Ulster Bank Sign Up To Funding For Lending Scheme

SDLP Finance Spokesperson Dominic Bradley has welcomed Ulster Bank's announcement that they will be signing up to the Bank of England’s Funding for Lending scheme for businesses, but says that the worth of the scheme will be proven by the experience of Small and Medium Enterprises who get finance from them.

The Newry and Armagh MLA said: "The Funding for Lending Scheme is a positive move by the Bank of England to ensure that there is additional finance available to banks for business lending.

"The need to stimulate our economy and grow our private sector has never been greater and I hope that the positivity shown by the Bank of England is replicated in Ulster Bank’s lending practices.

"Those who suffer most at a time of economic downturn are the small and medium-sized enterprises (SMEs) whose margins are smaller and who are often the first to go to the wall, particularly because they frequently struggle to get credit.

"The true success or failure of Ulster Bank’s engagement in Funding for Lending will be in how they treat SMEs who come to them for business-related finance."


Related Northern Ireland Business News Stories
Click here for the latest headlines.

29 May 2018
Ulster Bank Announce New Vertical Bank Notes
Ulster Bank has announced the introduction of two new vertical polymer banknotes, which will enter circulation in 2019. The new £5 and £10 notes are based on the theme 'living in nature' and will feature Strangford Lough, Brent geese, Lough Erne, the Irish hare and Guelder-rose shrubs.
19 March 2020
Developer Breaks Ground On £4.5m Housing Development
Some 55 construction jobs have been created as work gets underway on a £4.5 million housing development in south Belfast. Hagan Homes is pressing ahead with building work at Thirty Three South, which is situated just off the Donegall Road and will feature 33 luxury homes.
21 October 2011
Ulster Banks On Belfast Spar Success
Despite austere times, 10 jobs have been created following the opening of a retail outlet on the site of a formerly vacant property in the heart of Belfast city centre. The Spar store on Royal Avenue, has been refurbished with a substantial investment by owner and manager Declan McGonigle with the support of the Ulster Bank.
01 May 2013
Access To Finance Remains An Obstacle For Businesses - Overend
Ulster Unionist Economy spokesperson, Sandra Overend MLA, has said that access to finance remains a huge obstacle for many small and medium sized businesses in advance of a briefing from Ulster Bank to the Enterprise, Trade and Investment Committee on the UK wide ‘Funding for Lending’ Scheme.
27 August 2010
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.