New ‘Funding for Growth Advisory Service’ for Irish SMEs launched

InterTradeIreland has launched a new ‘Funding for Growth Advisory Service’ for Irish SMEs, which aims to inform them on new and alternative sources of finance.

The service includes a series of 12 free regional workshops and 20 free advisory clinics for SMEs to attend in 2015 across locations in Dublin, Cork, Limerick and Galway.

“With the upturn in the economy, there are now a lot more funding for growth options available to local companies including private equity, trade credit, peer-to-peer lending and mezzanine finance,” said Margaret Hearty, acting chief executive of InterTradeIreland. 

 “The challenge facing business is that without spending a huge amount of time researching the different options, it is difficult to know just how to access the money and which best suits their own specific business objectives.  

“As a result, SMEs have continued to resort to tried and tested avenues which may be less economically advantageous and not viable for a sustained period.” 

At the event, InterTradeIreland also launched its new ‘Firm Growth, Credit Constraints and Financial Distress’ cross-border study of 2,500 businesses. 

Aidan Gough, strategy and policy director for InterTradeIreland, commented: “Our new report has confirmed that firms continue to use short-term sources of finance and demonstrates that larger and more established firms are more likely to use all of the different finance types, while smaller and younger firms have access to a less diversified set of products and remain more likely to be credit constrained.

“Interestingly, application rates for credit fell between 2012 and 2014 and the percentage of firms identified as credit constrained fell by half during that same period.  

“It was also encouraging to note that the percentage of firms reporting no experience of financial distress increased from 40pc in 2012 to 63pc in 2014.” 

Gerard Keenan, executive chairman, Keenan Group and Donal Garrihy, managing director of 2468 Group spoke about their funding journey at the launch event in Croke Park.

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