SMEs told an export focus will help secure loans

BANKS have money to lend to small food companies but only if they are presented with a credible export-focused business plan, according to a leading banker.

Michael Lauhoff, head of small business and agriculture at Bank of Ireland, advised food sector SMEs attending Bord Bia’s Small Business Seminar that banks have money to lend, but that they need small business owners to help them see the possibilities of new markets and future business growth.

Mr Lauhoff said: “Proposals to the bank can rely too much on historical accounting figures and not enough on what the business actually does and how it adds value.