Small business experience worst month of trading for decades

Posted on November 18, 2008 at 06:11 PM

Many small businesses have experienced the worst month of trading for 20 years and unless action is taken, the small business sector will implode and unemployment will soar, the Small Firms Association has said.

The issue was raised by the Labour Leader Eamon Gilmore TD this afternoon in the Dáil during Leaders' Questions.

"There is a credit famine in this country, businesses are being starved of credit," he said.

Eamon went on to explain how the European Investment Bank has established a €15 billion fund which has been accessed by banks in 22 of the 27 members States to specifically help the small business sector in those countries.

"Our fully guaranteed banks in this State haven't applied at all to the fund," Eamon continued.

You can see Eamon's contribution in the accompanying video while the full transcript of today's exchange will be available later on the Oireachtas website.

Tagged with Finance