Appetite amongst Ireland’s smallest firms for State-backed loans began reverting to normal levels in 2021 after record borrowing last year to cope with the impact of Covid-19. The next highest annual lending amount in MFI’s eight-year history was in 2019, when 452 businesses got offers for €6m. The agency expects demand to pick up again this year as the economy re-opens and businesses required capital for running costs and investment. The Covid-19 product also experienced surprisingly good demand during a period of prolonged lockdown. However, just 7pc said that State loan programmes were the most effective form of financial support for enterprises in need of cash.

Source: Irish Independent May 22, 2021 01:30 UTC