Strong show of support for SMEs
Strong show of support for SMEs… and for BFS Ireland
On April 29, Bibby Financial Services Ireland (BFSI) launched the new Bad Debt Protection product as Richard Bruton, Minister for Jobs; Enterprise & Innovation officially opened the company’s new Irish offices. The Bad Debt Protection product, much like BFS’ other invoice finance products, are uniquely positioned to support SMEs who have been too dependent on banks for funding, and, as a result, are suffering from a lack of access to finance.
‘Thinking outside the bank’
There are no signs that the banks have the ability to meet SMEs credit demands for the foreseeable future. Ronan Horgan, Managing Director, BFSI noted: ‘We’re thinking outside the bank. We’re funding SMEs through invoice discounting facilities and through invoice finance facilities because SMEs are struggling for cash flow.’ Thus, BFS offers a viable funding alternative to SMEs that will enable them to grow.
BFSI’s message resonates well with the SME sector
BFSI could revel in an impressive list of visitors during the event. In addition to Minister Richard Bruton, there were also the representatives of several SME interest groups, and SMEs. As can be heard in their comments featured in the video on this page, there is a strong show of support for BFS’ message – and products - in Ireland.
The press turned out in large numbers to cover the event. It was widely covered by renowned broadcast, print and online media such as Newstalk, UTV Radio, Irish Independent, Irish Examiner, Irish Daily Mirror, and Business & Leadership.