
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How do I unlock my Digipass for iBusiness Banking (iBB)?
If you are using the standard iBB:
There’s a helpful video here:
- On the login screen enter your User ID and click ‘Continue’. Select 'Unlock Digipass' and enter your Passphrase.
- Enter the 7 digit LKD Code from your Digipass into the Unlock Code field on iBB and click ‘Unlock Digipass’.
- Your Local Admin then needs to log in to validate the unlock. They will get an 8 digit Unlock Code that you key into your Digipass.
- Depending on your IBB set-up, you may need a second Local Admin to validate your request.
- Once you’re in we’ll ask you to key in a new 4 digit PIN for use on the Digipass.
- If there is no Local Admin available, please contact iBB on 0818 72 00 00.
If you have been upgraded to the new iBB:
- On the new iBB login screen click on ‘Trouble logging in’
- Then click ‘I forgot my Digipass PIN’ and ‘Next’.
- We’ll prompt you to enter your User ID, your password and the Lock Code (LKD) from your Digipass. There are instructions on screen to help with this.
- Then click ‘Request unlock code’ and ask your Local Admin to login and validate the unlock. They will then get the unlock code to share with you.
- If there is no Local Admin available, please contact iBB on 0818 72 00 00.
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How do I reset a User’s Passphrase for iBusiness Banking (iBB)?
- Only Local Admins can do this for iBB users.
- Go to the Local Admin option on the left hand side menu and click on ‘User List’. Select the User and click ‘Reset’. Then confirm the request using your Digipass.
- Once the user is reset, we will ask them to create a new passphrase on their next logon. The passphrase rules are on the iBB screen.
- Once this is done, the Local Admin has to log in again and validate the user.
- Depending on your IBB set-up, you may need a second Local Admin to validate your request.
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I’ve forgotten my iBB User ID. How do I retrieve it?
- A Local Admin will need to log into iBB for you.
- Go to ‘Local Admin’ option on the left hand side menu, click on ‘User List’.
- Each User’s name is listed along with their corresponding User ID.
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