Ulster Bank has introduced additional support for businesses by announcing that invoices from its suppliers will be paid much more quickly for the foreseeable future.
To help ease pressures on cashflow amongst local firms, including micro businesses, the bank said that its suppliers will now receive payment within four business days.
It is the latest support measure that Ulster Bank has announced for businesses in Northern Ireland during the coronavirus crisis.
Other measures include additional lending support to help customers adapt to the new conditions, the availability of fee-free loans, taking part in relevant government schemes, and measures to support customer cash flow and provide additional working capital.
On the personal banking side, Ulster Bank has introduced dedicated support lines for vulnerable customers and NHS workers, is providing mortgage and load deferrals of up to three months, and has frozen overdraft interest at current rates for personal customers for at least three months. It has also removed all other overdraft fees and charges, meaning that all customers who use their overdraft for the three months from Monday 30th March will pay less.
Mark Crimmins, Head of Ulster Bank in Northern Ireland, said: “Businesses require additional support in the current environment, and we are working hard to do that. We have already supported many hundreds of companies in Northern Ireland since the start of the coronavirus crisis through a range of measures. This is one aspect of that support which will help ease cashflow pressures for many firms.”