Galway firm’s landmark loan

A Galway company has become the landmark 10,000th customer to receive AIB loan approval within 48 hours – further evidence of seen a significant increase in SME activity in the first half of this year.

Eco Drop, a small waste water company employing eight people based in Barna, received funding under the SBCI loan fund.

The company contributed to a 48 per cent increase in funds availed of, on the same period last year.

And the loan approval is the latest chapter in what is a growing local success story.

It began when Gary Regan, founder of Eco Drop, returned to Ireland in early 2007 after 16 years living and working in America.

He worked in construction but with the downturn in that sector in mid-2008, Gary set up his first business, Gary’s Cycles and Garden Machinery.

In early 2014, Gary spotted a need for maintenance and repair of wastewater treatment plants and septic tanks and established Eco Drop.

“There were a few people operating in the industry but nobody was doing it at a scale or as professionally as I felt we could. Initially it was all about getting the right staff, they’re key to everything,” said Gary.

Responding to customer demand, the loan Eco Drop received was used to invest in new vehicles, which are fully kitted out with diagnostic equipment, such as CCTV for checking pipes, and tools allowing them to undertake repairs on different scales varying from a domestic septic tank to a waste water treatment plant.

Further plans are in place to expand in the coming months, with Eco Drop getting ready to move to a new, larger premises and already advertising for new staff.

“Forty-eight hour approval on my loan from AIB helped me get my business up to speed faster. The confidence AIB has shown in my business with this loan has helped in moving my business to the next level.

“After the new premises, our next step is probably buying a de-sludging truck. It would be a significant investment but is something that would allow us to take on jobs we can’t do at the moment.

“In ten to fifteen years, I’d like my business to be running exactly as I want it, to have some security. Everything happening now, with AIB’s backing, is a step to that.”

Eco Drop is one of a growing number of small Irish companies to benefit from the €2.5 billion in credit that AIB has approved for the SME sector in the first six months of 2015, sanctioning 95% of small business and farmers credit applications received.

For more, read this week’s Connacht Tribune.