With the shoots of economic recovery taking hold, SMEs, who may have been cautious about growing their businesses are now starting to look for opportunities to develop their companies. InterTradeIreland can help those SMEs find funding for growth.
The challenge of where to find funding for this expansion can often appear daunting. However, the upturn has presented new prospects for funding from some unexpected places.
In addition to traditional sources of finance, there are alternative avenues for raising capital which many SMEs may not have considered before including mezzanine finance, private equity, trade credit and invoice discounting.
Without financial expertise it may feel like an impossible task to try to work out which is the most suitable route for your company and how to go about accessing these monies.
It is therefore no surprise that approximately 40% of firms use their overdraft facility which may not always be cost effective and may not prove to be the best solution in the longer term. Larger firms are more likely to use a number of different finance types while smaller and young firms have access to a less diversified set of products and may be less sure about where to go for information.
To make funding options more accessible for SMEs, InterTradeIreland is launching its new Funding for Growth advisory service which kicks off with two launch events in Croke Park, Dublin on February 10 and The Ramada Hotel, Shaw’s Bridge, Belfast on February 12.
In addition to the launch events, where over 50 funders will be exhibiting, the body has also announced a series of 24 regional workshops and 40 advisory clinics over the next two years. The first Northern Ireland workshop will take place in Belfast on Tuesday 24 March.
The aim of the service is to make SMEs seeking funding for growth aware of the opportunities that currently exist in both Ireland and Northern Ireland. It will also offer advice on their suitability for raising this type of funding and equipping them with the necessary tools to take their plans forward.
For more details please visit www.intertradeireland.com/funding_for_growth