Just over a third of small and medium sized enterprises (SMEs) here say they would go out of business within six months if they did not get additional funding, a new survey has found.
The survey of 476 businesses was carried out in April and May by Amárach on behalf of the Small Firms Association, with 57% of the sample size employing less than ten people and 43% employing between 10 and 50.
Rising business costs, labour costs and retraining costs were cited as the main challenges facing businesses.
Eight out of every ten firms said that they have experienced an increase in business costs over the past year, with those costs rising by 16.6% on average.
When asked about the Government’s Increased Cost of Business grant, 55% said they had availed of it, 20% said they did not qualify, 15% said they have no need for it at the moment and 10% said they did not know enough about it.
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