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Alternative sources of finance for Irish SMEs

Niall O’Donnellan, Head of Investment services, Enterprise Ireland; Junior Finance Minister Simon Harris; John Power, chairman IFPI; Natalya Kane, financial controller, KC Peaches. Photo: Paul Sherwood.

Last Friday Minister Simon Harris officially launched the Independent Finance Providers Ireland (IFPI) at a special event hosted by Enterprise Ireland at their East Point headquarters.

The Independent Finance Providers Ireland group will promote and represent finance providers who are already operating in Ireland but may not be part of the domestic banking industry.

IFPI counts 16 members companies including the likes of invoice finance group Bibby Financial Services and peer-to-peer lender Grid Finance.

Chairman John Power said that the organisation aims to make small and medium businesses aware that there are other options for securing capital besides the pillar banks.

The group also released a study to coincide with the launch. The survey of almost 600 companies found that 96% expect to expand next year, with 37% expecting to require funding for their growth. 46% reported issues accessing finance, with more than half saying Irish banks are "very cautious" about lending.

Read related articles:

Alternative finance body aims to fill the funding gap for SMEs – Irish Independent

SMEs prepare for growth but access to finance still an issue – The Irish Times

John Power's presentation at the launch of Independent Finance Providers Ireland on the 3rd of December 2015. 

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