Export firms forced to use credit cards to move goods, survey reveals

IRISH exporting firms are having to resort to using their credit cards, bank overdrafts and — in some cases — owners’ personal savings to fund the movement of their goods abroad, according to a new report.

The study — conducted by Dublin and Belfast-based company, Bibby Financial Services — offers a stark reality to conditions in Ireland’s export-focused business community; consistently held up by Government as the key path to recovery and growth for the national economy.

However, according to Bibby’s findings, 25% of respondents are relying on bank overdrafts to fund their export activity. Another 14% are using credit cards to cover costs, while 11% of firms confessed to having to dip into their personal savings to pay the relevant costs.