This year, Checkout commemorates its 40th anniversary under its current ownership, and with this in mind, every week, Retail Intelligence is going to ‘reel in the years’ and publish a story from our extensive archives. This article from July 1979 discusses the announcement of a Bank Of Ireland loan scheme to help Mace retailers improve and expand their business.
A loan scheme to help retailers improve and expand their business has been launched by the Bank of Ireland in cooperation with Mace, Ireland’s largest voluntary retailing group.
The new scheme was announced by Mace and the Bank of Ireland recently at a reception held in Jury’s Hotel, Dublin.
Announcing the scheme, chief executive Mr. Michael Campbell said that "proper financing was often the single most difficult obstacle in the way of a retailer expanding his business".
Increased competitiveness in the grocery market is forcing retailers to increase their level of service and facilities. Many banks were not in sympathy with the unique needs of the grocery retailer. In addition, many retailers were not familiar with how the banking system has developed in recent years, which often poses problems in making successful loan applications.
Mace and the Bank of Ireland have now evolved a system which is designed to facilitate the retailer’s loan applications and to participate in a loan allocation of £250,000, which the Bank of Ireland has set aside for the purpose. Further loan allocations will be available in the future.
Retailers will have their loan applications processed with the aid of their local Mace wholesaler. This is the first finance scheme of its kind to have been arranged with any Irish bank for the distribution sector.
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