AIB joins coronavirus loans scheme weeks after main NI banks

AIB has joined the UK government's coronavirus loans scheme more than a month after Northern Ireland's other main business lenders.

The Coronavirus Business Interruption Loan Scheme (CBILS) allows smaller firms to borrow up to £5m.

Danske Bank, Ulster Bank and Bank of Ireland were all part of the scheme when it launched in March.

However, AIB had to go through an accreditation process before it could take part.

That left AIB customers frustrated as they were told to try to access CBILS through other lenders.

But most lenders were prioritising their own existing customers.

• Will some NI businesses fall through the cracks?

• Questions about support remain for NI businesses

AIB said it had been able to provide support for customers, outside the CBILS process.

The bank said it has delivered support to more than 2,000 business, mortgage, and personal customers.

Most of that has been customers seeking repayment holidays.

CBILS loans are 80% guaranteed by government, making it less risky for the banks to lend.

They are available on terms of up to six years, interest free for the first year.