Funding opportunities will improve for the franchise sector as a result of a new initiative by Bank of Ireland announced over the weekend.
Bank of Ireland Business Banking has announced the details of a new €100 million fund for the sector, which has an annual turnover of more than €2 billion.
The bank estimates that there are more than 250 franchise operations in Ireland. Its latest initiative aims to help both the expansion of existing businesses as well as to pursue new opportunities.
In addition to funding, the bank says it will offer initial consultation to new franchises, as well as a free Golden Pages listing and discounts on products and services ranging from Hewlett-Packard and Oaktree Press to membership of ISME and the Small Firm's Association.
New entrants to the sector will also be offered free fees and charges for two years, as well as a "competitively priced" small business loan on amounts of up to €200,000.
Mr Cathal Muckian, director of Bank of Ireland Business Banking said that the franchise market was growing strongly.
"The rapid growth in the franchise sector is evidenced by employment in the industry increasing by 24 per cent in the past two years. As indigenous business continues to increase in importance to the growth of the economy, our estimates indicate that there will be approximately 20,000 new start-ups in Ireland this year. A significant portion of these will be franchises," he said.
