‘We like to fund people who roll their sleeves up’: BCF steps in to fill SME lending gap left by banks
Gareth Graham's BCF has financed enterprises in all 32 counties, bringing it close to his ambition to make BCF the first all-Ireland commercial lender headquartered in Belfast in at least a century. Photograph: Arthur Allison/Pacemaker Press “It’s incredible we’re still talking about it,” he says. “We find ourselves in a position where the banks can’t, or don’t, do lots of types of business that SMEs in particular require. And that has provided an opportunity across the island of Ireland for us.”
At the moment we operate in the £250,000 to £5 million market. We want to be £50,000 to £100,000 up to £5 million All decisions are made in-house. Anyone seeking finance will know within 48 hours if their project is something that BCF will consider. A credit committee meets “every other Tuesday” to consider applications. That body includes experts who weigh the various proposals. “Generally, you’ll know after that,” says Graham. “The people in here who write the business will be in touch with you to say: ‘yes, you’ve got approval, subject to due diligence’. Then it’s over to lawyers.
“And they’re also constrained by the fact that today, if you’ve got a large deposit base, you can put that with the central bank and you get a guaranteed return, it’s the easiest business in the world. You’ve got a zero-risk return, that is the most wonderful business you could possibly be involved in. And small businesses struggle to get funded.
“Mental arithmetic and margin were the two things that I learned from the betting business. When you carry that sort of margin focus through to any business, you’ll be okay.”
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Source: IrishTimes - 🏆 3. / 98 Read more »