SMEs
A fifth of Irish small businesses applied for bank credit in 2023
Four-fifths of SMEs reported either no change or an increase in turnover in 2023, while 88 per cent made a profit or broke even
Just under a fifth of Irish SMEs applied for bank credit last year, according to new figures from the Department of Finance.
In a department survey of more than 1,500 business owners in Ireland, 18 per cent reported applying for bank finance in 2023 – similar to levels reported in recent years.
The average credit application saw SMEs apply for €186,000, with 88 per cent of loan requests approved.
The average SME reported having €369,000 ...