Ireland’s leading invoice finance company is celebrating its ten year anniversary of providing funding to SMEs in the country.
Over the past decade, Bibby Financial Services Ireland (BFSI) has provided funding to hundreds of SMEs spanning multiple industry sectors and geographical areas.
Last year alone, BFSI provided €52 million worth of invoice finance to Irish SMEs, an almost 28% increase on the €41 million of invoice finance provided in 2014.
As well as growth in funding, BFSI’s presence has also expanded its number of employees during this time. The BFS Ireland team have grown from three to 30 staff members. To accommodate the growing team, BFSI opened new offices in 2014, with BFSI now headquartered in Sandyford industrial estate in Dublin.
Bernard O’Hare, Managing Director of Bibby Financial Services Ireland said: “We’re delighted to celebrate ten years of providing funding to Irish SMEs. We have grown significantly in recent years and this has enabled us to increase our support businesses across multiple sectors.
“More than ever, small and medium sized businesses need flexible funding to grow and prosper and our ambition is to boost our support for such businesses throughout the country over the years ahead.”
As BFSI continues to focus on new and innovative funding solutions for Irish SMEs, in July this year, they joined forces with the Strategic Banking Corporation of Ireland to launch a €45 million lower-cost fund for Irish SMEs. The new offering enables SMEs to access favourable rates for BFSI's invoice finance facilities and is available immediately.
The BFSI team currently work with 150 SMEs across the manufacturing, recruitment, specialist business services, transport and distribution sectors.
Bernard O’Hare said: “SMEs in Ireland are facing much uncertainty and unpredictability as the process of Brexit commences. As the UK is such a close trading partner, exports are likely to be severely impacted. Having a reliable cashflow is vital for SMEs to weather the storm of currency volatility and changing exchange rates.
“We are committed to continuing our support to SMEs through providing accessible and affordable funding in the uncertain months ahead. Our new offering in partnership with the Strategic Banking Corporation of Ireland will make funding more accessible to Irish SMEs than ever before.”
Article Published: 19/01/2017