Bank of Ireland has committed €20 million to upgrading its business lending infrastructure, launching a digital Business Borrowing Hub designed to significantly reduce application times and improve the borrowing experience for small enterprises and agricultural customers, according to Think Business.

The platform, already in use by thousands of customers since its launch last year, enables some applications to be completed in as little as three minutes. Credit decisions can be issued within an hour in certain cases, with funds reaching customer accounts within 24 hours.

Since launch, the Hub has processed more than 12,800 applications representing lending demand of over €433 million, with demand concentrated among small businesses and farmers — two segments that frequently require fast access to funding.

Bank of Ireland plans to expand the platform further in the fourth quarter of this year, increasing the borrowing limit available through the Hub from €120,000 to €1 million for existing customers.

Susan Russell, chief executive of Retail Ireland at Bank of Ireland, said: "As leading lender, our ambition is to make business lending simpler, faster, and more intuitive."

Russell added: "By doing so, we empower business owners to focus on what truly matters, building, running, and growing their businesses while strengthening the trusted relationships we share with them."

She said the investment reflects the bank's broader commitment to delivering meaningful improvements to the business customer experience through continued technology investment and the work of its colleagues.

The Business Borrowing Hub forms part of Bank of Ireland's wider strategy to modernise customer-facing financial services and deepen engagement with the SME and agricultural sectors across Ireland.

For the full details of Bank of Ireland's Business Borrowing Hub investment, read the complete report.