A Central Statistics Office report in Ireland made interesting reading for small and medium sized enterprises (SME’s) in the country.
The survey found exporting SMEs were more successful than non-exporting SMEs when applying for bank finance.
The Strategic Banking Corporation of Ireland (SBCI) urged Irish SMEs to explore new sources of funding in addition to traditional bank lending. SBCI chief executive Nick Ashmore said Irish SMEs are more dependent on banks than SMEs in other countries and that they should be alert to the increasing number of non-bank funding options that have emerged in recent months.
“Irish SMEs have been paying more to borrow than similar businesses across Europe.”
Micro and small businesses in Ireland face an uphill struggle when it comes to raising bank finance.
