The European Commission believes that Irish SMEs are too heavily reliant on their home market. Not only that but they believe we are paying too much interest on our business loans. There are just two of the findings in a recent report on SMEs in 2015.
The recent report from Brussels was also critical of the government, saying it needed to do more to consult small and medium sized businesses. It noted that Irish SMEs were adversely affected by the financial crisis but had seen “significant and sustained” recovery since 2011. It also stated that Ireland’s performance in this sector is above the E.U. average in 6 of the categories they take into account.
It did recommend however that Irish companies continue to look toward international expansion to lessen their reliance on the domestic market.
Commenting on the report, Minister for Small Business pointed out that Irish SMEs are some of the top performers in Europe. He said, “I want to ensure we remain on top”, and remarked that “to maintain this leading position our SMEs must continue to be paramount in our minds in everything we do”.
If you are the owner of an Irish SME looking to enter an overseas market, talk to Linked Finance about securing the finance you need to get going.