Bibby has €60m to fund SME sector

One of the world’s largest funders of small business has pledged €60m to develop Ireland’s SME sector.

The new fund — being established by the Irish division of Bibby Financial Services — is aimed at helping Irish SMEs to generate cashflow in order to sustain and/or grow their business.

Commenting on the fund, the newly-appointed managing director of Bibby Financial Services Ireland (BFSI), Ronan Horgan, said: “Like all SMEs, our clients sell goods and services and many under their credit terms have a 60 or 90 day wait for payment. With day-to-day operating costs and staff salaries to pay, this arrangement is sometimes unsustainable for Irish SMEs. BFSI offers an alternative and more flexible source of finance called invoice finance where we buy those invoices, generating cash for the business.”