‘Too few firms applying for finance’

Too few companies are applying for finance or exploiting innovation, a new study by cross-border trade body, InterTrade Ireland has found.

The latest business monitor from the Newry-headquartered organisation shows a mixed bag of results; with 70% of firms admitting to not having developed any new products or services in the past three years; instead spending their money and time on a mix of cost-cutting and sales growth, rather than product development.

It also found that only just over two in every 10 companies are tending to apply for new financing; however, it did note that of those who are, few are reporting that they are unsuccessful in their applications. The main problem, in this regard, seems to be a lack of awareness of available support schemes from state agencies.