Recent reports from the European Commission reveal that although Ireland is making progress by strengthening competiveness and achieving bailout targets, many Irish SMEs are still struggling to expand into new markets.

Graham Byrne, Managing Director Bibby Financial Services Ireland said, “The findings from the European Commission reinforce the crucial need for improved access to credit and support networks for SMEs who have faced credit rejection from Irish banks for the last number of years.

“It really comes as no surprise that Irish SMEs are facing financial stumbling blocks which is having a detrimental effect on companies attempting to break into new markets. According to the Commission Irish exports accounted for just 2 per cent of EU exports last year, however our own Irish Export Landscape Report does highlight a willingness among SMEs to export. Our results show that more encouragement from government is required in the form of the provision of information about market performance and evaluation of prospects in various countries and in the provision of finance if companies are to consider operating abroad.

Of those businesses with goods and services suitable for export: 

• 69% claim that a loosening of lending criteria and increased access to finance would encourage them to pursue overseas opportunities;• Similarly 62% cite that more information from the Government or other bodies trading within the EU would encourage interest in exports;• And 56% said that both bursaries to support trading and more on the ground support from government bodies to help evaluate prospects are also key drivers

“It is encouraging that many SMEs are making the necessary shift away from the traditional forms of lending and in this ever changing business landscape now is the time for the government and financial institutions to adapt to the situation we are in. The world of business has moved on, Irish SMEs are moving on and it is time for a collaborative approach to engage with the export business community to provide the crucial support that Irish SMEs require for growth into new markets.”

ENDs

For further information please contact Lyn Sheridan or Katrina Frazer at Aiken PR:Lyn@aikenpr.com/ Katrina@aikenpr.com  or 048 9066 3000

Notes to EditorFor further information on the Irish Export Landscape Report 2012 please visit: http://www.bibbyfinancialservices.ie/~/media/Downloads/BibbyIE/BFSI%20Irish%20Exporting%20Landscape%20Report%202012.ashx

Invoice FinanceInvoice finance enables businesses to unlock the funds tied up in one of their biggest assets, namely, unpaid customer invoices – leading to an immediate injection and then ongoing supply of cash into the business. On receipt of an invoice from a customer, an invoice finance company will typically release up to 85 per cent of its value within 24 hours. It will then undertake the credit control and collections function on behalf of its client, sending out statements and chasing the debt until it is paid. The balance, less a service charge, is paid to the business once customer payment is received.The cash flow released from an invoice finance facility can be used to pay staff wages and fulfil new orders. In addition, the monies can be used to settle suppliers’ bills more quickly, enabling businesses to benefit from early payment discounts. With the money advanced to the business based directly on actual sales, the amount of cash available to the business increases as invoices are raised

Bibby Financial ServicesBibby Financial Services is a market-leading specialist in the provision of a range of business cash flow solutions to small and medium sized enterprises. As a global provider, Bibby Financial Services operates throughout Europe, North America and Asia Pacific, with coverage in France, Czech Republic, Germany, Ireland, Poland, Slovakia, Sweden, UK, USA, Canada, Australia, New Zealand, India, Singapore and Hong Kong. As a leading independent invoice finance company we support the cash flow and growth of our clients globally through our network of local offices, ensuring genuine market knowledge and fast, flexible solutions.Our aim as a leading independent invoice finance company is to support the cash flow position and growth of our clients in both Ireland and overseas, something we have been doing now for over 25 years.

About Bibby Line GroupBibby Financial Services is supported by its parent the Bibby Line Group a business-to-business services group involved in shipowning and operation, shallow water accommodation, offshore oil and gas services, contract logistics, financial services, memorial parks, employment law and health & safety advisory services, specialist plant & equipment hire and retail.The company was founded by Liverpool entrepreneur John Bibby in 1807 and has its head office in Duke Street, Liverpool.