Third of SMEs just about breaking even amid struggles for external finance [Video]

One in three SMEs are just about breaking even in the current economic landscape, according to research from Bibby Financial Services Ireland.

However, nine in 10 (90%) small and medium-sized businesses in Ireland agree that the government needs to urgently review the supports available to firms to ensure they are fit for purpose.

A further half (52%) said that the government is currently doing more to support large foreign direct investment multi-national companies than SMEs.

Despite the challenges, two-thirds (67%) say they expect sales to grow, and the vast majority (91%) are planning to invest in their businesses over the coming months.

Additionally, more than a quarter (28%) are hoping to recruit in the next six months.

The survey also shows that a third (34%) of SMEs have been rejected for external finance in the past 12 months, rising to 77% among firms that have suffered from bad debt recently.

Of those that use …