The world of business funding, and where and how to access new or alternative sources of finance can be a confusing one – especially for SMEs with limited resources and less time to spend on researching such issues. With that in mind, InterTradeIreland has developed and launched a new free ‘Funding for Growth Advisory Service’ to help educate and inform businesses across the island.
What is the new service?
The service, which will be delivered by experienced consultancy firm Grant Thornton, will include a series of free regional workshops and advisory clinics from March – November 2015.
The first workshop in the south will take place in Dublin on 5 March, followed by the first in Northern Ireland to take place in Belfast on Tuesday 24 March.
Participants will learn about funding options for their business and will have the opportunity to network with funding providers. Following this, one-to-one advisory sessions with a corporate finance expert will be set up with those who are in a position to secure funding and who meet the relevant criteria.
How will it help?
The purpose of the service is to signpost SMEs to practical funding options that best suit their business requirements. With the upturn in the economy, there are now a lot more funding for growth avenues available to local companies including private equity, trade credit, peer to peer lending and mezzanine finance.
Why is it necessary?
The challenge facing business is that without spending a huge amount of time researching the different options, it is difficult to know just how to access the money and which best suits your own specific business objectives. As a result, SMEs have continued to resort to tried and tested sources which may be less economically advantageous and not viable for a sustained period.
InterTradeIreland’s ‘Access to Finance for Growth’ report in 2013 estimated that bank funding to SMEs in Northern Ireland accounted for over 90% of credit taken up by SMEs, much of which is short-term financing in the form of overdrafts.
For more information
Click HERE for further information on the new InterTradeIreland Funding for Growth Advisory Service including dates for the workshops and clinics.