herald

Thursday 16 August 2018

Bosses take loans to save their firms

A SIGNIFICANT number of Irish companies are relying on credit cards and bank overdrafts to fund their export activities.

Most firms receive little or no assistance from Government agencies when trading abroad, according to the survey carried out by export invoice financier Bibby Financial Services.

More than one in ten business owners and managers admitted they would need to dip into their own personal savings. But 71pc said that they would be encouraged to export if they could access funding more easily.

"It is worrying that Irish exporters are funding overseas activity with temporary and costly finance solutions in the form of overdrafts and credit cards," said Graham Byrne, of Bibby.

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