Financial Difficulty Information
At Capitalflow, we know business isn’t always plain sailing. We are committed to supporting you, no matter what stage in the journey you are on.
If you are having difficulty meeting your repayments, or fear you may be getting into financial difficulty, please talk to us as soon as possible, the sooner you tell us the more we can do to help you.
In accordance with our obligations under the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-sized Enterprises) Regulations 2015 (the “SME Regulations”), we have an information booklet on Lending to Small and Medium Enterprises available below.
Regulatory Information
The Customer Information Booklet outlines our approach to dealing with customers in financial difficulty and gives information on the support which we will provide to customers in this situation. This information booklet is available here and a printed copy is available on request through your Relationship Manager or Capitalflow Customer Service. A copy of the SME Regulations is available on the website www.centralbank.ie
Talk To Us
It’s important to tackle the financial strain on your business early on. Get in touch with your Relationship Manager or Capitalflow Customer Service as soon as you can.
Capitalflow will work with you to explore ways of dealing with your financial difficulties. It is very important that if you are in or are facing ‘financial difficulties’ that you fully engage and cooperate with Capitalflow.
Understand Your Financial Circumstances
The type of financial information required by Capitalflow to help us understand your financial circumstances will vary depending on the nature and size of a business, but will typically include the following:
- Financial information and projections
- Details of current tax position
- An up to date Asset and Liability profile of the business
- A business plan and cashflow details
This will help us to get insight into the overall financial position of the company and its performance. Please see Customer Information Booklet for Small and Medium Enterprises for further information.
Assessment
We will examine the information provided by you to assess your situation and determine whether there are any available alternative repayment arrangements (‘ARA’) on your facility repayments, taking into account your financial circumstances.
Resolution
Having completed our assessment, Capitalflow will then determine whether a particular ARA would be suitable based on your financial circumstances.
It is important that you are fully aware of the implications of any ARA before you commit to it, alternative arrangements may be affordable for your business in the short term but could be more expensive in the longer term. We recommend you seek independent legal/financial advice in this regard.
Appealing A Decision
You have the ability to make an appeal on one of the following:
- the refusal of a credit application;
- credit was approved but for a lower amount or a shorter term than requested, or with special terms or conditions required by Capitalflow;
- the withdrawal or reduction of a credit facility;
- a special term or condition which is required by Capitalflow in order to provide an alternative arrangement;
- the refusal to offer an alternative arrangement;
- you have been classified as ‘not co-operating’ by Capitalflow as set out in the SME Regulations.
You must submit your appeal in writing within 20 business days of receipt of our decision. Please see Customer Information Booklet for Small and Medium Enterprises for further details on appeals criteria.