Sustaining SMEs

Small and medium enterprises (SMEs) are the lifeblood of the Irish economy. They are the engine of employment and development across the country, forming part of the fabric of every community. But, as the sector most heavily impacted by the COVID-19 lockdown, many SMEs are facing a very uncertain future. In this episode of Ibec Voices, we make the case for dramatic intervention by government to save these businesses. Ger Brady, Chief Economist at Ibec, drills into the economics at play, analyses how other countries are supporting their SME sectors, and puts forward a number of specific actions that must be taken by government as soon as possible in order to avoid the mass closure of small and medium enterprises. Jonathan Hackett, CEO of Botany Weaving, tells Siobhan Masterson the fascinating story of turning his family owned company from a small clothing manufacturer into an international player, supplying fabrics to some of the world’s biggest airlines. He describes the impact of COVID-19 on his company, and how the generous supports that other governments are giving their own SME sectors, are putting Botany Weaving at a competitive disadvantage. Finally, Rebecca Harrison of Fishers of Newtownmountkennedy and Geraldine Magnier of Idiro Analytics describe how they are reopening their doors, government supports to date and those required going forward, and the incredible resilience of entrepreneurs. Thank you for listening. To explore all of Ibec's podcast offering, visit here.  Make sure to follow Ibec Podcasts to stay up to date with new episodes.