Bank of Ireland launches ‘Enterprise Builder’ – a free mentoring service to support its SME customers

Bank of Ireland today, 27 October 2009, announced the launch of a new independent mentoring initiative that is targeted at its SME customers to help and support them through these challenging times

Bank of Ireland launches ‘Enterprise Builder’ – a free mentoring service to support its SME customers in these challenging times
Bank supports its ‘open for business’ message by providing real benefit to its SMEs in addition to its extensive lending programme

Bank of Ireland today, 27 October 2009, announced the launch of a new independent mentoring initiative that is targeted at its SME customers to help and support them through these challenging times. Called ‘Enterprise Builder’, this new consultation service is exclusively designed to support growing enterprises in various stages of business development. Created for SMEs and confidential to the customer, the free service consists of a diagnostic review provided by an independent and qualified mentor who has industry experience in the sector in which the business operates. The initiative, the first such service to be launched by a bank in Ireland, is designed to provide guidance and support to SMEs, highlighting key challenges and recommending and potential solutions.

Enterprise Builder is managed by The Discovery Partnership on behalf of Bank of Ireland Business Banking and is responsible for recruiting and training suitable mentors with appropriate experience and consultative skills to provide this service.

Added value for business:

SMEs who register for this service will be matched with an appropriate industry experienced mentor. They will offer an initial assessment, review and diagnostic report completely free of charge. The value of this mentoring initiative for the Bank’s SME customers is approximately €1,250. The mentors are independent experts with over 20 years experience and a track record of helping businesses to succeed. They will act as a confidential sounding board, advising SMEs on developing skills and overcoming barriers to growth. The Bank’s SME customers can opt for additional mentoring days at a cost.

Mentoring support services adds to lending programmes

Commenting on the launch of the service, Damian Young, Head of Small Business Segment, Bank of Ireland said: “SMEs play an essential part in the Irish economy and we are committed to supporting them and helping them get their business moving again. We recognise that practical support like this could make an enormous difference to their businesses and are confident that this new initiative that we have launched exclusively for our SME customers will provide valuable support and direction at this time”.

Damian Young pointed out that this free mentoring service adds to Bank of Ireland’s extensive funding programme in support of SMEs in Ireland which includes:-

A €250m Business Support Fund established specifically to support cash flow pressure in businesses.
A €100m European Investment Bank loan fund
A €200m Environmental Projects funds

“We are conscious of the many challenges facing SMEs in today’s trading environment. This initiative provides a holistic review of the business by a highly qualified and experienced mentor who can provide insights at no cost, allowing the customer to have an overview of its business by an independent third party. ‘Enterprise Builder’ is one of many services that we have created especially for SMEs”, added Damian Young.

Billy O’Connor, National Director of Enterprise Builder said: “We are very excited about our involvement with this initiative, which we are confident will provide enormous potential benefits for SME customers of the bank. Feedback to date has been extremely positive and we are looking forward to serving the SME sector in every way that we can”.

How it will work:

‘Enterprise Builder’ has a panel of over 70 mentors from all industries including IT, marketing, engineering, retail and hospitality. Based on information provided by the customer, an appropriate mentor will be assigned to meet with them at a location of their choice, review their business, challenge them and assist them in achieving their business goals. Following an analysis of their business, the customer will be provided with a summary report with insightful suggestions on ways to improve their business.

The overall aim of the mentoring process is to support, develop, stimulate and challenge the SMEs. The session will focus on the following:-

Develop key business skills
Improve problem solving abilities
Build confidence
Focus on personal development
Widen network of business contacts

Endorsement from pilot mentoring programme:

The initiative was recently piloted in a number of branches in the South East Midlands region of the country. Bill Madigan, Director, Kilogen Ltd, a Green Energy Service Company dedicated to the local production and processing of bio-energy fuels based in Kilkenny, who participated in the trial, said: “We are a small developing business and to date we have not had the ability to engage a mentor. One of the key areas highlighted was our need to secure distribution rights for a critically important range of products, something we had missed as we are so heavily focussed on the day to day running of the business. We have now secured these rights and the experience will add real value to our business”.

Business customers who wish to avail of this service can contact their business banking representative in any of the Bank’s 277 retail branch network nationwide or by registering their interest by logging on to the Enterprise Builder website (www.enterprisebuilder.ie) or call our freefone number 1-800 MENTOR.

Sean Gallagher, of ‘Dragon’s Den’ fame and one of Ireland’s leading entrepreneurs has endorsed the launch of Bank of Ireland’s ‘Enterprise Builder’ programme. Sean will act as an ambassador for the initiative and will be involved in workshops that Bank of Ireland will host throughout the country to promote this service to its SME customers. He will also be a member of the Enterprise Builder steering group committee, whose role is to ensure the effectiveness of the initiative.

Ends
Contact:
Anne Mathews,
Media Relations Manager,
Group Communications
Tel. 00 353 1 604 3836 / 00 353 87 246 0358

Note to Editors

The Discovery Partnership manages ‘Enterprise Builder’ on behalf of Bank of Ireland Business Banking. The company has a network of experienced professional consulting partners who work with SMEs and other organisations to facilitate positive change and maximise the potential that exists using world-class customisable programmes and solutions for the benefit of clients.

The Discovery Partnership Limited was established by Billy O’Connor, a Commerce Graduate from U.C.C

Following an early career in banking, financial services and management consultancy, he recognised the need for a specialised consultancy. Its focus would be to work in partnership with owners and executives of small to medium-sized companies and organisations to facilitate change and realise the potential that exists within individuals and teams in those businesses.