SFA welcomes bank funds

Date: 23rd July 2010

Small businesses in Ireland could be among those to benefit from €6 billion worth of business funding over the next two years.

The Bank of Ireland and Allied Irish Banks have announced that they are to lend €3 billion each during that period.

According to the Small Firms Association (SFA), the funding means a number of businesses across the country will stand a better chance of survival.

Avine McNally, the organisation's acting director, said: "The commitment given by Bank of Ireland and Allied Irish Banks to lend €3 billion each over the next two years is key, as it will mean that many more businesses will survive and with them the all important jobs that they provide."

The comments follow the publication of a recent SFA study, which revealed that 20 per cent of small businesses in the country have seen the availability of working capital decrease over the last quarter.

According to the research, 15 per cent of small firms reported increased difficulty in accessing investment finance.

Posted by Thomas Fletcher