SMEs must prepare for 'inevitable' interest rate increases, CPA warns

As ECB rates rise further, CPA Ireland warned that businesses will see borrowing costs increase in the quarters ahead.

Patrick Doyle Regional Manager SouthWest Ireland, IDA, Paul O’Connell Managing Partner, Quintas, Eoin McGettigan CEO, Port of Cork, Aine Collins CPA Ireland President, Alan Healy Irish Examiner, Eamonn Siggins CEO CPA

Irish SMEs must prepare for inevitable increases in the cost of credit and borrowing, CPA Ireland has warned. The accountancy firm said that both businesses and government need to be aware of the challenges rising interest rates will bring, emphasising the need for pre-emptive action to support SMEs.

Speaking at CPA Ireland's Cork Business Breakfast, President, Áine Collins said that the challenges facing SMEs were "well articulated," citing increases in the cost of living and energy costs, uncertainties in supply chains and difficulty recruiting staff.