Address: Ballysheedy, Gort, Galway                  Email: finance@smefinance.ie                          Phone: 085 197 5326

 A property investor is suing developer Greg Kavanagh for €6.4 million over alleged default on a debt related to loans to his company and personal guarantees.

Finance is a perennial challenge for small businesses. Lacking the capital reserves and revenue streams of their larger corporate counterparts, small and medium-sized enterprises (SMEs) are always working a fine line between maintaining positive and negative cash flow. And it can take very little disruption to push them over the edge into insolvency. 

The European Investment Bank’s (EIB) board has approved an outline finance worth €1.9 billion for Egypt to finance projects in transport and to support the small and medium-sized enterprises (SMEs) sector amid the COVID-19 crisis, Minister of International Cooperation Rania Al-Mashat announced on Sunday.

Around €80m worth of merger and acquisition activity was paused at the onset of Covid-19 within the corporate finance group at Grant Thornton, a professional services firm, in Ireland.

Easy access to finance for smaller enterprises is required for employment generation and economic recovery during and after the pandemic, experts said on Saturday.

 AIB, Bank of Ireland and Ulster Bank have committed to offering loans to small businesses under a €2 billion State guarantee scheme at costs that will be “significantly below” market rates, said Tánaiste Leo Varadkar.

Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar T.D. has announced a new COVID-19 Credit Guarantee Scheme (CGS) to make low cost loans available to businesses impacted by the pandemic.

The total amount of money owed to small businesses in late payments now stands at a staggering £23.4bn, according to payment processor Pay.UK.

The proportion of the UK’s small business leaders that cite barriers to growth has jumped from 75% to 91% in the last six months, according to Hitachi Capital Business Finance.

Banks plan to cut back on the flow of credit to eurozone businesses this summer because they anticipate that governments will wind down their loan guarantee schemes, according to a European Central Bank survey published on Tuesday.

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