Minister McGrath Publishes SME Credit Demand Survey 2023
Foilsithe
An t-eolas is déanaí
Teanga: Níl leagan Gaeilge den mhír seo ar fáil.
Foilsithe
An t-eolas is déanaí
Teanga: Níl leagan Gaeilge den mhír seo ar fáil.
The Department of Finance has today published the latest in its series on SME Credit Demand Surveys which covers the period January 2023 –December 2023. This is the first survey in this series that covers a full calendar year, with the survey being conducted bi-annually previously. The last bi-annual wave covered the period April-September 2022.
This survey series is currently being conducted by Ipsos B&A, on behalf of the Department of Finance. It is the most comprehensive survey of SME Credit Demand in Ireland, covering over 1,500 respondents through in-depth discussions. The survey captures a full picture of the SME landscape in Ireland, with micro-enterprises, small-sized enterprises and medium-sized enterprises accurately represented as per the percentage make-up of SMEs in Ireland.
Key results include:
On the publication of the SME Credit Demand Survey Minister for Finance Michael McGrath TD stated:
“I welcome the results of the latest wave of the SME Credit Demand Survey. SMEs are the lifeblood of the Irish economy accounting for 99.8% of all businesses and 69.2% of all employment in the business economy.
Today’s report is a critical tool to understand how the sector is performing and how needs for credit are being met. The survey series provides Government with vital information on which to base policy initiatives that support businesses to manage rising costs and further invest, including the Temporary Business Energy Support Scheme (TBESS), the Ukraine Credit Guarantee Scheme (UCGS) and the Growth and Sustainability Loan Scheme (GSLS), among a range of other policy measures.
I am pleased to see that the vast majority of firms applying for credit can access it, supporting investment and continuing job growth across the economy. It is imperative that SMEs’ applications for credit are assessed quickly, and that they are informed of their rights to reviews and appeals.
I would like to thank the businesses that partook in this survey wave."
Ends
Background of report
The SME Credit Demand Survey was conducted twice-yearly from 2011 to 2022 to monitor trends in access to credit by SMEs. The 2023 report was based on the full calendar year and the survey will be carried out annually in future.
The Department has commissioned this SME Credit Demand Survey to have a representative and reliable source of evidence on the business environment for SMEs and their need for credit. The survey was conducted through telephone interviews covering over 1,500 businesses. It drew on a carefully constructed sample from a large database of SMEs and made repeated calls to ensure a full response and asked factual questions. The full questionnaire is included in the report. The report and previous reports are available on the Department of Finance website at: SME Credit Demand Surveys.