Wednesday 26 April 2017

FundSME approached by three international governments

FundSME chief Nollaig Fahy. Photo: David Conachy
FundSME chief Nollaig Fahy. Photo: David Conachy
Michael Cogley

Michael Cogley

Irish small business funding platform FundSME has been approached by three foreign governments to address issues in raising cash, its chief executive has said.

Dalkey-based FundSME connects businesses with a wider variety of sources of finance and says it has been contacted by three foreign countries to help deal with lending issues in the SME sector.

Speaking at the company's second annual funding event yesterday, chief executive Nollaig Fahy said issues around lending to SMEs are not exclusive to Ireland. "We are being approached by governments outside of Ireland to assist them in being part of the solution of the SME problems outside of Ireland.

"The problem for SME finance isn't just an Irish phenomenon it's right across Europe and outside," he said.

Regarding the situation here, Mr Fahy said "there are about 183,000 SMEs, there are about 12,000 new companies that come in and there's about 10,000 that basically go bust or go bankrupt.

"But of the 183,000, the top end are being minded by Enterprise Ireland and the likes of the IDA. The low end are being minded by self-finance, micro-finance, friends and family. The middle section is where we are looking and focused on," he said.

FundSME's target audience includes around 45,000 businesses which are looking for funding between €25,000 and €5m. One FundSME client became fully funded after meeting "a really good fit" for the business at the event in the Ballsbridge Hotel yesterday.

Bray-based PartyPacks.ie, which was set up by Willow King, became fully funded for expansion after securing €100,000 in funding.

Irish Independent

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