AIB hosts small and medium enterprise seminar

It was the week when Ireland's financial sovereignty had been yielded, when the IMF and the European Union called the shots. Nonetheless, Allied Irish Bank in Athlone pressed on with a planned small and medium enterprise seminar and networking evening in an attempt to stress that the bank continued to lend to local businesses. Welcoming the sizeable attendance at the event, Joanne O'Connor, branch manager of AIB Athlone, said: “I wish to express our regret for the impact of recent decision on shareholders, on you the citizens on our staff and on the taxpayers of Ireland.†She said the past two years had been difficult for everybody, not least on the bank itself, although most of the difficulties had been “self inflictedâ€. The bank was making every effort to restructure itself and “to play our part in an economic recovery of this country and to the taxpayers as much a return on their investment as possibleâ€. She stressed that customers could be assured of the safety of their deposits. Ms O'Connor said she wanted to dispel the notion that there was little point in looking for money. “We want SMEs to come and talk to us,†she told an audience of members of the local business community. Athlone native Declan O'Rourke outlined his involvement with business partner and fellow Athlonian Colm Cuffe in the purchase and development of a Longford-based business, Tool and Plastic Industry. The company is 42 years old, and was bought by O'Rourke and Cuffe in early 2000 without any venture capital funding. In 2005, they branched out and began operations in the Czech Republic and in 2006 opened another production facility there. Explaining the growth of the company, Mr O'Rourke explained that in 2000, sales turnover totalled €2m while this year it is on target to achieve €7.9m in sales. At the core of their business philosophy was a commitment to invest in “cutting-edge technology†“Wherever we can take labour out of the process we will do that,†he explained. The company currently employs 68 people and is considering its options to better service its US markets. Declan's introduction was followed by a presentation entitled Managing Cashflow and Optimising Your Banking Relationship delivered by AIB official Seamus Cassidy. Mr Cassidy outlined that banks tended to consider three general issues when assessing the viability of a business: Financial Capability; Track Record; Future Prospects. He stressed that all businesses, particularly in tough trading environments, must have a strong focus on cashflow by closely managing its payments cycle. The audience was introduced briefly to the AIB's enhanced invoice discounting mechanism which can help businesses overcome cash flow problems by providing immediate access of up to 80% of invoiced debt without affecting the businesses relationship with its own customers. Summing up, Ms O'Connor said that the export market would be crucial for Ireland's future and she pledged AIB would be open and flexible with customers.