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Coronavirus: Struggling Northern Ireland businesses advised to make use of support from banks

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Business customers with cash flow issues as a result of the coronavirus outbreak should contact their Danske Bank relationship manager or small business adviser as soon as possible (stock photo)

Business customers with cash flow issues as a result of the coronavirus outbreak should contact their Danske Bank relationship manager or small business adviser as soon as possible (stock photo)

Getty Images/iStockphoto

Business customers with cash flow issues as a result of the coronavirus outbreak should contact their Danske Bank relationship manager or small business adviser as soon as possible (stock photo)

Banks have announced a range of potential measures available to businesses across Northern Ireland in a bid to reduce the economic impact of coronavirus on the economy.

It comes after a number of banking chiefs met with Economy Minister Diane Dodds yesterday as the economic crisis facing the country deepened.

Among the measures being put in place by Danske Bank are deferral of facility payments, extending existing working capital facilities to support short term cash flow needs and using overdrafts as a tool for introducing additional liquidity.

The Government recently announced the introduction of a Coronavirus Business Interruption Loan Scheme, which will temporarily replace the Enterprise Finance Guarantee (EFG), and Danske Bank has also said it will work with the Government to deliver this as quickly as possible.

Business customers with cash flow issues as a result of the coronavirus outbreak should contact their Danske Bank relationship manager or small business adviser as soon as possible.

CEO Kevin Kingston said: "At Danske Bank we have established a number of dedicated teams who are actively monitoring and communicating with customers, colleagues, government, regulators and industry.

"The bank's senior management team has been meeting, and will continue to meet, every day to solely focus on our response to the ongoing challenges.

"Be assured that, as the biggest bank in Northern Ireland, we will be steadfast and resolute in our determination to support customers and the wider NI economy."

Meanwhile, a spokesman from Ulster Bank said the organisation is monitoring the potential impact of coronavirus across all customers to ensure it can support them appropriately through any period of disruption.

"We have a strong track record in working with our customers who are affected by disruption outside of their control," the spokesman added.

"We understand that there may be circumstances where a personal customer may fall into financial difficulty as a result of the impacts of coronavirus, for instance, loss of income.

"We will look to understand each customer's situation on a case-by-case basis and can offer a number of options to help them manage their finances.

"We would encourage any customer who is experiencing financial difficulty to get in touch with us."

Belfast Telegraph