Sunday August 9, 2020

SMEs shying away from new loans, says Ulster Bank boss

The bank’s chief executive Jane Howard says state incentives have failed to draw out new custom during the pandemic

Ian Guider

Markets Editor

@ianguider
2nd August, 2020
Jane Howard, chief executive, Ulster Bank: ‘The opportunities to invest and expand just aren’t there’. Picture: Paul Sherwood

Small firms have shown little appetite to take on new loans, the chief executive of Ulster Bank has said in comments that raise doubts over the effectiveness of the state’s new credit guarantee scheme.

Jane Howard said that while more than 3,500 of the bank’s business customers had sought payment breaks, there was little interest in new borrowing, and that some firms which had used credit facilities were actually paying back debt.

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