NEW figures from Bibby Financial Services Ireland, a leading provider of financial support and funding solutions to SMEs, show that the number of Munster-based clients using its alternative funding services and products has doubled over the past year.
The increase comes as Munster SMEs face the twin challenges of rising costs and a changed export market following Brexit.
Since opening its new Cork office last June, the Bibby Financial Services has seen a significant increase in queries from SMEs across Munster who wish to explore alternative sources of funding and ways of safeguarding their cashflow.
Enquiries have come from businesses across a range of sectors including wholesale, manufacturing and professional services. In particular, many businesses are looking to secure quicker access to financing than that provided by the major banks.
As well as turning to alternative forms of funding, Bibby Financial Services’ most recent SME Ireland Confidence Tracker indicated that 38% of SMEs have established new supply sources, while 32% have negotiated new agreements with buyers and suppliers. A third of SMEs surveyed said they had applied for some form of business funding in the past six months, with 28% citing rising costs as the largest barrier to investment in their business.
Stephen McCarthy, Head of Sales for Munster, Bibby Financial Services Ireland, said: “Munster has a vibrant SME sector, and over the past six months we’ve seen a big jump in the number of businesses looking for financial support and advice, no doubt spurred by the departure of the UK from the EU and the need to look to new markets.”
Seán McGrath, Managing Director at Hamilton French, the specialist recruitment agency based in Cork, said: “The funding provided by Bibby Financial Services has been crucial to fuelling our business’s growth over the past few years. Working closely with the team at Bibby, we’re better positioned to absorb any disruption to cashflow caused by late payments or other issues, and provide a specialised service to in the construction, pharmaceutical and technology sectors.”
Bibby Financial Services Ireland is a leading provider of financial support and funding solutions to Irish SMEs. The company helps businesses to thrive and grow in domestic and international markets by providing tailored and flexible funding solutions for a range of scenarios including cashflow funding, new equipment purchase, growth and expansion, management buy-ins and buy-outs, refinancing, corporate restructuring and mergers and acquisitions.
Bibby Financial Services Ireland’s funding portfolio includes confidential invoice, trade and export finance, foreign exchange services, bad debt protection and specialist funding for a range of sectors. With a 95% client satisfaction rating, our clients have confidence that we support their business.
For more information about Bibby Financial Services Ireland, please visit: www.bibbyfinancialservices.ie