Friday 25 May 2018

Credebt pledges €10m for SMEs

Ailish O'Hora

Ailish O'Hora

Invoice discounting specialist Credebt Exchange has pledged €10m in funding for small businesses. The funding will be available to suitable SMEs attending the FundSME conference at the RDS on May 28.

The event is designed as a one-stop shop linking SMEs with the most suitable funding provider, from bank-lending to crowdfunding.

With 200,000 SMEs in Ireland, access to finance from traditional banks and other sources remains a stumbling block for these firms despite improvements since the height of the recession.

And while there are over 100 sources of funding across Government and private sectors totalling more than €6bn, a recent survey of nearly 2,000 SMEs showed a lack of awareness of these supports, particularly non-banking grants.

In addition, many SMEs experience delays receiving payment on time.

Credebt Exchange was founded by Patrick Reynolds two years ago and he expects turnover at the firm to double to €40m this year.

"Invoice discounting is a straightforward form of working capital for SMEs," he said. "By keeping costs down for our clients, as much working capital as possible is freed up."

Sunday Indo Business

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