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Govt: 93pc of SMEs bills paid on time

Friday, October 26 16:41:34

The Government today said that 93pc of invoices for goods and services from SMEs were paid within 15days during the third quarter - amounting to E756m.

John Perry, Minister for Small Business, said that the figures show that Government Departments and Agencies under the auspices of the Department of Jobs, Enterprise and Innovation continue to comply with the Government requirement to pay business suppliers within 15 days of receiving a valid invoice.

The Quarter 3 figures show that Government Departments paid a total of 51,605 payments in Quarter 3 amounting to E814m.

Welcoming the continuing high levels of payments by all Government Departments and the Agencies under the aegis of his Department Minister Perry said: "It is vitally important, that small businesses are paid quickly, so that they, in turn, can pay their respective creditors. This ripple effect helps cash flow for business and helps build up confidence in businesses right across the economy.

"Of the 51,605 payments made in this quarter, a total of 41,402 payments valued at E756m were paid within 15 days. This represents 93pc in value terms of payments made by Departments, which clearly show that Departments continue to comply with the Government requirement to pay business suppliers within 15 days of receiving a valid invoice.

"For business, the certainty of getting paid within 15 days inspires confidence. This certainty has a considerable impact on the cash flows of small companies in particular, and makes a significant contribution to their viability. I would now like to see the lead shown by the State in its dealings with SME suppliers matched by the private sector. I believe there is scope for enterprises of all sizes to improve their payment performance," Minister Perry concluded.