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21/04/2008
Smaller NI Companies Look To Expansion
The NI Executive's Economy Minister Nigel Dodds has spoken out about prospects for the Province’s smaller companies.
Commenting on a new survey published today, he said: "Northern Ireland's small business sector is hugely important to the local economy. It is vital that we explore new ways to develop smaller enterprises, as they are fundamental to Northern Ireland's growth.
"One of our targets is to grow local businesses, through Invest NI support," he said.
Mr Dodds was commenting on a nationwide survey carried out by Small Business Finance Barometer, which revealed that half of SMEs polled in Northern Ireland expected their business to expand in 2008.
While nearly a third of small and medium Enterprises (SMEs) polled said their main concern was competition from other similar products, the companies - who have less than 50 (small) or less than 250 employees (medium) - working for them, were expecting growth.
Nearly 80% of all businesses in Northern Ireland fall into this category.
Harry Parkinson, Managing Director of Close Invoice Finance in Ireland, said: "I'm broadly encouraged by SME's dogged determination to keep their expansion plans on track despite the gloomy economic outlook.
"But with banks getting tougher on the credit they extend to growing businesses, many SMEs will need to look outside traditional finance routes if their are to keep their growth plans on track."
Throughout the UK, 56% of SMEs polled expected their businesses to expand and only 6% believed that their business would close down over the next 12 months.
Nearly half (27%) of all UK SMEs reported that bank loans were their primary source of investment.
The survey polled 195 companies in GB and Northern Ireland.
(BMcC)
Commenting on a new survey published today, he said: "Northern Ireland's small business sector is hugely important to the local economy. It is vital that we explore new ways to develop smaller enterprises, as they are fundamental to Northern Ireland's growth.
"One of our targets is to grow local businesses, through Invest NI support," he said.
Mr Dodds was commenting on a nationwide survey carried out by Small Business Finance Barometer, which revealed that half of SMEs polled in Northern Ireland expected their business to expand in 2008.
While nearly a third of small and medium Enterprises (SMEs) polled said their main concern was competition from other similar products, the companies - who have less than 50 (small) or less than 250 employees (medium) - working for them, were expecting growth.
Nearly 80% of all businesses in Northern Ireland fall into this category.
Harry Parkinson, Managing Director of Close Invoice Finance in Ireland, said: "I'm broadly encouraged by SME's dogged determination to keep their expansion plans on track despite the gloomy economic outlook.
"But with banks getting tougher on the credit they extend to growing businesses, many SMEs will need to look outside traditional finance routes if their are to keep their growth plans on track."
Throughout the UK, 56% of SMEs polled expected their businesses to expand and only 6% believed that their business would close down over the next 12 months.
Nearly half (27%) of all UK SMEs reported that bank loans were their primary source of investment.
The survey polled 195 companies in GB and Northern Ireland.
(BMcC)
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