Accessing Financial Supports for your Family Business
Dr. Eric Clinton, Director, NCFB was joined by Thomas Kerrigan, Managing Director, Niall Kerrigan & Sons Ltd., John Madigan, Head of Marketing, Research, Finance and Operations Strategic Banking Corporation of Ireland (SBCI) and Lorraine Greene, is the Head of SME Market Engagement at AIB Bank.
John Madigan provided viewers with an insight into how the SBCI have supported family businesses over the Covid-19 pandemic with the Future Loan Scheme and the Credit Guarantee Scheme.
John also provided information on the Brexit Impact scheme and he provided some information on upcoming schemes for 2022 e.g., Energy Efficient Retrofit scheme which is a new risk-sharing scheme to support carbon reduction policies for family businesses.
Lorraine Greene spoke about Key trends fuelling growth across many sectors. Digital is changing market access, sales profile, distribution and capacity and work contracts and talent retention.
Sustainability provides an opportunity for growth via energy savings, green procurement and green supply chains. Finally, Post Brexit provides opportunities beyond the UK and will provide upstream and sub-supply opportunities.
Thomas Kerrigan, MD, Niall Kerrigan & Sons a 4th Generation agri-business from Lusk in North County Dublin since the 1860’s. Thomas gave us an overview of his family business which is involved in the growing, processing and distribution of fresh produce supplying the food service industry. Thomas said that each generation has left a contribution to the business and his generation has moved the business into the foodservice sector which has grown enormously over the past 35 years.
Thomas and his family availed of the Credit Guarantee Scheme early in the Covid-19 pandemic to renovate and upgrade their production facility. This was a counter intuitive move as usually during a slowdown the main instinct is to cut spending. However, Thomas advised that the enforced closure of the production facility because of the pandemic allowed the family the unique opportunity to enhance their facilities.
Thomas’ advise was to research the products available on the market and speak with your customers and to ascertain what their future plans are. He also said that traditionally family businesses are very conservative but he advised that some debt is good for the business as it drives the business forward.
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