Sunday 18 February 2018

SMEs push to be at heart of economic revival plan

Small Firms

Siobhan Creaton

POLICIES to support small and medium-sized businesses should be at the heart of the EU's economic recovery plan, according to the Small Firms Association.

At the start of EU SME Week, SFA chairman Ian Martin called on the Government to prioritise the implementation of the EU Small Business Act.

"The Small Business Act emphasises the importance of designing SME-friendly legislation and reducing the administrative burden on small business," he said.

"There is nothing more irritating for a small business to devote time to non-productive activities in response to what often seems (like) needless legislation.

"It is not just a question of applying regulatory impact assessment to new legislation, it is also necessary to go back through legislation developed over the past seven years and weed out those elements which impose an intolerable burden."

Mr Martin said access to finance remained the single biggest issue for the small business community and added the banks had to make it clear that they were open for business.

The banks needed to show they were assessing loan applications based on the business persona and the business plan, he said, rather than on the security and personal guarantees they could offset against the loan.

Irish Independent

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