Report calls for greater diversity of funding sources for SME sector

A greater diversity of funding sources is required for credit-starved small and medium enterprises, according to a new report.

The ‘Access to Finance for SMEs’ report, compiled by the Joint Oireachtas Committee on Jobs, Enterprise and Innovation, found an over-reliance on the banking sector as a source of finance for Irish SMEs and recommended the development of non-banking sector funding initiatives to fund growth in the sector.

Committee vice chairman John Lyons said that supporting the SME sector was crucial to achieve economic recovery and that access to credit was a major concern within the sector.