Private investors open a door to new flexible funding for SMEs
Small firms are availing of a range of new alternative funding options as confidence builds in the local economy
Paul O Donovan (centre) with members of staff at accountants Paul O Donovan and Associates, Cork. Picture: Gerard McCarthy
Fri, 16 Apr, 2021 - 08:54
Joe Dermody
Private equity investment options and a range of new alternative funding sources are offering SMEs a choice of viable routes back to business growth.
Many SMEs have also been quick to avail of the State s various schemes to help sustain business through the Covid-19 pandemic. These various funding lifelines are being seized by SMEs, as was clear at the recent Paul O Donovan & Associates (POD&A) virtual annual conference.
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The €2bn Covid-19 Credit Guarantee Scheme (CGS) launched as a central pillar of the Government’s July Stimulus has distributed less than 10pc of its available funding halfway through its life-span, according to statistics compiled by the Department of Enterprise.
Minister McConalogue meets Ulster Bank CEO on bankâs Irish exit
The Minister for Agriculture, Food and the Marine Charlie McConalogue T.D., today met with Ulster Bank Chief Executive Jane Howard following the bankâs decision to start exiting the Irish market.
Minister McConalogue said,
âI am pleased to have had the opportunity to engage with the CEO and her colleagues on the bankâs decision to exit the Irish market.
âThis is a difficult situation for many customers and I stressed the need for continued engagement and communication between Ulster Bank, its customers and its staff in the coming weeks and months. It is crucial that the immediate servicing of customers continues which Ms Howard confirmed would happen and she assured me that the bank has capacity to continue to lend to their customers. I also stressed the need to protect, where at all possible, the branch network footprint.