€70m in working capital available for Irish SMEs

The Irish division of one of the world’s largest funders of small business — Bibby Financial Services — has announced details of €70m in working capital facilities available for SMEs through invoice finance.

A 70% increase on its 2014 credit facility availability, Bibby said its decision to make increased credit available to Irish businesses reflects both strong demand for alternative sources of finance, and deepening evidence that economic recovery is under way.

According to the Asset Based Finance Association, over 2,000 companies availed of invoice finance in Ireland in 2014, with the majority of Bibby customers requiring capital support ranging from €100,000 to €5m.