Fine Gael TD for Dublin Fingal, Alan Farrell is encouraged by findings in the SME Credit Demand Survey which show that trading conditions for SMEs have improved significantly over the last six months.
“The Credit Demand Survey has shown that trading conditions for SMEs improved in the period between April and September of this year. In fact, 84% of SMEs have stated that their turnover has either increased or remained stable.
“This report shows that, as the economy continues to improve, the conditions for doing business improve correspondingly. SMEs are the most important jobs creators in the State and start-up SMEs, in their first five years of business, account for two-thirds of all new jobs created. As such, more jobs will be created in local communities as the business environment enhances.
“There is also positive news regarding the outlook of SMEs towards accessing credit. Less than a quarter of SMEs now state that they believe banks are not lending, however, only 31% of those surveyed actually applied for credit in September. In saying that, banks are more readily lending to businesses of all sizes with 86% of credit applications being approved. I would urge business owners in the North County to visit the Government’s online ‘Supporting SMEs’ tool to view the supports which are available to them and can assist them in further growing their business and securing its future. In addition to this, the Strategic Banking Cooperation of Ireland was established by the Government to improve the availability of credit to SMEs.
“The Credit Demand Survey has identified that “further communication of Government supports is necessary in order to boost potential for growth.” I believe that it is of the utmost importance to ensure that business owners are fully informed of the resources available to them.
“I am encouraged by the fact that the business environment for SMEs is improving and this will only get better as the economic recovery continues. I will continue to push for further supports for SMEs who are vital to the well-being of local communities in Dublin Fingal, and throughout the country.”