Cashflow, working capital and currency fluctuations among key concerns for Irish SMEs affected by Covid-19 pandemic

Updated: 1 April 2020

Cashflow, working capital and currency issues are among the key concerns for SMEs amid the current Covid-19 crisis according to Bibby Financial Services Ireland, a leading provider of financial support and funding solutions to SMEs. The company says it is working with new and existing SME clients in many sectors to introduce and maintain appropriate financial supports during the global Covid-19 pandemic.

Mark O’Rourke, Managing Director of Bibby Financial Services Ireland, said: “Despite the severe challenges facing our society and economy at present, we’re continuing to do all we can to help SMEs cope with cashflow, working capital and currency issues. We’re working with SMEs in many sectors and looking to put supports in place that will help them in the midst of the Covid-19 crisis and once it has been overcome.”

Bibby Financial Services Ireland’s dedicated client and new business teams are working to provide:

  • Responsive funding decisions – Bibby Financial Services Ireland endeavour to make funding decisions for new applications within 24 hours providing speed of response for prospective clients.
  • Bad debt protection reviews - where required, Bibby Financial Services Ireland will undertake bad debt protection reviews for existing clients and on new applications, allowing businesses to understand which debts can be protected against customer insolvency, non-payment or protracted default.
  • Continued support for those trading overseas – funding of export and import debt via specialist Trade and Export Finance teams.
  • Foreign exchange services helping SMEs to protect against currency volatility.

Commenting on measures introduced by the Irish Government to date, O’Rourke said: “We support the measures the Government has taken to help affected businesses, including a €200 million working capital scheme with our partners the Strategic Banking Corporation of Ireland. This is an important step in helping businesses at this difficult time but more Government-backed interventions will be required.”

“We will continue to do all that we can but, as with every aspect of the fight against Covid-19, it is going to take a communal effort and we look forward to supporting and championing the wider efforts of the Government, banks and non-bank lenders. We are all in this together.”