April 2023
The SME Advisor Survey results for 2022 are published at:
https://sbci.gov.ie/reports
The report sheds light on the financial landscape that SMEs operate in, post-Brexit and COVID-19, highlighting current and future challenges facing these firms. The results underline the important role of finance for SMEs to grow and prosper.
The report provides an insight on the SME market from the perspective of 189 trusted SME Advisors who represent over 6,000 SMEs. While SMEs are widely surveyed, their advisors are not, and as such the results have provided unique insights which you should find beneficial.
The topics explored within this study include financing investments, ESG strategies, financial literacy, barriers to finance, capital structures, the financing lifecycle and the impact of economic shocks.
Some of the key findings from the perspective of SME Advisors include:
- For long-term investments, 58% of SMEs would opt to use bank loans, while 24% would use loans from non-bank lenders.
- Providing personal guarantees and a lack of adequate collateral are very strong barriers to SME funding.
- 30% of SMEs do not display adequate knowledge regarding financial statements.
- Only 21% of SMEs possess an environmental policy.
The report aims to inform you, our key stakeholders, about the issues affecting Irish SMEs according to their advisors. Both our report and infographic are available for you to download
here.
Source: www. sbci.gov.ie