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Dublin: 12 °C Saturday 11 July, 2020

Life after debt: advice for heavily-burdened SMEs

ISME is to run a series of free advice sessions for struggling business owners.

Image: Shutterstock

BUSINESSES THAT ARE struggling with debt need to figure out how much they owe, seek expert advice and prepare adequately before approaching their bank.

That’s the advice from the Irish Small and Medium Enterprise Association (ISME), which is planning a series of free seminars for business-owners that are struggling to repay their debts.

Chief executive Mark Fielding said the seminars will “demonstrate to business owners that despite the severe pressure on them from banks and creditors, there is a way out of the problems”.

He said that business owners need to keep a cool head in the aftermath of often strongly-worded communication from banks.

“What we have seen is that the initial letters are frightening the bejaysus out of people…the frightening legalese needs to be turned into something at least understandable for the owner-manager.”

The seminars will cover the personal and business debt resolution model and strategies for dealing with banks. The prevailing banking climate will also be addressed, as will the drivers for restructuring lending across banks and other creditors.

Fielding argued that Ireland’s recovery is primarily underpinned by a recovery of the SME sector.

“This can only happen on foot of a clear banking communications strategy for a viable restructuring of debt of both SME businesses and owners. The domino effect where this does not occur, whether by accident of design, is damaging for all those affected.”

The ISME seminars will be held at the following locations:

  • 2 September, Dublin, Red Cow, 18:00-20:30
  • 4 September, Limerick, Strand Hotel, 9:30-12:00
  • 4 September, Cork, Silver Springs 17:30-20:00
  • 10 September, Sligo, Clarion Hotel, 17:30-20:00
  • 11 September, Dublin, Bewleys Airport, 18:00-20:30

Bookings can be made through the ISME website.

Read: Nearly half of SMEs with Celtic Tiger property debts are defaulting>

Read: Are Irish businesses in better financial health than we thought?>

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About the author:

Jack Horgan-Jones

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