Signs of Recovery but ‘Boom time’ debts still hampering SME Growth
Chambers Ireland has today (10/11/14) said that the latest report from the Credit Review Office shows that the recovery of Ireland’s SME sector is gaining momentum.
SMEs whose cases were reviewed by the CRO are more optimistic about their future, and with many predicting increases in turnover and profitability, they are aiming to grow.
Speaking this morning, Ian Talbot, Chief Executive, Chambers Ireland said “The entrance of the Strategic Banking Corporation of Ireland, and eventually PTSB, to the SME lending market will add to the various credit facilities already on offer from the banks, and help support this renewed growth amongst SMEs.”
“However, there is still a significant cohort of SMEs who are unwilling or unable to invest in order to grow. These businesses are hampered by debt they took on during the boom years, and whose main focus is now on refinancing or paying down these debts. This is in many ways a lost opportunity for Ireland’s economic recovery, as these businesses would under normal economic conditions be in a position to expand, grow their profits, and take on new employees,” he concluded.