CLOSE BROTHERS COMMERCIAL FINANCE CONSTRUCTION SMES CONTINUE TO DRIVE FOR GROWTH

According to research by Close Brothers Commercial Finance, many Irish businesses are optimistic about the future, with more than a third of those reporting that they expect their company to expand over the next 12 months.

Construction firms across Ireland are expecting to maintain and grow their performance in 2023. Over the coming year, almost 40% say they are prioritising growth and 70% plan to seek funding. It is evident that SMEs have ambitions for development, despite the continuing economic uncertainty. However, a recent study by Close Brothers shows that many companies are not familiar with all the finance options available, which leaves some missing out on the funding solutions that are most appropriate for their needs.

Just 40% of SMEs across Ireland report that they are aware of asset finance and half of all firms indicate that they do not know what invoice finance is.

Asset Finance

Beyond traditional funding options, asset finance can be instrumental in helping SMEs to survive and thrive. At Close Brothers, we offer a range of solutions, including hire purchase, refinance and financial leases. These products enable businesses to spread the cost of new machinery or release money from existing assets, giving them funding for day-to-day tasks and additional capital to help them move forward. Our team have a wealth of experience working with the construction industry and will take the time to understand your needs and ambitions. Our asset finance solutions could provide the opportunity to raise working capital quickly at a competitive business finance rate.

Refinancing Solutions

Refinance, for example, can help asset-rich SMEs access the equity tied up in their equipment while continuing to use it for daily work.

It’s simple and straight-forward. We value the asset, ‘purchase’ it from you, and finance it back. Whether you originally own the equipment, or need to restructure another finance agreement, you will own the asset at the end of the repayment period.

Unlike traditional bank loans and overdrafts, the lending is secured against the value of your assets making it more secure and sustainable.

This highly flexible funding opportunity gives you cash up front. It’s designed with businesses in mind, providing suitable, supportive funding for practical firms.

Close Brothers

Close Brothers is a UK merchant banking group providing lending, deposit taking, wealth management services, and securities trading. Close Brothers Group plc is listed on the London Stock Exchange and is a member of the FTSE 250.

Our core purpose is to help the people and businesses of Britain and Ireland thrive over the long term. To achieve this, all of our diverse, specialist businesses have a deep industry knowledge, so they can understand the challenges and opportunities that our customers and clients face. We support the unique needs of our customers and clients to ensure that they thrive, rather than simply survive, whatever the market conditions. To find out more, visit www.closecommercialfinance.ie or call 02890995 950