€10million Loan Fund for Start-Up Businesses

Ulster Bank and the Lord Mayor’s office, in partnership with Dublin City Council and Dublin City Enterprise Board are providing a  Business Support Programme for start up businesses

The programme includes a €10 million Dublin City Enterprise Support Fund to support new business start ups, current account and ancillary services, business planning and mentoring support and other aspects of start up assistance.


Under the new programme, businesses can avail of loans up to €30,000 for development where personal guarantees will not have to be backed by assets and a variable loan rate of 4.1%. Free transactional banking will be provided for start ups and early-stage companies for the first two years.

A 12-month subscription to Ulster Bank’s online cash management system, ‘Bankline’ and access to its Start Up Knowledge Centre and popular online resource, smallbusinesscan.com, will also be included in the package.

The Dublin City Enterprise Board will provide a mentoring programme to assist some of the bank loan applicants who have a business idea or are in the early start up stage, by providing them with temporary expert advisors that will help them identify and overcome obstacles in the development stages.

Lord Mayor Gerry Breen added, “When I entered office back in June, I stated that my goal was to aid and abet job creation. This programme with Ulster Bank goes straight to the heart of that commitment to Dublin.”

The Business Support Programme is the product of the Lord Mayor’s Commission on Employment (LMCE), which engaged in extensive research and public consultations to come up with innovative and creative ideas for boosting the City’s economy, protecting and creating employment and improving competitiveness. The report by the LMCE, which was presented to Minister Conor Lenihan T.D., on June 15th, recommended a number of initiatives including working with banks and key players to develop a support package for new business start ups in Dublin.

Brian Hunt, Director, Business Banking, Central Dublin, Ulster Bank, said, “We are delighted to partner with the Lord Mayor’s office and Dublin City Council in this valuable new enterprise support initiative and endorse the Lord Mayor’s Commission on Employment series of recommendations. We recognise the need for fresh ideas and innovative solutions that will restore the capital’s economy and its return to growth. The Business Support Programme will promote job creation in the city and help boost new enterprises that need the right level of support to get them up and running and build successful sustainable businesses.”  

Ulster Bank, in association with smallbusinesscan.com, has been running a series of special ‘Start-Up Live’ events over the past two months to provide advice support and networking opportunities country wide.

CEO of Dublin City Enterprise, Greg Swift, said, “The Dublin City Enterprise is proud to play a pivotal role in the development and promotion of the city’s economic recovery. Our partnership with Ulster Bank is the result of months of in-depth research to find ways that will protect existing employment and create new job opportunities. Our hope for this support package is that it will bring viable start up business plans to life in potential growth areas, such as green business and creative industries. We look forward to offering advice that will focus on priorities, needs and objectives, and solutions that will help start ups secure crucial loan funding.”

For further information on the Business Support Programme, please talk to Paul Neary or Niall Moloney at Ulster Bank College Green Branch by calling 1800 28 30 96 or e-mailing startup@ulsterbank.com to arrange a meeting.

An application form can be downloaded from http://www.dublincity.ie/Documents/Application_Forms/Business/Loan_Fund_Application.pdf

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