CPD Seminar 11 th March h2013

Securing Credit for SME’s in 2013

Securing

Credit

for

SME s

in

2013

Paul Kerr

Paul

Kerr

CPD

Seminar

11

th

M

h 2013

INTRODUCTION

• Lender with over 20 yyears experiencep  – worked with AIB,, National 

Irish Bank and Bank of Scotland (Ireland) 

• Senior Credit Reviewer with the government Credit Review OfficeSenior Credit Reviewer with the government Credit Review Office 

over‐viewing declined business lending decisions in both AIB & Bank 

of Ireland

• External credit assessor (loan approver) for the government backed 

Microfinance Ireland – approving loans of up to €25,000 to SME’s

• Banking & debt consultant with First Choice Financial Services in 

BANK FUNDING FOR SMALL BUSINESSES

1. Banks seek 30% own input, as a rule

2. The business plan is very important – there is a really good business 

plan template which I believe represents ‘best advice’ in terms of 

the information needed 

http://microfinanceireland.ie/wordpress/wp‐ content/uploads/business_plan.pdf

3. Be prepared for forensic examination of borrower history, 12 months 

personal bank statements, loan statements and detailed personal 

income & expenditure are as important in a funding application income & expenditure are as important in a funding application 4. Projections need to be conservative. They need to be broken down 

i i l b ll l 1 000 k?

into practical numbers – can you really clean 1,000 carpets a week? 5. Guarantee’s will always be sought, and are normally required

HOW BANKS ASSESS YOUR APPLICATION

BANK FUNDING OBSERVATIONS

S t lik i h ‘ t f’ f b i b t t d t f ll

• Sectors like nursing homes are ‘sort of’ open for business but tend to fall apart based on loan to value rules.

Mi i l i f f l d l di A i d f

• Minimal appetite for any type of property related lending. Attitude of banks towards all types of property lending is a factor in the continuing fall‐off in property prices.

• Many foreign owned banks exiting the SME market creating particular difficulty for SME that bank with them.

• Viable SME at risk where they are directly or indirectly supporting unviable property enterprises.

• Right sizing the capital structures is a key requirement to reflect the new trading environment.

BENEFITS FOR A BUSINESS USING A 3

_PARTY

FUNDING

FUNDING

•

_Prevents

_dilution

_of

_message

BENEFITS FOR A BUSINESS USING A 3

_PARTY

FUNDING

Professional

FUNDING

• The financial broker / agent 

will be dealing with banks & 

people whom we know and 

regularly send business to – mutual trust

• They can complete multi‐

applications at the same time applications at the same time 

& get you the best funding 

package

• It’s quick, convenient, to the 

SAMPLE BANK FUNDING APPLICATION

OPTION 1 – CONVENTIONAL BANK FUNDING

SME Job Creation Loan

• The SME Job Creation Loan supports small businessesThe SME Job Creation Loan supports small businesses 

by providing finance for new projects, processes or 

initiatives that will create jobs.

• Loans from €10 000 up to €250 000 per business may

• Loans from €10,000 up to €250,000 per business may 

be requested.

TTerms

• You must be an existing AIB business customer 

• Need to demonstrate that you are investing in a new 

project process or expansion initiative that result in the 

creation of at least one permanent full‐time job

• The AIB Job Creation Loan is priced competitively at 

4.4% p.a. variable which is a discount of 3.85% off the 

BANK FUNDING - AIB

SME Job Creation Loan Continued

Typical qualifying projects.

• Building acquisition/remodelling.

• Purchasing of second‐hand or used vehicles, plant, machinery or 

equipment for use by the customer's business.

• New business acquisition.

• Financingg for overseas sales.

• Any project that has been approved for grant funding by a state agency 

e.g. Enterprise Ireland, County Enterprise Boards, Bord Bia, etc

Non‐qualifying Projects.

• Refinancing of existing debt (e.g. Bank Debt, Trade Creditors, etc).

• Short term working capital

• Short‐term working capital.

BANK FUNDING - AIB

Other Loans 

SME Loan: 

• New or early stage small businesses established in the last 3 years can 

avail of an SME Loan for amounts up to €100,000 

• A highly competitive rate of 4.4% p.a. variable applies to this Loan. 

This is a discount of 3.

• Flexible repaymentp y  arrangements*g  includingg p y payment holidaysy  and 

interest‐only options may be negotiated in line with your changing 

business circumstances.

Who can apply?

• New and early stage small businesses under 3 years old Sole traders

• New and early‐stage small businesses under 3 years old , Sole traders, 

BANK FUNDING - AIB

• A variable interest rate may be negotiated on a case by case basis

• Each loan application is judged on its own merits. Security may be 

required for business loans

Stocking Loan:

• Rates negotiable – between c. 4% and 4.5%  Overdraft:

• Standard variable rate @ 7.85%

New Business Account 

• When you open our Business Start‐up Account, for the first two years 

AIB will waive account transactions fees excluding cash handling fees AIB will waive account transactions fees, excluding cash handling fees

• Cash handling fees up to a maximum discount of €100 per fee 

BANK FUNDING

• Enterprises which employ fewer than 250 persons 

and which have an annual turnover not exceeding 

€50m. and/or annual balance sheet total not 

exceedingg €43m.

• Rates typically 6.25% but scaled back based on risk

Small Business Loan Small Business Loan

• Rates vary between 5.74% for Secured and 6.74 for 

Unsecured Loans

• These rates are available to both new and existing

• These rates are available to both new and existing 

Bank of Ireland customers and for every industry 

sector.

Overdraft:

BANK FUNDING - BOI

• Loans from €20,000

• A competitive interest rate of just 5.75% (variable)

• Flexible repayment schedule with terms up to 7 years

Other Loans Available

• Practice Development Loan

• Green Business LoanGreen Business Loan

• Farm Loans

New Business Account New Business Account

For a start‐up customer you’ll receive a range of current account banking services 

free of charge for two years including:

N t t i t f d t ti f

• No current account maintenance fees and transaction fees

BANK FUNDING

SME Loan: 

• Varying interest rates depending on purpose of 

f di funding Overdraft:

S d d i bl @ 8 45%

• Standard variable rate @ 8.45%

• Cost of Funds @ 1.45% (Cost of Funds Rate is the 

interest rate which is applied to certain loans, 

d f d d f l l

overdrafts and invoice discounting facilities, primarily 

for business purposes) + Bank margin for risk Current Account:

• Free Fees for up to 2 years inc. cash handling*

• Free Internet banking for 12 motnhs

• Waive first lease transaction arrangement fee

• Merchant services fee waived 

BANK FUNDING – Ulster Bank

• A term loan is granted for a specific purpose and is repayable in amounts and  over a length of time agreed between you and your Commercial Manager over a length of time agreed between you and your Commercial Manager. Variable Rate Loan:

• Flexible borrowing that can be adapted to your specific business needs • Flexible borrowing that can be adapted to your specific business needs. Fixed Rate loan:

• FixedFixed rate‐rate loans help you plan for the future with interest payments that won't loans help you plan for the future with interest payments that won t  change over the term of your loan, typically up to 10 years.

• Business Development Loan

¾ A business developmentp  loan is a fixed rate loan providingp g medium‐term finance  to individuals, partnerships or companies

¾ Loans from €1,250 to €300,000

¾ Even if you don't hold a current account with us you can repay by direct debit  from another financial institution

LOAN GUARANTEE SCHEME

• In October 2012, the Minster for Jobs, Enterprise & Innovation 

l h d th C dit G t S h (CGS)

launched the Credit Guarantee Scheme (CGS). 

• The Scheme is targeted at commercially viable SMEs which, under 

normal lending criteria, are unable to obtain new or additional 

facilities from their Bank due to insufficient collateral or due to 

aspects of their sector, target market or business model being 

deemed to be high risk. Capped at €200,000, repayable over 3 years

• The Credit Guarantee Scheme provides Bank of Ireland and otherThe Credit Guarantee Scheme provides Bank of Ireland and other 

lenders with a State Guarantee, covering eligible credit facilities for 

75% of the facility value, over a three‐year period. The customer is 

required to pay a premium of 2% per annum to the Government on required to pay a premium of 2% per annum, to the Government, on 

OPTION 2: MICROFINANCE

¾ Microfinance Ireland’s objective is to provide additional lending to 

start‐up, newly established or growing microenterprises

¾ Loans up to €25k @ 8.8% APR

¾ Loans up to €25k @ 8.8% APR

Qualifying Criteria

• Business Loans Only applicants either via local CEB or direct

• Business Loans Only – applicants either via local CEB or direct

• Original lending must have been declined conventional bank funding 

to apply but will lend as part of overall funding requirement

N d i ll i bl b i l (b i l / 3

• Need commercially viable business proposal (business plan / 3yr 

cashflow)

• Turnover less than €2m; staff less than 10

• Loans from Microfinance Ireland benefit from a guarantee issued 

under the ‘European Progress Microfinance Facility’ established by 

MICRO FINANCE

• MFI hopes to assist 5,000 enterprises over the next ten years, creating 

i d 7 700 j b an estimated 7,700 jobs.

• MFI has a greater risk appetite than banks

• Loans from Microfinance Ireland benefit from a guarantee issued 

under the  ‘Europeanp  Progressg  Microfinance Facility’y  established byy 

OTHER IMPORTANT ELEMENTS

Timings: g

Under the NAMA Act, the bank have 15 days to either approve or decline 

your loan application. Failure to respond within this time frame is 

deemed to be a ‘constructive decline’ deemed to be a  constructive decline . 

Interest Rates: 

The bank will assess the level of risk in the application and price the The bank will assess the level of risk in the application and price the 

loan/facility based on the risk. Different rates are available with different 

finance options, so check with your bank to ensure that you are using the 

f fi l i f h b i d

OTHER IMPORTANT ELEMENTS

Where an application for credit is declined, your Bank Relationship Manager must provide you with the reason(s) why the credit facility

d li d I h f d li h ld id h

was declined. In the event of a decline, you should consider the following options open to you:

1. In some instances, it may be possible to re-package the credit application in a way that meets both the business and bank needs

2. You can appeal a decline decision with your bank if you wish 3. You can seek an independent review of your bank’s decision to

decline by appeal to the Credit Review Office which I will decline by appeal to the Credit Review Office which I will explain further on

Credit Review Office

• The Credit Review Office (CRO) is there to help SMEs & farms who 

have been refused funding to access bank finance have been refused funding to access bank finance.

• Established by the Department of Finance,  under the section 210 of 

h

the NAMA act.

• It is  a team of experienced (retired) lending bankers, chartered 

accountants and  Enterprise Development Agency staff.

• Primarilyy the CRO works with AIB & BoI borrowers,, but also have 

contacts in Ulster Bank (RBS Group)

CRO – History & Operations

• 2009 – NAMA legislation / recapitalisation of banks

• 2009 – NAMA legislation / recapitalisation of banks

• Additional Goal – ensure flow of credit to small business

• 4 Banks eligible (BOI, AIB, Irish Nationwide, & EBS)

• 2 lending to SME’s – AIB and BOI (approx. 60% of market)

• Commenced Operations April 1st ₂₀₁₀

• First cases in June 2010

• Reports q arterl to Minister of Finance and eekl to DOF

Credit Review Office

• Operates with 2 full‐time staff and a panel of experienced Credit R i

Reviewers.

• Remit is to ensure that viable SME’s & Farmers have access to credit.

• Reviewers all have significant front‐line SME credit Experience.

• Reviewers engage directly with Borrowers if deemed necessary.

• Where decline decisions are being upheld a second external Reviewer opinion is sought.

CRO - Objective

Two Aspects:

1)) Credit Review Process‐ensure viable businesses getg  credit (like(  

commercial ombudsman)

2) Monitoring and reporting banks target of lending €3bn each in 

2010 and 2011 (€12bn in total) 2010 and 2011 (€12bn in total)

CRO – What it does

• The Credit Review Office may be able to help, if a borrower believes 

that they have been wrongly:

(i) refused credit   ‐ new,  or additional facilities,  up to €500K.

(ii) have an existing facility withdrawn or reduced.

(iii) have had fees or interest increased to unreasonable levels or have 

f di d ith t bl t d diti

CRO – What it does

The appeals process is ‘borrower initiated’

Step One‐ Internal Bank Appeal 

The bank take another look at the case – in some cases this results in an 

d l f h

immediate resolution of the case

Step Two – Credit Review Office Appeal

If this is unsuccessful the CRO will work with the borrower to:

(i)  In some cases recommend a straight overturn of the banks’ decision (ii) Understand (and possibly correct) why the bank has said ‘no’

( ) ( p y ) y

(iii) Try to structure an alternative deal acceptable to the bank

The CRO currently has ‘step two’ success rate of over 50% The CRO currently has  step two   success rate of over 50%

CRO – Review Process

• Applications for new loans or restructured credit facilities up to 

€500K (€500k incremental borrowing, not existing level of debt)

• EU SME Criteria: 

¾ Up to 250 employees

¾ Up to 250 employees

¾ T/O up to €50M

¾ +/Or Balance sheet value €43M

¾ +/Or Balance sheet value €43M

C / l t d / t hi

CRO - Eligibility

9 Refused

9 Offered reduced amount

9 Approved but with attached terms and conditions making loanApproved but with attached terms and conditions making loan 

unacceptable

9 Or existing credit facilities removed

9 Or existing credit facilities removed

¾ d b b li b k ti f i

CRO – Record to 11

_{January 2013}

Disputed

Disputed Reversed Provided Protected

AIB Bank 112 51 61 55% 61 €7.4m 556

BOI 93 39 54 58% 54 €5.8m 541

CRO – ISSUES with some cases

• Borrowers concerned they will damage their relationship with their B k l

Bank long term.

• Lack of awareness of Credit Review Office.  Not alwaysy  beingg 

informed by the Banks of their right of appeal.

L k f fid th t f l ill b t d

• Lack of confidence that refusal will be overturned.

• Criticism of Credit Review Office by influential Journalists & SME 

Representative Groups. This is changing.

• Not prepared to invest the time and effort is progressing an appeal

CRO – Grant Thornton Report November 2012

• The CRO, through its general activities and day to day operations since 

establishment, is contributing to ensuring that credit is not refused to 

viable businesses with valid credit propositions;

• The CRO through its focus on monitoring the banks progress on meeting 

lending targets , its operations, activities, observations and 

recommendations and its regular interaction with Government is going a 

long way to assisting the Minister of Finance in facilitating the availability 

CRO – Key Findings to Date

• Requests for credit are often poorly presented by Borrowers and often lack sufficient  detail upon which to make an informed credit decision

detail upon which to make an informed credit decision.

• Often the request for credit contain inadequate and/or poor quality financial  i f i i h l b i l

information with no clear business plan.

• Overhang of related property debt is sometimes being overlooked or not properly  addressed in the credit request.

• Financial Accounts still being produced for filing purposes in too many cases.

• Some Accountants , Financial Advisers / Financial Brokers could do more to assist  Borrowers in presentingp g credit applications.pp

CRO – Sample Case (Successful)

• The borrower was seeking a Stocking (term) loan of €8,000 over 24 

months

• 7 year personal account relationship with Bank

• Relatively new business, in existence for 15 months at the time of the 

request request

P i f l l f €5 000 d ft ith th CRO

CRO – Sample Case Strengths

• Well operated overdraft facility with the bank that was authorised by 

the CRO upon appeal

• Good relationship with the bank and previous borrowings repaid

• Request was for additional stock which would increase sales and 

represented under one months turnover represented under one months turnover

B thi b i f t t d t d d t

• Borrower grew this business from start‐up and created a modest 

CRO – Sample Case Weaknesses

• The facility was proposed on an unsecured basis

• Personal debt position with another bank was concerning

CRO – Sample Case Reason for Support

• Decent history with the bankDecent history with the bank

• Operates a controlled bank account and did not exceed limits

• Demonstrated ability to grow business into a modesty profitable 

business

• External debt position seems to be contained

• Recommended that the funding be approved but via a no.2 overdraft 

or stocking loan, priced at normal rates which would be appropriate 

CRO – Sample Case (Un-Successful)

• Borrower seeking €9 000 loan over 5 years in addition to current

• Borrower seeking €9,000 loan over 5 years in addition to current 

lending (€3,500 overdraft facility)

F d f d ti i t i i & i t

• Funds are for advertising, training & equipment

• Borrower is operating in a partnership, generating revenue in a door 

to door approach

• In operation since 2009

• Borrower had previous business that became unsustainable in the 

economic turndown

CRO – Sample Case Strengths

• Currentlyy p operates a €3,500,  overdraft facilityy with lender

• Good market research completed & sales projections providedGood market research completed & sales projections provided 

appeared plausible

CRO – Sample Case Weaknesses

• Short term working capital funded over a 5 year period not always

• Short term working capital funded over a 5 year period – not always 

appropriate

• Current overdraft facility exceeded limits and had several unpaid 

amounts

• Projections understated expenses

• Difficult sellingg yp type i.e. ‘Door to Door’ impulsep  buyingy g market

CRO – Sample Case Reason Bank Decline Upheld

• Proposedp  lendingg didn’t seem sustainable based on projectionsp j

• Seed capital funding and R&D grants are better options which wouldSeed capital funding and R&D grants are better options which would 

not require immediate payback therefore aiding cashflow

• Unrealistic to ask the bank to take on more debt, as this was a high 

i k l d t th t t t f th

CRO – Some Findings

• SME’s ‐ Fail to prepare, prepare to fail – importance of business 

planning and forecasting planning and forecasting

• Banks need to work on deal making

• Banks ‐ need to work on deal‐making

¾ i ff d d

CRO – Some Findings Continued

• Most cases are restructuring not ‘new new’ money Over €8bn was

• Most cases are restructuring, not  new new  money. Over €8bn was 

sanctioned in 2012; of which @ €2.5bn (27%) was  new lending 

drawn down

• Legacy issues – working capital used for capital items

• Legal issues ‐ Bad decisions made under pressure, not bad people

• Issues of Reserves/Capitalisation/Security (BTL) & Cost of Funds 

increasing‐ interest rates charged increasing

¾ Demand is subdued at present but availability and Cost of Working

¾ Demand is subdued at present but availability and Cost of Working  capital will be key when demand strengthens and companies need  to expand

CRO – Some Findings Continued

• 1 out of every 2 credit applications refused by the bank are 

overturned byy the Credit Review Office

• Helpline advice can resolve issues without a formal process

BANK FUNDING SUMMARY

• Funding is available out there but business need to spend time and    

effort & get your model right before they submit an application

• For those with poor credit history it is more difficult but be  

upfront and you have a chance – the credit review office is  

there as back up support for good ideas which cannot   

BANK FUNDING SUMMARY

Suggest

clients

use

a

professional

to

help

them

get

RULES OF ENGAGEMENT

• The aim of next few slides is to help bring clarity to the current realities of 

business / bank relationships – some of which are strained business / bank relationships  some of which are strained

• Know your clients rights:

‐ Code of conduct for lending to SME’s

C d f d t f t

‐ Code of conduct of mortgage arrears

‐ Consumer protection code

‐ Right to review personal data via ‘data access request’Right to review personal data via  data access request

(1) KNOW YOUR BUSINESS

• No one knows your business better than you. You will have a very clear 

picture about the key strengths and weaknesses of your business and the 

opportunities and challenges you are likely to face in the future, i.e. your 

business ‘story.’y

• Your ability to present your business story to customers is key to the 

success of your business success of your business. 

• Equally, your ability to present your business story to banks, potential 

investors, etc. is critical to ensuring access to the required funding for your 

business.

• The key to securing adequate funding and finance for your business is that 

(2) KNOW YOUR FUNDING OPTIONS

Before approaching your Bank with a credit application, you should assess the 

full range of funding options open to you such as: full range of funding options open to you such as:

1) You Business

¾ Debtor, Stock, Supplier and Cost Management

2) P l E it 2)    Personal Equity

3) Private Equity 3)    Private Equity

¾ Friends/Family, Business Angels, Venture Capital, BES, Seed Capital 

Scheme

Steps 3-7 of YOUR BUSINESS YOUR BANK

Step 3 ‐ Preparing your Bank Credit Application

Step 4 p ‐ Bank Fundingg p Options

Step 5 ‐ Restructuring your Finances

Step 6 ‐ Credit Pricing

(8) WORKING WITH YOUR BANK & MANAGING

YOUR FINANCES

Working with your Bank:

Useful tips to help develop a good working relationship with your Bank:

• Keep your bank up‐ to‐date on a regular basis on how your business is 

performing and be open and honest even if its bad news Be proactive and performing and be open and honest even if its bad news. Be proactive and 

contact your bank to address any issues quickly.

• Present up‐to‐date financials on a regular basis and ensure the figures are 

accurate. Avoid delays submitting up‐to‐date information if it has been 

requested from your bank.

• Invite your banker to your premises so they are fully aware of how yourInvite your banker to your premises so they are fully aware of how your 

business operates.

• Banks can also be an in‐valuable source of advice and information in 

l ti t fi d th b i tt d ’t b f id t t t

relation to finance and other business matters ‐ don’t be afraid to contact 

(8) WORKING WITH YOUR BANK & MANAGING

YOUR FINANCES

Managing your Bank Finance:

Useful tips to help develop a good working relationship with your Bank: Useful tips to help develop a good working relationship with your Bank:

• Banks regulated by the Financial Regulator operate to the practices and 

polices outlined in the “Code of Conduct for Business Lending to Small and 

Medium Enterprises”. The Code promotes fairness and transparency in 

banks dealings with business lending. 

• Don’t go over agreed limits or break the terms of your loan agreementDon t go over agreed limits or break the terms of your loan agreement 

with your bank if at all possible.

• If you think you are going to go over your agreed limit(s) with your Bank –

l t th k i d d th b bl t t il

let them know in advance and they may be able to temporarily or 

permanently increase your limit.

• If you do go over your agreed limit, you may incur increased fees and 

charges, including higher interest rates and it may affect your business 

(8) WORKING WITH YOUR BANK & MANAGING

YOUR FINANCES

Managing your Credit Rating:

Useful tips to help develop a good working relationship with your Bank: Useful tips to help develop a good working relationship with your Bank:

• Your business credit rating is critical to ensuring access to adequate funding 

for your business. The importance of a business’s credit rating is even more 

i i h i d i f b ki l i ll d B l II

important since the introduction of a banking regulation called Basel II.

• Basel II requires banks to hold sufficient capital to cover their credit risks. To 

meet this requirement, banks use a rating system to assess credit applications 

from business customers.

• The result of your business’s credit rating will affect your bank’s willingness to 

lend,, the interest rate applicablepp  and the conditions of the credit facility.y

• Therefore businesses should ensure that relevant information is provided to 

their bank, not only at the time of a credit application but also on an on‐going 

basis to ensure that credit ratings are updated as circumstances change basis, to ensure that credit ratings are updated as circumstances change.

• Be aware that if your bank debt goes 90 days in arrears, it is deemed ‘in 

(9) PLANNING FOR THE FUTURE

• Many business owners primary focus over the last year has been on the 

day‐to‐day running and survival of their business. This is both right and day to day running and survival of their business. This is both right and 

appropriate given the current trading environment. 

• Equally important is the need to work on a long‐term strategy to best 

position your business into the future, with a particular focus on 

maintaining and growing your customer base and developing new 

products and services.

S f l b i ill t tl fi d i t th i b i

• Successful businesses will constantly refine and reinvent their business 

strategies and customer offerings.

• As a starting point you should consider focussing on the following four 

(9) PLANNING FOR THE FUTURE

Be Proactive…. Planning ahead for future growth

9 Actively review your business plan, maintaining up‐to‐date financial information and implementing 

robust cash flow and cost management processes will be crucial to managing future business 

performance.

Be Effective …. Deliver value from Marketing your business

9 Effective Marketing can be crucial to generate business during a period of downturn. Consider more 

cost effective ways of marketing your business, such as e‐marketing, customer testimonials, etc. In an 

increasingly competitive arena, customers need to have confidence in your product and service 

offering, so ensuring value for money marketing spend is a must.

Be Innovative …. Capitalise on potential new opportunities

9 Even in more challenging market conditions new business opportunities may arise. New opportunities 

can emerge from existing as well as new customers. Tap into the opportunities inherent in your 

i i b h f l d lli C id di if i F l h b

existing base such as referrals and cross selling. Consider diversifying. For example, growth may be 

delivered by simply adapting or extending a product range thereby broadening its appeal. Be Customer‐focused …. Delivering excellent service

9 While value is an increasingly important factor with consumers when assessing alternative 

product/service offerings, delivering excellent customer service remains the key to increasing 

SUMMARY

Managing

bank

relationships

or

giving

advice

is

a

l

d

l

k

l d

specialist

service

– develop

your

knowledge

in

this

area

or

avoid

giving

advice

and

refer

to

h i i

d & k

h

l

someone

who

is

insured &

knows

the

rules

We

regularly

receive

referrals

from

brokers

and

appreciate

pp

and

respect

p

the

line

on

these

referrals

– we

never

cross

sell

to

clients

who

First Choice Contact Details

First Choice Financial Services Ltd

12th _{Floor, Riverpoint,}

Lower Mallow Street, Limerick Ph. 061 317260 Fax. 061 317263 email – [email protected] @ Web - www.firstchoiceltd.ie Twitter - @firstchoicefsl Twitter @firstchoicefsl