The Irish Exporters Association (IEA) today, while welcoming the EC's Dublin office announcement on financial help for SMEs through their banks, stated that the non banking sector must now be looked at more closely. John Whelan, CEO of the IEA, went on to welcome the new release by Bibby Finance of their Export Finance solution service into the Irish market stating it carried particular importance in the current financial climate when many smaller businesses trading internationally face extreme difficulties in accessing finance.

John Whelan, Chief Executive of the IEA stated:

"Improving cash flow is the number one issue for most Irish exporters right now. Bibby Financial Services Export Finance solution provides easy access to on going supply of cash to meet an exporters funding needs and as the largest global independent invoice finance provider are well placed to assist businesses trading overseas. This is particularly valuable in the current climate where traditional sources of credit have been disrupted."

Graham Byrne, sales director of Bibby Financial Services in Ireland said:

"At a time when banks are more risk averse and are increasingly turning down funding requests for small and medium-sized firms, it is absolutely essential that Irish exporters are proactive in seeking out and securing a stable funding facility to support their overseas trade for the foreseeable future. They need to consider all the options available to ensure the right fit for their business in this challenging economic climate. More and more exporters are turning to invoice finance providers such as ourselves as a more flexible and guaranteed way of funding their export business.

By working with a true global funding provider such as Bibby Financial Services, exporters can be sure to be one step ahead when it comes to the hassle of dealing with overseas customers as we can chase and collect outstanding invoice payments. With access to multilingual staff and translation facilities across the world, negotiations and written correspondence can be handled smoothly by us, leaving exporter's time to concentrate on boosting sales and identifying new revenue streams.

Bibby Financial Services is in a strong position to be able to help Irish exporters improve their cash flow situation and weather the economic storm having recently secured a significantly enlarged funding facility. What this effectively means is that unlike many other institutions and banks which are tightening their belts to cope with the current economic climate, Bibby Financial Services" doors are very much open for business."

The IEA chief executive went on to say:

"Cash flow is drying up rapidly in the economy, credit from overseas suppliers is tight and the export credit insurance has become very difficult to procure. This is preventing export industry maintain any kind of normal trading activity. A new source of trade credit is urgently needed" Bibby Financial Services with their new service for exporters will, we believe, meet some of this need."

The IEA stated "New innovative funding and treasury structures must now be put in place to reflect the new realities for financing international trade , if export industry is to regain it's growth mode."