Gaining Access to Credit a Growing Concern for Irish SMEs, Survey Finds

While the economy is improving, the ease at which Irish businesses can get the necessary funding to grow is worse than it was two years ago, according to a survey. The Big Red Cloud Business Sentiment Survey also revealed that, while both new and established businesses face the same business challenges, the level of difficulty and concern those challenges pose differs greatly between the two groups.

The survey was carried out by Big Red Cloud, a supplier of online accounting software to the Irish SME market, with over 250 business owners and managers throughout Ireland. It asked respondents what they believe are the primary challenges faced by entrepreneurs, as well as what the main hurdles faced by established SMEs might be. The software providers then compared the findings with the same Big Red Cloud survey conducted 24 months ago.

Speaking of the findings, Marc O’ Dwyer, CEO of Big Red Cloud, said: “Figures from the Central Statistics Office (CSO) report that there are 248,344 Small and Medium Enterprises active in Ireland, employing some 968,881 people. The contribution these businesses make to our economy is enormous. So, we, and more specifically our Government, need to ensure that the supports and structures that will allow these businesses to not only survive, but thrive, are in place.

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“We need to nurture our emerging business sector. There are thousands of people out there who put their necks on the line every year in the hope of starting a commercial enterprise, that will not only provide them with income, but will also employ people in their region, and support other indigenous businesses. If supporting our established SMEs is a natural step in good fiscal planning, then encouraging our start-ups is the next piece of the puzzle.”

Pictured above: Marc O’ Dwyer, CEO, Big Red Cloud