Bord Bia of­fers one-to-one fi­nance ses­sions

Irish Independent - Farming - - Front Page -

BORD BIA is of­fer­ing one-toone coach­ing ses­sions with fi­nan­cial ex­perts to small food busi­nesses.

Eileen Bent­ley, a small busi­ness man­ager with Bord Bia, said small busi­ness own­ers were in­creas­ingly point­ing to the lack of avail­abil­ity of credit as one of the key bar­ri­ers to growth in to­day's mar­ket.

She urged small food busi­nesses to put their names for­ward for the fi­nan­cial coach­ing ses­sions, which are avail­able un­der the Bord Bia Van­tage Plus pro­gramme.

Speak­ing at the Small Busi­ness Seminar re­cently, Bank of Ire­land's head of small busi­ness and agri­cul­ture, Michael Lauhoff, said banks had money to lend to SMEs, but that they needed small busi­ness own­ers to help them see the pos­si­bil­i­ties of new mar­kets and fu­ture busi­ness growth.

Mr Lauhoff ad­vised busi­ness own­ers that pro­pos­als to the bank tended to rely too much on his­tor­i­cal ac­count­ing fig­ures and not enough on what the busi­ness ac­tu­ally did and how it added value. He en­cour­aged reg­u­lar (quar­terly) com­mu­ni­ca­tion be­tween busi­ness own­ers and their banks. He added that fun­da­men­tal to any pro­posal to the bank should be a clear demon­stra­tion that the busi­ness has the abil­ity to ser­vice the debt and that there is an ac­cept­able level of risk in the propo­si­tion. To do this, a cred­i­ble busi­ness plan is es­sen­tial for any small food busi­ness.

Small busi­nesses keen to seek ad­vice from a fi­nan­cial con­sul­tant on fi­nance is­sues fac­ing their com­pa­nies should con­tact Deirdre Shan­non at deirdre.shan­non@bor­d­ to ar­range a one-to-one men­tor­ing session.

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