Ireland is one of Europe’s best places to be an owner of a SME. That’s according to Ireland’s Small Business Act (SBA) Factsheet for 2015, released by the European Commission.
SMEs currently account for 99.7 % of all enterprises in Ireland, employing more than 70% of the private sector.
This follows on from last year’s Global Entrepreneurship Development Index which saw Ireland’s Global Entrepreneurship ranking rise from 17th to 12th and our overall ranking in the EU to 7th.
But the Small Business Act (SBA) Factsheet for 2015 also warned that access to finance was still a problem, despite improvements in recent years, and recommended the introduction of a systematic “think small first” policy.
The report was welcomed by Minister for Business and Employment Gerald Nash.
“But, we won’t be resting on our laurels ,” he said. “We are already examining the areas where the commission have suggested we need to do more work, such as access to finance and prompt payment and procurement.”
The report follows the publication last week of the Global Entrepreneurship Development Index, in Ireland’s global ranking rose to 12th from 17th, and the country now stands at seventh place among EU countries.
If you’re a small business owner looking for finance talk to Linked Finance today about how we can help.