Irish Economy
Trading conditions are improving for Irish SMEs
By Finfacts Team
Jun 3, 2014 - 4:23 PM

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The Department of Finance said today that trading conditions are improving for Irish SMEs with 74% (up 2%) of companies in a survey saying that turnover has increased or remained stable, 23% (up 2%) responding that they have increased staff numbers, with the proportion of profit-making businesses increasing from 48% to 51% over the survey period.

The SME Credit Demand Survey covering the period October 2013 – March 2014 was published today. This survey series, currently being conducted by Red C on behalf of the Department of Finance, is claimed to be the most comprehensive survey of SME Credit Demand in Ireland, covering 1,500 respondents and involving over 5,000 direct calls to SMEs.

However, demand for credit remains low with 35% of the 1,500 SME’s surveyed applying for credit during the six month period. Meanwhile the approval rate has improved with 81% applications approved when ‘pending applications’ are removed.

The Department said small businesses that are refused credit should avail of the services of the Credit Review Office, which is overturning approximately 55% of cases referred to them.

Credit Demand Survey Report Oct 2013 - Mar 2014

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