Hard targets needed to soften blow for small firms
THE latest survey from the Department of Finance on lending to small and medium-sized companies is encouraging in places but very worrying in others.
These small and not-so-small companies are the life blood of the economy. About half of the private sector workforce, or 655,000 people, are employed in the country's 200,000 small companies. Even if we work elsewhere, we all know people who work in small companies or own them. Their importance cannot be overstated.
It is good news then that the percentage of credit applications from small companies that were approved by the banks rose slightly between March and September.