The Covid-19 pandemic has put small businesses under considerable financial strain relative to larger companies, with the shock to their turnover creating significant cash-flow challenges in some sectors, Central Bank deputy governor Ed Sibley said at a SFA webinar on Wednesday. Small and medium-sized enterprises (SMEs) are operating in a very difficult and uncertain environment, despite interventions to cushion the effects of the crisis, he [...]
EUROZONE economic activity slipped back into decline this month as a second wave of the coronavirus swept across the continent, heightening expectations for a double-dip recession, surveys showed on Friday. Renewed restrictions to control the pandemic forced many businesses in the bloc’s dominant service industry to limit operations, and nearly 90pc of economists polled by Reuters last week said there was a high risk the [...]
The cost of borrowing for lrish SMEs is more than two and a half times the euro area average, according to new interest rate data published by the Central Bank. Small businesses in Ireland were paying an average interest rate of 5.03pc in August on borrowings up to €250,000. However, the equivalent euro area rate was just 1.90pc. That gap is far wider than the [...]
As businesses across Ireland prepare to accelerate their recovery from the impact of Covid-19, Enterprise Ireland has seen a significant increase in demand for the Sustaining Enterprise Fund (SEF) which was launched in April of this year specifically to help companies negatively impacted by the pandemic. The SEF offers qualifying businesses funding of up to €800,000 which comprises up to €200,000 in non-repayable grants and [...]
Irish SMEs have lost more than €10bn in revenue as a result of the economic disruption caused by Covid-19, according to new estimates by the Central Bank of Ireland (CBI). In a financial stability note published today, the CBI estimated revenue shortfalls across the SME sector range between €10.3bn and €11.7bn, putting many small businesses in financial distress. While the bank said that many of [...]
Irish online verification company ID-Pal has raised €1 million in funding to fuel expansion. The company, which was founded by Colum Lyons in 2016, is a Software-as-a-Service (SaaS) developer that provides solutions for businesses to ensure compliance with regulatory identity requirements. The company uses mobile technology to allow clients to facilitate verification of their customers’ identities quickly and easily. Clients include AIB Merchant Services, Elavon, Fexco, Mercer [...]
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