Small and Medium sized enterprises (SMEs) have been severely impacted by the COVID-19 pandemic and their survival and recovery is critical to the economy.
At this point in time, SMEs have had to cope with partial or complete lockdowns of their business over three prolonged periods of COVID-19 restrictions. They have had to address the challenges of dealing with changing work practices, IT challenges, re-designing operating models, responding to changing customer behaviours, re-imagining delivery models and, crucially, managing their finances.
SMEs have also capitalized on new opportunities, extending customer reach, reducing costs and increasing turnover through accelerated digital adoption. They now need to be planning, not just for the re-emergence from the pandemic, but crucially, they need to be planning for the long-term competitiveness and growth of their business. This will require financial investment and lenders are committed to supporting viable businesses by providing the necessary access to finance.
This new guide from the Banking & Payments Federation Ireland provides information on the range of banking supports available to SMEs, both through the recovery and beyond into the future.