€25 million extension to invoice finance lending facility announced by Bibby Financial Services Ireland and the Strategic Banking Corporation of Ireland

Overall fund of €70 million offers Irish SMEs access to favourable rates

Bibby Financial Services Ireland, a leading provider of financial support and funding solutions to Irish SMEs, are delighted to announce that the Strategic Banking Corporation of Ireland (SBCI) will be extending their lending facility by an additional €25 million. This increase in funds is available immediately and will enable businesses across Ireland to access favourable rates for invoice finance facilities offered by Bibby Financial Services Ireland.

The SBCI is a state-backed agency created to provide access to greater financing choices for SMEs through a network of finance partners. In 2016, the SBCI partnered with Bibby Financial Services Ireland to make €45 million in funding available to Irish businesses.

The announcement today that the facility is being extended by a further €25 million is testament to the strong partnership between the two organisations, as well as the on-going efforts by the SBCI to drive choice in the Irish lending market.

The funding facility offers SMEs a discount of up to 1.5% on existing invoice finance services offered by Bibby Financial Services Ireland. SMEs can avail of the funding to provide an immediate cash injection, as well as the ongoing working capital required to grow and expand the business. The funding amount is a minimum of €50,000, with a maximum amount of €5 million and the minimum funding facility is for two years.

Mark O’Rourke, Managing Director at Bibby Financial Services Ireland, says: “We are delighted that the partnership between Bibby Financial Services Ireland and the SBCI is working so well, which is reflected in this increase of funds made available to us.  

This additional funding will enable us to support many more Irish businesses, helping them to grow and thrive, at a time where many SMEs are looking to expand both here in Ireland and abroad.

Bibby Financial Services Ireland understands that SME’s are the powerhouse of the Irish economy. Ensuring that the funding needs of SMEs are met in Ireland in 2018 will be paramount to the growth of the economy.  

Many SME owners are unaware of the financing options available to them and tend to opt for traditional unsecured banking products to manage their cash flow – such as an overdraft – when other options might be a better fit for their business.” 

News of the extension of the fund comes in the wake of statistics revealed in the Bibby Financial Services Global Business Monitor, a global survey of SMEs, which shows that 29% of Irish SMEs believe access to finance in Ireland is poor. More than a third (37%) of Irish SME’s also say they use external sources of finance for their businesses.

Furthermore, almost a third of SMEs (32%) suffered from bad debt over the past 12 months. The average amount written off by each business due to customer non-payment or insolvency stands at €13,780. The average number of days for Irish SMEs to receive payment is 36 days, slightly longer than the international average of 34 days. 

Nick Ashmore, CEO SBCI, says: “Today’s announcement clearly demonstrates SBCI’s on-going efforts to deliver greater financing choice to the Irish lending market.  This extension to BFSI’s invoice finance lending facility will see a further €25 million in funding being made available to Irish SMEs and considerably strengthens SBCI’s existing partnership with Bibby Financial Services Ireland. With this additional funding, SMEs that need to grow and scale-up their businesses will be able to access lower cost, more flexible and competitive funding solutions.” 

Bibby Financial Services Ireland (BFSI) helps businesses to thrive and grow in domestic and international markets by providing bespoke financial assistance and a wide range of specialist and working capital funding options.

A member of the Asset Based Finance Association, Bibby Financial Services Ireland’s funding portfolio includes invoice discounting, factoring, export finance, foreign exchange services and specialist funding for a range of sectors.

Bibby Financial Services Ireland is part of Bibby Financial Services Group, an independent financial services partner to over 10,000 businesses across 14 countries. The Irish operation was established in 2006 and has an expert team of 30 employees based in Sandyford, Dublin.

For more information about Bibby Financial Services Ireland, please visit: www.bibbyfinancialservices.ie

The Bibby Financial Services Global Business Monitor 2017 is available here: www.bibbyfinancialservices.ie/global-business-monitor-ireland

 

Find us on Linkedin or follow us on Twitter @BibbyFinanceIE

Search unveiled for healthcare charities making an IMPACT in their local community

‘GSK Ireland IMPACT Awards’ offers €60,000 in funding to up to 10 community-based healthcare charities

GSK, one of the world’s leading research-based pharmaceutical and healthcare companies, has unveiled the annual ‘GSK Ireland IMPACT Awards’ which recognise and reward community-based charities who contribute to the improvement of people’s health and wellbeing in Ireland.

The company, which employs 1,700 people across four locations in Ireland, is committed to enabling people to do more, feel better and live longer and the ‘GSK Ireland IMPACT Awards’ are a key element of this mission. This will be the fourth year of the ‘GSK Ireland IMPACT Awards’ and they are an expansion of the global healthcare company’s IMPACT awards programme which has been running in the UK and USA for 20 years.

The awards are open to registered charities that are working in a health-related field in Ireland and are at least three years old. Applicants are evaluated using six criteria from which the name ‘IMPACT’ is derived: Innovation, Management, Partnership, Achievement, Community focus and Targeting needs.*

Up to five winning charities will receive €10,000 each in unrestricted funding, while five runner-up charities receive €2,000 each. In addition to the prize money, winning charities also receive a specially commissioned video and photography package to help them promote their work.

Jacinta Collins, Communications Director for GSK, says: “There are thousands of “unsung healthcare heroes” all over the country that operate with purpose and passion to improve people’s health and wellbeing in their community and GSK wants to ensure they receive the recognition they deserve. Since establishing the initiative in Ireland, we have been truly inspired and moved by our wonderful winners and the huge contribution they are making to Irish health on a daily basis. We have every confidence that this year will be no different and we are really looking forward to reviewing the entries we receive.”

Last year, the five winning charities of the ‘GSK Ireland IMPACT Awards’ were:

  • 22Q11 Ireland Support Group Limited – The national Irish charity for individuals and families affected by 22q11.2 deletion/DiGeorge Syndrome/V.C.F.S
  • Blue Teapot Theatre Company – Blue Teapot is a multi-award winning Theatre Company, Performing Arts School and Outreach programme for people with intellectual disabilities at the forefront of arts and disability in Ireland. They are committed to high quality theatre, training and the celebration of creativity.
  • Down Syndrome Centre – The Down Syndrome Centre provides specialist services such as early intervention, speech and language therapy, parent and baby classes to children with Down syndrome.
  • Irish Men’s Shed Association – The Irish Men’s Shed Association (IMSA) is a member-based organisation which exists to maintain links and share information through the network of men’s sheds in Ireland, ensuring men have the opportunity to maintain and improve their well-being on their own terms and within their own communities.
  • Sexual Health Centre – Based in Cork, the Sexual Health Centre provides information and support on sexual health without judgement.

 

The five runners up were:

  • Alcohol Forum
  • Coeliac Society of Ireland
  • Spinal Injuries Ireland
  • Turn2Me
  • Wexford Mental Health Association

 

Petal Pilley, Director at Blue Teapot Theatre Company, says: 

“Entering the GSK Ireland IMPACT Awards was in itself an opportunity to evaluate our achievements to date and the services we provide in championing the work of creative people with intellectual disabilities.  

We would encourage others to enter this year or consider entering in the future. To be shortlisted, and therefore recognised for the impact of our work is a huge honour for everyone involved; from the actors, students, tutors, staff, directors, audiences and every single person that has played their part in getting Blue Teapot Theatre Company to the national stages and screens of Ireland and beyond. To quote William Shakespeare’s Twelfth Night: “I can no other answer make but thanks, and thanks, and ever thanks!”

You can read more about all of the 2017 winners here:

 

Organisations interested in applying for the ‘GSK Ireland IMPACT Awards’ must:

  • Be registered and located in the Republic of Ireland and be in existence for at least three years
  • Have a total annual income of between €20,000 and €1 million
  • Target community health needs in Ireland, with community defined as a geographical community or a community of interest
  • Be able to point to a track record of achievement in community health issues

 

The deadline for applications is 5pm Tuesday, 19th June 2018 and interested organisations can apply here: http://ie.gsk.com/ie/about-us/partnerships/gsk-ireland-impact-awards/

For more information, please visit ie.gsk.com

 

Guaranteed Irish launch ‘Pharmaceutical and Healthcare Month’ to call on Government to ensure early access to new medicines for patients

  • Organisation currently developing submission paper for Government outlining support required for pharmaceutical sector
  • Opportunity for Guaranteed Irish and Government to work together to establish Ireland as a ‘practice-leader’ in pharmaceutical sector

Guaranteed Irish today announced that ‘Pharmaceutical and Healthcare Month’ will take place in October, highlighting the pivotal role that this sector plays in Ireland’s economy and calling for Ireland to be at the forefront of its European peers in terms of early access to new medicines.

Guaranteed Irish is currently working closely with their members in the pharmaceutical industry to develop a submission paper that will be presented to Government in October. This paper will outline the support required to ensure the pharmaceutical sector remains in robust health in Ireland, with a particular focus on access to new medicines and overcoming existing barriers to continual innovation and R&D.

A range of events to mark ‘Pharmaceutical and Healthcare Month’ will take place during the month of October, including a round-table discussion with key political representatives. With each of the top-ten pharmaceutical companies represented in Ireland, Guaranteed Irish will be asking the Government to work in conjunction with them to establish the country as a ‘practice-leader’ in this field.

Speaking at the launch, Brid O’Connell, CEO, Guaranteed Irish said: “The Irish pharmaceutical sector is thriving, with the world’s top ten pharmaceuticals based here. We are the 7th largest exporter of medicinal and pharmaceutical products in the world and the sector continues to go from strength to strength, providing high tech, exciting career opportunities and contributing significantly to local communities across Ireland. It is crucial that this contribution is recognised by the Irish government. Patients are at the very heart of this industry and we are delighted to be working with MSD Ireland and our other members in this field to highlight the opportunity that Ireland has to be at the forefront of Europe in ensuring faster access for patients to new medicines.” 

Ger Brennan, Managing Director of MSD Ireland (Human Health), added: “MSD has been a proud member of Guaranteed Irish for over ten years, playing an active part in the communities in which we operate and creating sustainable and long-term jobs nationwide. We welcome the announcement that October will showcase the important work conducted in the pharmaceutical sector in Ireland and will highlight the opportunities for Ireland to adopt innovative approaches to ensure patients gain early access to new medicines and treatments. At MSD Ireland, we take a collaborative approach in all that we do and we are committed to working closely with all of our stakeholders to ensure we play a role in delivering innovative approaches and solutions in all elements of our business.” 

In addition to MSD, other leading pharmaceutical and healthcare members of Guaranteed Irish include AbbVie, BD, Hollister Inc., Ipsen, Forest Tosara Ltd, PPL Biomechanics, KCI Medical Ireland and Nutricia Ireland.

Guaranteed Irish is a not-for-profit business membership organisation championing homegrown and international businesses in Ireland. Currently, the 300+ members of Guaranteed Irish employ nearly 50,000 people in Ireland, generating a turnover of €11bn. Only member companies, which are required to meet a range of criteria before attaining membership, are given permission to display the Guaranteed Irish symbol as a badge of provenance and trust.

Membership of the Guaranteed Irish organisation spans all sectors including pharmaceutical; healthcare; technology; construction; energy; professional services; manufacturing; tourism; food and drink; craft and design; retail; lifestyle; and more. Members include KPMG, FBD, Kerry Foods, Matheson, Ervia, Bonkers.ie, Roadstone, Largo Foods, Foxford Woollen Mills, Magee 1866, Dulux, Clonakilty Black Pudding, Irish Country Hotels, Saint Gobain, Irish Pharmacy Union, Bord na Mona and Pat The Baker. The organisation considers three core criteria when assessing an applicant for membership – jobs, community and provenance.

 

Keep up to date on Guaranteed Irish news here:

GUIDEWIRE NAMED ONE OF HIGHEST-RATED PUBLIC CLOUD COMPUTING COMPANIES TO WORK FOR

Selected at Number 3, List Showcases Public Cloud Companies with the Highest Levels of Employee Satisfaction

Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to Property and Casualty (P&C) insurers, was recognized as one of the 25 Highest Rated Public Cloud Computing Companies To Work For in a new list released by Battery Ventures, a global investment firm, and Glassdoor, one of the world’s largest job and recruiting sites.

The list highlights 25 publicly traded companies—all business-to-business cloud companies–where employees report the highest levels of satisfaction at work, according to employee feedback shared on Glassdoor.

The distinction placed Guidewire at number 3 (out of 25 total) with an overall company rating of 4.5. The broader average across Glassdoor is 3.4. Guidewire’s CEO, Marcus Ryu, reflects a 97% approval rating on Glassdoor—compared to an average of 69% for all 770,000 employers on the site–and the company has an 89 percent positive business-outlook rating, again based on feedback shared by employees. The broader Glassdoor average is 48%. A positive business outlook means employees believe business will improve in the next six months.

“Since we first partnered with Glassdoor to compile this list in 2016, the cloud has only grown in influence and market power,” said Neeraj Agrawal, a Battery general partner who specializes in cloud investing. “It was also significantly tougher to make the list this year, with companies requiring a higher Glassdoor rating to make the cut—showing that companies can’t rest when it comes to focusing on culture and employee happiness.” Battery and Glassdoor also released a similar list of the 50 Highest-Rated Private Cloud Computing Companies to Work For.

More broadly, “we view these rankings as a key indicator of company health and potential growth,” said Agrawal, who will discuss the lists and their implications at this week’s CloudNY conference, a high-profile, invite-only event for cloud founders and CEOs. Agrawal also serves on the board of Glassdoor. A Glassdoor economic research study, as well as other third party studies, also show that companies with high employee satisfaction often post stronger financial performance.

“It is a great privilege to work with colleagues who share in common purpose: to serve an industry of indispensable importance to our society and to build an enduring culture in the process,” said Marcus Ryu, CEO and co-founder, Guidewire Software. “As more P&C insurers opt for our SaaS solutions, we must demonstrate our worthiness to be the more broadly adopted and trusted cloud-based platform for the global industry. Mission-driven and engaged professional colleagues will continue to be essential to fulfilling that ambition.”

Glassdoor noted that employees at these highly rated companies commonly mention in online reviews that they enjoy working for mission-driven companies with strong and unique company cultures; employers that promote transparency; and companies with experienced senior leaders who regularly and clearly communicate with employees. For instance, according to one anonymous employee review of Guidewire on Glassdoor:

“Guidewire is a great company and especially ideal for the career-minded individual. The company is large enough to offer a variety of jobs in all kinds of interesting locations. Even if you never change roles, your job changes and evolves as the company grows, keeping things fresh. This is an exciting time to work in the P&C insurance industry as well. Our customers and our employees are some of the nicest.”

For the latest career opportunities and to learn more about life at Guidewire, visit careers.guidewire.com.

Full lists of the Battery/Glassdoor highest-rated 50 private cloud companies and 25 public cloud companies to work for can be found here.