Only 30% tech firms to seek credit

Only three-in-10 Ireland-based technology firms plan to seek bank credit this year, with the majority of growth-orientated companies set to fund the expansion of their businesses via their own resources, according to new research.

The findings form part of a survey conducted by Amárach Consulting on behalf of AIB (the latest in a series of sectoral outlook reports from the bank) and in partnership with the Irish Internet Association and the Irish Software Association.

The survey shows of the 90% of tech firms that plan to expand in 2014: two-thirds will fund their own growth; three-quarters are planning to grow their workforce; 60% are looking to export markets to grow their business and most see the issue of scaling operations (rather than access to credit) as their main growth challenge.