Supporting Ireland’s Small Business Sector

August 29, 2011

The Irish Banking Federation (IBF) welcomes the independent assessment by the Credit Review Office, as published today, that small and medium enterprises (SMEs) which present a sound business proposition supported by proper financial information and credible projections are successful in their credit applications.

However, the Office’s finding that many SMEs need to improve their business planning and financial skills requires a response across the wider business community and business organisations, relevant State agencies and the banking sector.

For its part, the banking sector is committed to working with other stakeholders in providing the financial and non-financial supports that the small business sector needs to help drive our economic recovery.  As things stand, a wide range of information and mentoring supports are made available to SMEs by the various business-lending banks.

However, it is clearly opportune that IBF and its member banks are currently collaborating with Chambers Ireland in the development of a new designated website which will provide a one-stop source for small businesses that will provide access to all the information they need to finance their business.

Notably, the Credit Review Office reports a continuing slowing demand for credit from SMEs.  IBF and member banks are currently participating in the work of a Department of Finance Stakeholder Group which includes the commissioning of new, independent market research to provide further insight into the nature and extent of SME demand for credit.

Note: The Irish Banking Federation (IBF) is the leading representative body for the banking and financial services sector in Ireland, representing over 80 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Information: Felix O’Regan, Director, Public Affairs, IBF, tel. 6715311, 087 6481644