11 June 2020 – Bank of Ireland will continue to fast-track payments to its 1,000 SME suppliers during the remainder of the year to help ease the cash flow pressures on businesses during the COVID-19 pandemic.
On 8 April the Bank committed to paying SME suppliers within 5 days, instead of the standard period of 30 days, until the end of June. With the change announced today, smaller suppliers across a range of sectors including technology, advertising and recruitment will now benefit from the accelerated payment schedule through the second half of the year.
Discussing the extension of the measure, Jackie Noakes, Group Chief Operating Officer, Bank of Ireland said: “These are uniquely challenging times for all businesses but SMEs have been hit particularly hard. At a time when cash is tight, getting paid three weeks faster could make a big difference to a small business. SMEs will be key to driving our economic recovery so it’s important for larger businesses like Bank of Ireland to support them in whatever way we can.
“This is one of a number of changes we have made to how we operate in support of our customers, colleagues and suppliers during the public health emergency. These include providing financial supports for customers and redeploying resources towards services which are most in demand. We will continue to review the supports required for our customers and suppliers over the months ahead.”