While the economy is improving, the ease at which Irish businesses can get the necessary funding to grow is worse than it was two years ago and represents the dominant barrier for new businesses.
This was the primary contention evidenced by the latest Big Red Cloud Business Sentiment Survey – and that’s bad news for thousands of Galway employers and jobs.
The most recent CSO statistics reported that there were 13,486 SMEs in Galway – and between them, they employ over 42,000 workers.
Big Red Cloud – a leading supplier of online accounting software to the Irish SME market – asked over 250 business owners/managers throughout Ireland their opinion on what they believe are the primary challenges faced by entrepreneurs, as well the main hurdles faced by already established SMEs.
The software providers then compared the findings with the same Big Red Cloud survey conducted 24 months ago.
“Sourcing the funds to propel your business forward is always a challenge, but it’s notable that in the last two years, more business owners have begun to identify this as an even greater problem,” revealed Marc O’Dwyer, CEO of Big Red Cloud.
“One might have assumed that credit issues would not be as pronounced, with the economy improving as it has been, but in 2016 23% of businesses said this was the major struggle for established SMEs and this actually rose in 2018 to 29%.
“The most recent CSO statistics reported that there were 13,486 SMEs in Galway. If, as per our survey, 29% are struggling to get credit then this would equate to 3910 businesses.
For more, read this week’s Connacht Tribune.