Bank targets Polish entrepreneurs

Polish entrepreneurs who want to start a businesses in Ireland are being targeted in a new banking initiative being unveiled today.

Bank of Ireland is aiming a new business banking plan at the Polish community after research showed nearly a fifth of foreign nationals living in Ireland plan to start their own businesses.

Damian Young, who heads the bank's small business section, said: "Latest projections show the foreign national population could grow to 19 per cent by 2020.

"We have recognised the changing needs of our customer base and this is the first in a range of initiatives due to be launched to foreign nationals by Bank of Ireland."

According to the latest census foreign nationals now account for 10 per cent of the Irish population, with over 200,000 coming from Poland alone.

It is estimated up to 6-10 per cent of new businesses are now established by non-Irish owners every year. Popular projects for new start-ups include restaurants and food-related businesses, construction, consultancy and retail enterprises.

In terms of future business growth, a recent study carried out by Lifestyle Consumer Research found 17 per cent of foreign nationals surveyed planned to start their own business in Ireland over the next three to five years.