ISME, the Irish Small and Medium Enterprises Association, has welcomed the formation of the Independent Finance Providers (IFP) as an additional player in the Irish business funding sector. The association claims the new provider will assist Irish SMEs source alternative finance as the country emerges from recession.
Speaking at the IPA launch, ISME CEO Mark Fielding said: "For too long the banks have 'had it their own way', have operated in a cartel-like fashion, with almost no competition, and still they got it wrong.
"The advent of multiple sources of alternative finance will bring much needed competition to the marketplace. Irish SMEs have traditionally been over-dependent on the 'bailed-out banks' and this initiative will increase the availability of much needed finance for SMEs wishing to grow.
"We in ISME look forward to working with the IFP to raise awareness of the non-bank finance sector and ensuring that all small and medium enterprises have access to the many different types of funding available from the members of the IFP."