Range of supports for businesses planned for July Stimulus welcome but SMEs should be aware of
other options that allow them to remain debt-free as they deal with fallout of Covid-19
Bibby Financial Services Ireland, a leading provider of financial support and funding solutions to Irish SMEs, has welcomed planned efforts by the Government to support SMEs as part of the forthcoming July Stimulus package of economic measures.
However, it has also stressed that SMEs need to be aware of the wider range of financial options available to them as they deal with the ongoing fallout of Covid-19, and that taking on additional debt will be unsuitable for many businesses at this time.
Bibby Financial Services Ireland has instead highlighted the fact that there are many options available to businesses that don’t want to take on additional debt, such as Invoice Finance.
Mark O’Rourke, Managing Director of Bibby Financial Services, says: “SMEs have been severely impacted by the effects of Covid-19, and we welcome the fact that the proposed July Stimulus will include a range of measures to kickstart the economy and the SME sector in particular.
“However, many SMEs will be wary of accruing further debts in the face of mounting overheads. For this reason, businesses should strongly consider the benefits of Invoice Finance, a reliable, tried and tested alternative to taking on long-term debt.
“Invoice Finance can provide SMEs with the fast access to cash they require, but without taking on debt. Instead, businesses can utilise their sales ledger to free up cash from unpaid invoices, and this is then repaid by their customers. With many businesses in the same boat and facing difficulties, average debtor days are creeping up, making Invoice Finance more attractive than ever. Above all it’s vital that SMEs are made aware of all of their finance options at this difficult time.”