Bank of Ireland announces €100 million fund to assist development of the franchise

Franchising industry accounts for over €2 billion turnover per annum

Bank of Ireland Business Banking today (6 November 2005) announced details of a new €100 million fund for the franchise sector. Bank of Ireland estimates that there are over 250 franchises currently in operation in Ireland and the fund is designed to assist franchisees develop existing businesses or avail of new opportunities as they arise.

As well as the €100 million fund Bank of Ireland is also offering franchisees a comprehensive range of products and services. New Franchise start-up customers can avail of a range of free fees and charges for two years, competitively priced Small Business Loan available on amounts up to €200k. In addition, it includes a discounted Retailer ATM self fill deal and a range of reduced fees and charges on card services The new package also features 12 months free access to Bank of Ireland's award winning internet facility - Business On Line, as well as expert advice from dedicated business managers available through Bank of Ireland's extensive nationwide branch network.

Bank of Ireland has teamed up with a number of key partners to provide offers and discounts to start up Franchisees, including a free Blackberry 5820 from 02 and a free regular listing in the Golden Pages directory. This package is available until the 31st March 06

Commenting on the launch of the fund Cathal Muckian, Director, Bank of Ireland Business Banking said:'The rapid growth in the franchise sector is evidenced by employment in the industry increasing by 24% in the past 2 years. As indigenous business continues to increase in importance to the growth of the economy, our estimates indicate that there will be approximately 20,000 new start-ups in Ireland this year. A significant proportion of these will be franchisees and this package is specifically designed to provide franchisees with both the finance and expert advice necessaryto start and run a franchise successfully.

Ends

There are two key components of the Retail package

Bank of Ireland Products and Services

Discounted External Offers available to New Franchise Business

Business Current Account

When a new Franchise customer opens a Start Up Current Account they will benefit from a range of free fees and charges for a period of two years, including:

All other fees and charges will continue to apply at standard tariffs.

Anne Mathews
Media Relations Manager
Bank of Ireland Group Tel: 01 604 3836 / 087 246 0358

Dermot Nolan
Head of Business Marketing
Bank of Ireland Business Banking
Tel: 01 604 3349 / 086-242 9167