The Irish division of one of the world’s largest funders of small business — Bibby Financial Services — has announced details of €70m in working capital facilities available for SMEs through invoice finance.
A 70% increase on its 2014 credit facility availability, Bibby said its decision to make increased credit available to Irish businesses reflects both strong demand for alternative sources of finance, and deepening evidence that economic recovery is under way.
According to the Asset Based Finance Association, over 2,000 companies availed of invoice finance in Ireland in 2014, with the majority of Bibby customers requiring capital support ranging from €100,000 to €5m.
“More and more Irish businesses are opting for alternative sources of financing, like invoice finance, to fund their businesses as it offers more flexible options for growth. We know it is difficult for SMEs to access finance and their financial advisers are increasingly making them aware of alternatives,” said Ronan Horgan of Bibby.
“Last year, we provided credit-approved invoice facilities of over €41m, with business owners seeking working capital facilities ranging from €200,000 to €5m to cover day-to-day operation costs of their business. We see this demand continuing in 2015.”
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