THE region’s first ‘pop-up’ bank will come to Limerick on May 31 next as O’Donovan Caulfield Lavin, Chartered Accountants, in conjunction with Thomond Park Stadium host the one day event at the famous rugby ground. The idea is a simple one – businesses in the Midwest who are struggling to find credit or capital for a viable business or start-up idea are encouraged to come to the Pop Up Bank and meet the lending institutions, State support agencies and seed capital investors to see what sources of finance and related supports may be available to them and how to access these.
The Pop Up Bank will suit those with an idea who want to get started, those who need capital to keep going or businesses hoping to expand.
The list of participants includes AIB, Bank of Ireland, Ulster Bank, KBC Bank, the City & County Enterprise Boards of the Midwest Region (Limerick, Clare, Tipperary North & Kerry), Enterprise Ireland, Limerick Institute of Technology (Limerick Enterprise Acceleration Platform and Franchise Acceleration Start-up Training Programmes) the Paul Partnership, First Step, HALO Partnership (Cork BIC), the Limerick, Ennis & Shannon Chambers of Commerce, Shannon Development, the Revenue Commissioners and others.
Ireland’s first Pop Up Bank was held in Croke Park by RTE’s The Business which saw banks and credit unions, state agencies and venture capitalists, come together for one day to meet with over 250 small businesses looking for credit or capital. The event was non-profit making with Croke Park donating the facilities for free.
ODCL is to lead a similar event in the Midwest and Thomond Park Stadium will provide the free venue.
Jim O’Donovan, Partner, ODCL said; “There is a real issue with the lack of credit for business and we decided to take up the mantle and roll out the Pop Up Bank in the Mid West. We wanted to do something positive and constructive to facilitate the availability of credit and investment for businesses in the Region.”
RTE is thrilled and very encouraged about the roll out of a Pop Up Bank to the Midwest. Said George Lee of The Business, “It’s great that the Midwest has decided to run with a Pop Up Bank, we got a great response in Dublin, it’s amazing what can happen when money and ideas come together.”
Gerry Reeves, Regional Manager, Bank of Ireland said; “When ODCL approached us, we were delighted to have the opportunity to say once again that we are open for business. SME’s are the life blood of the Irish economy and while the climate for credit is certainly challenging right now, we will continue to provide support to small businesses.”
All of the exhibitors will be looking for people to pitch their ideas and requirements to them. While investment is not guaranteed and business ideas must be viable, this is an opportunity for businesses to meet with prospective lenders and investors to discuss their ideas.
Unlike multinational companies who tend to have their own resources and access to external funds, the SME requires funding from Irish credit and lending institutions and many of these businesses have been starved of capital in recent times.
The Mid West Pop Up Bank at Thomond Park Stadium will provide a one stop shop in a receptive environment for those already in or about to get into business to discuss their projects and see what options are available to them for suitable credit or capital.
Attendance at the Pop Up Bank is free but organisers are asking businesses to register in advance by contacting ODCL on 061 411000 or by email at popupbank@odcl.ie.
Jim O’Donovan, Partner, ODCL, Noel Crowe, Senior Business Manager, Bank of Ireland, Damien Quigley, Area Manager, Business Banking, KBC, Tommy Lenahan, Senior Manager, AIB Business Banking, Keith Darcy, Senior Manager Ulster Bank and Tom Caulfield, Partner ODCL. Picture: Keith Wiseman
