Groups representing the most vulnerable small companies, including tourism, hospitality, and retail firms facing into the Covid-19 storm, say they are angered by the Government’s decision to allow Revenue collect a regular Vat payment at the end of next week.
, CEO of Leading Edge Group in Cork, suggests that SMEs need to make significant productivity gains and that Brexit, in whatever form it eventually takes, poses a once in a generation challenge for small business.
Royal Bank of Scotland (RBS) said its potential bill for claims against its small business restructuring division will remain at £400m (€448m) after misconduct allegations against it were dismissed by Britain’s financial regulator.
Official figures suggest the Irish economy is driving on all cylinders but a look under the bonnet reveals a less reassuring picture in which higher-than-necessary interest rates and huge mortgage debt is holding back the potential of Irish SMEs and households.
Irish banks continue to charge Irish small firms the highest interest rates in the eurozone, with a new Central Bank report suggesting the problem may have gotten worse for many SMEs, despite wholesale funding of banks resting at rock-bottom rates.
Small business lobby group Isme has slammed the level of bank lending to SMEs as “concerning” and “disappointing” after revealing the loan refusal rate has jumped from 23% to 28% of applications during the second quarter of the year.