Financing SMEs and Entrepreneurs 2026: Ireland
Table of contents
According to the Central Statistics Office (CSO), SMEs accounted for 99.8% of all active enterprises in Ireland in 2023. They also accounted for 66.9% of the total persons employed. Over half of all SMEs (54.8%) in the Irish business economy in 2023 were in the services sector.
The Central Bank of Ireland reported that the total SME bank debt fell from EUR 18.4 billion in Q1 2023 to EUR 17.7 billion in Q1 2025. Much of the decline can be attributed to repayments exceeding new lending figures: annual repayments were estimated to be EUR 1.7 billion at the end Q4 2024, while gross new lending for the same period was EUR 1.2 billion.
Gross new lending to core SMEs (all non-financial and non-property related sectors) was EUR 1.2 billion in Q4 2024 and EUR 4.4 billion in 2024. This reflected a year-on-year increase of EUR 320 million, the largest in several years. Survey data from the SME Credit Demand Survey show that demand for bank credit for SMEs in Ireland has shown a slight but steady increase over the last 2 years. However, many SMEs in Ireland remain hesitant to seek external funding for investments, with 74% of the SMEs that did not apply for credit stating that having sufficient internal funds was the reason.
Loan approval rates have increased slightly, with 92% of all applications for 2024 (excluding “still pending”) either fully or partially approved.
The interest rate on new SME loan drawdowns decreased by 11 basis points over the quarter, and stood at 5.14% for Q4 2024, This follows a fluctuation in rates, with the cost of credit on new SME loans peaking in Q4 2023 at 5.62% and then experiencing a steady decline in H2 of 2024.
The Government of Ireland implemented a range of measures to assist SMEs, including primary producers, in dealing with the rising costs of energy, together with an increased inflationary environment, as a consequence of the large-scale aggression of Russia against Ukraine. In July 2024, the Irish government launched the National Enterprise Hub with the view to streamline access to over 250 government supports for SMEs. In January 2023, the Ukraine Credit Guarantee Scheme worth EUR 1.2 billion was launched. This was aimed at providing low-cost working capital to SMEs, primary producers, and small mid-caps, and was available through several lenders from the bank, non-bank and credit union sectors. This scheme closed on 31 December 2024.Since March 2015, Ireland’s national promotional bank, the Strategic Banking Corporation of Ireland (SBCI) is working closely with the Department of Enterprise, Tourism and Employment, the Department of Agriculture, Food and the Marine and the Department of Finance in the design and implementation of a number of SME credit-related support and investment schemes. One key programme being deployed is the Growth and Sustainability Loan Scheme. In September 2023, the EUR 500 million Growth and Sustainability Loan Scheme was launched, with the aim of providing longer-term lending. Loans under these schemes have been made available through the three main banks, together with other lenders from the non-bank and credit union sectors. The Scheme will operate until 30 June 2026 or until the scheme has been fully subscribed (whichever is earlier). Up to 31 March 2025 1 651 loans were approved, to the value of EUR 367.4 million. Following approval, 1 448 loans were drawn down to the value of EUR 278.1 million. The Growth and Sustainability Loan Scheme is achieving a high take up, with the full lending capacity anticipated to be utilised in advance of the end date. The overriding objective of these schemes was to provide flexible funding for those firms that require it. More details on these schemes are provided in the full country profile.
Credit Review was established in 2010 to assist SMEs and farm borrowers who have been refused bank credit, including an SBCI product. It helps SMEs whose applications for credit of up to EUR 3 million have been declined or reduced by the participating banks, and who feel they have a viable business proposition. This is a strictly confidential process between the business, Credit Review, and the bank. Credit Review received 1 425 formal applications by the end of 2024. Of these, 1 014 have reached a conclusion, with Credit Review upholding appeals in favour of 597 borrowers.
Note: Data on bankruptcies pertains to company liquidations rather than bankruptcies and include all enterprises, without separately distinguishing SMEs.
Despite trade, geopolitical and other headwinds, incoming data confirm a strong start of 2025. The domestic economy recorded a quarterly expansion of 0.8% in the first quarter. This is consistent with the strength of the labour market, with employment reaching a record high of EUR 2.8 million in the first quarter, while unemployment has remained close to historic lows at 4.2% at end December 2024. Inflation has eased considerably and has been at or below 2% for the past year. Along with the robust labour market, the moderation in inflation has underpinned an acceleration in real wages supporting increases in consumer spending.
While the solid momentum has continued into the start of 2025, fragmentation and uncertainty represents a serious headwind for the Irish economy. In particular, exposure to trade disruptions and reconfiguration of global value chains represents a notable challenge for the Irish economy.
The baseline forecasts presented in the Annual Progress Report were produced during March 2025 on the assumption that no transatlantic tariffs would be introduced. On this basis, Modified Domestic Demand (MDD)1 is projected to grow by 2.5% this year, a downward revision of around -0.5 percentage points from the autumn forecasts, reflecting the significant increase in uncertainty over recent months. For next year, MDD growth of 2.8% is currently anticipated.
Note: * Employment and Unemployment figures are yearly averages.
Given the significant change in the global tariff landscape in H1 2025, the APR included an alternative scenario incorporating the potential impacts of tariffs that were in place at end-April. This includes the assumption that the 10% tariff on trade between the US and the rest of the world is maintained throughout the forecast horizon. On this basis, the domestic economy is expected to grow by 2 % and 1.75 % in 2025 and 2026, a downward revision of around 1.5 % compared to the no-tariff baseline scenario by the end of 2026. In relation to the labour market, employment is forecast to increase by 1.75 % this year and around 1 % next year. This is equivalent to around 25 000 fewer jobs compared to the baseline scenario by end-2026.
It must be stressed, however, that there is little or no precedent from which to make confident projections regarding the macro-economic impact of trade de-coupling and a weakening of the transatlantic relationship.
Note: * Figures are rounded to nearest ¼ pp, figures in parentheses refer to the baseline forecast. ** Employment figures are yearly averages.
SMEs are a vital component of the Irish economy, as they comprise 99.8% of active enterprises and 60.1% of all persons employed. SMEs generated 43% of total turnover in the business economy and 41% of gross value added in 2022, the latest year figures available for Ireland.
Structural Business Statistics1 by sector, 2022
Note: 1. NACE sectors B to S (excluding O and S94).
1. Totals may differ due to rounding
Source: CSO Ireland
Annual gross new lending to core SMEs increased to EUR 4.4 billion by 2024 Q4. This reflected a year-on-year increase of EUR 320 million, marking the largest year-on-year increase in several years, perhaps marking another step towards a return to pre-COVID borrower confidence.
The Central Bank of Ireland reported that by the end of Q4 2024, the outstanding stock of Irish SME credit was EUR 17.7 billion, of which EUR 11.3 billion was core SME credit, which is defined as SMEs from non-financial and non-property related sectors. This continues the steady decline of the stock of core SME credit, which has reduced by 58% since 2010. This continued decline has occurred as demand for credit had been steadily decreasing since 2010, although 2024 saw an uptick in credit demand.
The Irish Department of Finance conducts an SME Credit Demand Survey of over 1 500 SMEs to identify what are the main challenges that they experience when accessing credit. The survey captures a full picture of the SME landscape in Ireland, with micro-enterprises, small-sized enterprises and medium-sized enterprises sampled proportionately. The results from these surveys provide important information on the financial issues and challenges facing Irish SMEs. This, in turn, enables the Government to develop, refine and implement policy measures to support SMEs that are critical to Ireland’s economic performance and an important source of employment across the country. The Survey has been taken on an annual basis since 2023, where it had previously covered periods of 6 months
The latest SME Credit Demand Survey, covering January to December 2024, shows credit demand raised slightly from the previous year, with 20% of SMEs reporting that they applied for bank finance, compared to 18% in 2023. When this is broken down by firm size, credit demand has increased slightly among micro and small companies to 16% and 24% respectively (both +1%) and increased substantially among medium sized companies to 21% (+4%). 74% of respondents cited they had sufficient internal funds as their reason for not seeking finance. Other stated reasons included a belief that current lines of credit were sufficient (21%) and a preference to use internal finance (20%).
Source: Department of Finance SME Credit Demand Survey
Regarding approval rates, 92% of all SME credit applications were fully (91%) or partially (1%) approved at the time of surveying, an increase of 3% from the previous year.
The average cost of credit reported by the Central Bank of Ireland for outstanding loans was 4.9%, a decrease from 5.24% in 2023. 37% of SME Credit Demand respondents stated they were unaware of the interest rate attached to their outstanding loans, compared to 42% of respondents in 2023. Interest rates for SMEs in Ireland are typically higher than the European average; however, consecutive surveys have shown that only 6% of respondents reported the cost of credit as their reasoning for not seeking it.
2024 was a record-breaking year for SMEs, according to the Irish Venture Capital Association (IVCA), which covers both business angel and venture capital fund investments in Irish SMEs. EUR 1.48 billion was invested in Irish tech SMEs, up 9% from 2023’s level. Q4 2024 alone saw EUR 535 million deployed, a 162% increase compared to the same quarter in 2023. This lifted the overall 2024 figure close to EUR 1.5 billion, marking a historic high. However, a small number of large deals account for the majority of this growth. The trend in Ireland is mirroring the international experience, in a turbulent 2024 investors have attempted to mitigate uncertainty by deploying large amounts of capital in well-established companies and have avoided investing at earlier stages.
This is further evidenced by the fact that while headline figures are strong, smaller deals showed a clear slowdown: EUR 3–5 million deals fell by 37% to EUR 82 million and plummeted 56% in Q4 2024 and EUR 1–3 million deals dropped 24% to EUR 105 million, and 63% in Q4 2024. Sub‑1 million rounds declined 4% overall and 19% in Q4 and seed rounds edged down 4% year-on-year, with a steep 55% Q4 fall.
The strong Q4 2024 activity, especially in large rounds, confirms Ireland’s ability to scale firms and attract significant capital. However, the reduced number of smaller rounds raises concerns over the pipeline of early-stage companies.
Ireland’s venture capital sector kicked off 2025 with a record-breaking EUR 532.8 million raised in Q1. The concentration in late-stage deals continued with over 80% of investment allocated into deals above EUR 10m, raising concerns that smaller startups are being sidelined.
In 2024, Irish corporate insolvencies rose again in 2024, up 17.29% to 746 liquidations. This equates to roughly 23 insolvencies per 10 000 businesses, nearly double the rate in 2021 (14 per 10 000), though still well below the long-term average of 50 per 10 000.
Rescue mechanisms remain under‑used: examinership and Small Company Administrative Rescue Process (SCARP) accounted for only about 5% of cases, with SCARP used in just 30 instances in. Receiverships declined slightly in 2024 (98 compared to 113 in 2023).
Creditors’ Voluntary Liquidations (CVLs) made up nearly 80% of all. Court‑appointed liquidations began rising in late 2024, driven by defaults on pandemic‑era tax debt warehousing arrangements2.
Looking at early 2025:
The trend has broadly stabilised, with 407 insolvencies reported in H1 2025, almost unchanged from 412 in H1 2024.
However, creditor‑led actions are increasing; court liquidations have more than doubled (19 to 42) and receiverships rose 37% (52 to 71) year‑on‑year.
Meanwhile, company‑led restructuring (examinership + SCARP) increased by 56% in H1 2025 versus H1 2024.
Although the overall volume of insolvencies has returned to pre‑pandemic levels, the nature of failures is shifting - creditors are increasingly enforcing liquidations, and rescue processes remain relatively rare. With the unwinding of pandemic support schemes and potential economic headwinds, formal insolvency activity is likely to remain elevated.
Since 2011, the Government policy has focused on ensuring that all viable SMEs have access to an appropriate supply of credit from a diverse range of bank and non-bank sources. In this regard, the Government has developed a number of initiatives to ensure that the supply of credit in the market is sufficient to meet the existing and future funding needs of SMEs. The National Enterprise Hub (NEH) is an online tool that helps Irish start-ups and SMEs search the range of government support available. The NEH brings together information and resources on over 250 government supports from 30 different departments and state agencies which can be accessed through the online portal. Ireland also continues to encourage investment in SMEs through a series of tax reliefs. For example, the Knowledge Development Box (KDB) is an OECD-compliant intellectual property (IP) regime for income arising from qualifying assets such as computer programs, inventions protected by a qualifying patent, or certified inventions for SMEs.
Established in September 2014, the Strategic Banking Corporation of Ireland (SBCI) is Ireland’s National Promotional Institution. The strategic mission of the SBCI is to deliver effective financial support to Irish SMEs, including primary producers (farmers and fishers), that address gaps and failures in the Irish credit market, while driving competition and innovation, together with facilitating the efficient use of available EU resources. The SBCI achieves this through the provision of low-cost liquidity and risk-sharing activities supporting the provision of appropriately priced, flexible funding to SMEs. By the end of 2024, the SBCI provided a total of EUR 4.4 billion to more than 62 000 SMEs through the following schemes:
Credit Guarantee Scheme
Brexit Loan Scheme
Brexit Impact Loan Scheme
the COVID-19 Working Capital Scheme
the COVID-19 Credit Guarantee Scheme
the Future Growth Loan Scheme
SME Energy Efficiency Loan Scheme
Ukraine Credit Guarantee Scheme
Growth and Sustainability Loan Scheme.
From 2018 onwards, after seeking to broaden its distribution capability and market coverage, the SBCI’s risk-sharing capability and products were developed further with the launch of several products aimed at ensuring that viable SMEs impacted by Brexit, COVID-19 or the large-scale aggression of Russia against Ukraine were provided with access to appropriate finance. The schemes in operation during 2024, and the remaining scheme in operation in 2025 are detailed below:
The Growth and Sustainability Loan Scheme launched in September 2023 is a long-term loan guarantee scheme jointly developed by the Department of Enterprise, Trade and Employment and the Department of Agriculture, Food and the Marine. The scheme is underpinned by resources from the European Investment Bank Group (EIBG) and delivered by the SBCI.
The EUR 500 million Growth and Sustainability Loan Scheme provides longer-term lending to SMEs, including farmers and fishers and small mid-caps. Loans of between EUR 25 000 and EUR 3 million, with terms of up to 10 years and attractive terms and conditions, are available through the scheme to eligible SMEs through participating finance providers, with loans of up to EUR 500 000 available unsecured.
The scheme targets a minimum of 30% of the lending volume towards environmental sustainability purposes with the aim of encouraging SMEs to take positive actions in support of the climate change agenda. Up to 70% of lending will be for strategic investments with a view to increasing productivity and competitiveness and thus underpinning future business sustainability and growth. Loans for climate action and environmental sustainability purposes will also benefit from an additional interest rate discount.
The Growth and Sustainability Loan Scheme will operate until 30 June 2026 or until the scheme has been fully subscribed (whichever is earlier). Up to 31 March 2025 1 651 loans were approved, to the value of EUR 367.4 million. Following approval, 1 448 loans were drawn down to the value of EUR 278.1 million.
The EUR 1.2 billion Ukraine Credit Guarantee Scheme was launched on 30 January 2023 to make loans available to businesses impacted by rising costs as a result of the large-scale aggression of Russia against Ukraine. The Scheme provided an 80% state guarantee on loans with terms of between three months and six years and loan values of between EUR 10 000 and EUR 1 million. Loans were used for working capital or investment purposes.
As a result of the high level of the state guarantee, loans were provided at interest rates lower than the current market rate for similar loans and loans up to EUR 250 000 were unsecured.
Under the scheme, 4,597 loans were drawn down to the value of EUR 422.2 million.
The Scheme was available to SMEs, small mid-caps and primary producers until 31 December 2024.
As mentioned above, established in 2010, Credit Review helps SMEs or farm borrowers who have had an application for credit of up to EUR 3 million declined or reduced by participating banks, and who feel that they have a viable business proposition. Credit Review also reviews cases where borrowers believe that the terms and conditions of their existing loan, or loan offer, are unfairly onerous or have been unreasonably changed to their detriment.
Credit Review received 1 425 formal applications for review by the end of 2024. Of these, 1 014 have reached a conclusion, with Credit Review upholding reviews (appeals) in favour of 597 borrowers, including those with a commitment to reassess the lending in the future if agreed performance hurdles are met in the short term. The upheld appeals resulted in EUR 82.8 million in credit being made available to SMEs and farms, helping to protect/create an estimated 5 204 jobs.
MFI was established in 2012 to provide loans to microenterprises with fewer than 10 employees and with an annual turnover of less than EUR 2 million, which do not meet the conventional risk criteria applied by commercial lenders. MFI provides much-needed funding to help microenterprises meet payments for stock, working capital requirements and other overhead expenses through the provision of low-cost lending facilities with attractive terms and conditions. MFI also provides post-approval mentoring services to its borrowers through the Local Enterprise Office Network.
The loan term is typically three years for working capital purposes and can be extended to five years for capital expenditures. Interest rates range from between 5.5% for clients of Local Enterprise Offices and other partners to 6.5% for direct applications.
Since its establishment, and as of the 31 December 2024, 5 994 loans approved for the amount of EUR 92.6 million supporting 11 000 jobs.
The Seed and Venture Capital Scheme 2025–2029, operated by Enterprise Ireland, is a EUR 250 million initiative designed to strengthen the funding ecosystem for early-stage, high-growth Irish companies. This latest cycle marks a 42% increase in funding compared to the previous scheme, reflecting the government’s commitment to supporting innovation and entrepreneurship across sectors such as AI, life sciences, green technologies, and more.
Enterprise Ireland acts as a cornerstone investor, partnering with venture capital fund managers to channel investments into seed and Series A/+ stage companies. The scheme is structured to support businesses from their earliest stages through to follow-on funding rounds, helping them scale and compete internationally. It also aims to address market gaps in equity financing, particularly for High Potential Start-Ups (HPSUs).
Over the past 30 years, the Seed and Venture Capital Scheme has played a pivotal role in positioning Enterprise Ireland as one of Europe’s most active venture capital investors. More than EUR 1.4 billion has been invested in over 600 companies to date, contributing significantly to job creation, export growth, and regional development.
The 2025–2029 scheme continues this legacy with a renewed focus on sustainability, ESG principles, and regional impact. It is expected to stimulate further private investment, enhance Ireland’s innovation capacity, and ensure that promising start-ups have the capital they need to thrive in a competitive global market.
The Irish Innovation Seed Fund is a EUR 90 million fund of funds that launched in February 2022. It is comprised of a EUR 30 million investment from the Department, of Enterprise, Tourism and Employment, through Enterprise Ireland, which is matched by a EUR 30 million investment from the European Investment Fund, and a EUR 30 million co-investment from the Ireland Strategic Investment Fund.
As a fund-of-funds, the programme invests in other specialist fund managers who target high-growth innovative companies based on disruptive intellectual property, who are at the early stages of external funding for innovative, high-growth, scalable sectors.
The first successful fund was announced in June 2023, where WakeUp Capital, a female lead fund, was allocated EUR 25 million.
The second Fund was announced in November 2023 with Resolve Ventures receiving an allocation of EUR 20 million. A third allocation of funding is expected to be announced by the end of H2 2025.
This programme marks the first opportunity to collaborate with the European Investment Fund to provide a specific equity product for Irish companies at seed stage. The development of this programme has strengthened relationships between the Department and The European Investment Fund and can potentially open up the opportunity to develop an equity programme that is focused on companies who struggle to gain financing to successfully scale.
In March 2025 the Government introduced the Angel Investor Relief Scheme. The measure is a Capital Gains Tax (CGT) relief for individuals who invest in innovative start-up SMEs. The relief aims to assist start-up SMEs in attracting investment and to make Ireland a more attractive location for business angel investors. The relief is intended to help address the challenges faced by new early-stage innovative companies seeking funding by encouraging investors to acquire shares in these innovative companies. The relief offers a reduced rate of CGT of 16% for individual investors, or 18% in the case of an investment via a qualifying partnership, on the sale of that investment to a third party. The reduced CGT rate is available on a gain up to a maximum of twice the value of the investor’s initial investment.
The Enterprise Ireland Women in Business strategy focuses on ensuring that potential female entrepreneurs have the knowledge, support and confidence to put forward commercially viable projects for funding and that they have equal opportunity to scale their companies in international markets. It also focuses on building and maintaining diversity in Senior leadership teams among our client companies.
Overview of Key Initiatives
Over the past decade Enterprise Ireland has focused on increasing the number of women founding High Potential Start Ups. Back in 2011 only 7% of EI backed HPSUs at first seed stage included a woman founder. By putting a spotlight on this and providing capability and funding supports specifically targeting women, by 2024 this has risen to 26% having peaked in 2022 at 37%.
In 2023, 45 investments in women-led start-up companies were approved by EI (26 HPSU, 18 PSSF, and 1 pre HPSU)
In 2024, 45 investments in women-led start-up companies were approved by EI (23 HPSU, 22 PSSF).
Strategy for women in business launched in 2020 to influence fundamental and lasting change to the overall enterprise landscape. The aim of the strategy is to drive Ireland’s economic success by harnessing the full talent and expertise of a diverse population and, to that end, the objectives of the strategy are to increase the number of women starting, leading and growing Irish businesses.
The Level Project launched in 2020: online diagnostic to help companies assess their current situation and put in place practical actions to enhance gender balance in their senior teams. The output of the toolkit is a focused Action Plan which will help signpost the way ahead for companies starting on this journey or reinforce and accelerate the approach by companies already on a pathway to more diverse leadership.
The Level Project Consultancy Grant, where companies can receive 80% funding to help them bring in a diversity expert to support the development of their strategy and action plan for balanced leadership.
Part Time Key Manager grant, specifically designed to encourage companies to provide more flexible arrangements for senior managers.
Requirements by EI for all Seed & VC funds that EI supports to report on gender for both the decision makers in the funds and the investments made. 70% of the Seed & Venture Capital funds that Enterprise Ireland supported have women at partner/investment manager level.
Report from financial data and research firm PitchBook – EUR 200.01 million invested by venture capital (VC) firms in Irish women-led startups in 2024, a 39% increase on 2023.
Funding
Partnership with the Irish Venture Capital Association for an annual series of events to bring female founders together on the topic of raising capital and linking to VC funders through workshops and a networking event. Webinar held in June and workshop scheduled for July.
All application forms for funding from Enterprise Ireland now include questions on the gender balance of the applicant company senior management and boards.
International:
Engaging EI overseas offices around activities to profile female-led companies and networking / mentoring opportunities.
Regional:
Specific regional events in partnership with BICs and Institutes of Technology for peer-to-peer learning, advocate for female entrepreneurship and ensure pipeline of Women in STEM including supporting Network Ireland’s All Island International Women’s Day and Women in Business Network Annual Awards in 2025, and Young Entrepreneurship Programmes.
Programmes:
Going for Growth in its 17th year of working with approximately 50 female CEOs to drive growth in their established business.
The 17th cycle marks a major milestone for ‘Going for Growth’ with the programme set to accept its 1000th participant since its launch in 2008.
Starting Strong, supporting new female led businesses with strong growth potential through mentoring and per to per learning.
Inspiring Female Entrepreneurship, pilot program to help increase the number of women who become entrepreneurs, particularly focusing on those with high growth potential
New Frontiers Entrepreneurship Program: Encouraging Programme managers to advocate for higher numbers of female participants. (39% Female participation in 2023, 44% female participation in 2024).
Leadership for growth: Advocate for higher numbers of female participants in the program to support scaling issues. Currently a quarter of participants are women.
Local Enterprise Supports
The Local Enterprise Offices are actively engaged in encouraging and inspiring an increase in female-led businesses through initiatives such as the annual National Women’s Enterprise Day and the Women in Business Networks.
National Women’s Enterprise Day (NWED) is a strategic annual initiative of the Local Enterprise Offices and is supported by the Department of Enterprise, Trade and Employment Business, Enterprise Ireland and local authorities.
It is referenced in the SME and Entrepreneurship Policy in Ireland (2019) OECD publication as an example of an event that “identifies, cultivates and promotes success stories of female entrepreneurs.”
Female entrepreneurs are continuing to show strong numbers within the Local Enterprise Office network for accessing training and mentoring. They outnumber their male colleagues when it comes to upskilling with double the number of females than males accessing training.
Statistics
428 High Potential Start Up Investments 2020-2024: 126 (29%) Female & 302 (71%) Male.
85 High Potential Start Ups investments in 2023: 26 (30.5%) Female & 59 (69.5%) Male.
90 High Potential Start Up Investments in 2024: 23 Female (26%) & 67 Male (74%).
183 Pre-Seed Start Fund Investments 2022-2024: 61 Female (33%) & 122 Male (67%).
70 Pre-Seed Start Fund Investments in 2023: 24 (34.3%) Female & 46 (65.7%) Male.
69 Pre-Seed Start Fund Investments in 2024: 22 Female (32%) & 47 Male (68%).
105 Competitive Start Fund Investments in 2020-2022: 41 (39%) Female & 64 (61%) Male
The National Enterprise Hub (NEH) was launched in July 2024 as a service open to all businesses across Ireland to help them navigate and find the right Government support for their business. The NEH brings together information and resources on over 250 government supports from 30 different departments and state agencies which can be accessed through the online portal.
The NEH provides business owners with an easy entry point to the wide enterprise supports eco-system as well as access to expert advisors. The advisors will help to diagnose the needs of the individual business, directing them to the appropriate available supports or even put them in direct contact with the relevant agency. The NEH makes it easier to access Government supports on managing the costs of doing business, developing sustainability plans, enhancing productivity and efficiencies, adopting new digital technologies, and entering new export markets.
The Listings Act was agreed late 2024 in the EU and is currently being transposed by the Department of Finance and the Department of Enterprise, Tourism and Employment. The Act supports improved access to market-based sources of financing for EU companies, particularly smaller firms such as those listed on SME Growth Markets. Key elements of the package include the introduction of simpler prospectus rules and requirements, more proportionate market abuse rules, and provisions to allow companies use multiple vote share structures thereby allowing company founders to retain control while accessing funding on public markets.
The Listings Act also introduces measures to encourage and enhance the production and distribution of investment research on mid-sized companies and SMEs with a view to encourage investment in these companies. The simplification and harmonisation of prospectus rules will make it easier and less expensive for growing indigenous SMEs to list on the Irish Stock Market.
There was a recent Public Consultation on the exercise of the National Discretions contained within the Listings Regulation, where various Stakeholders gave their views to the Minister for Finance, and this is now complete and published on the Departments website. Following the Public Consultation the Minister has decided to raise the prospectus exemption threshold to EUR 12 million from the current EUR 8 million. The Minister has further decided that those issuers that avail of this exemption should be required to provide only a ‘summary prospectus’ a seven-page document designed to give potential buyers enough information they need to make an informed purchase. These measures selected will make it cheaper for smaller issuers to go public with their company and assist in raising equity for growth of their businesses, The Department are working to transpose the Listings Act into Irish law by the June 2026.
The Ireland Strategic Investment Fund (ISIF) invests on a commercial basis in a manner designed to support economic activity and employment in Ireland. Through its Scaling Indigenous Businesses theme, ISIF seeks to create a broad, dynamic and competitive range of funding options to support the growth plans of Irish businesses. ISIF seeks to do so in a number of ways, including investing in private sector funds that invest directly in Irish SMEs in a range of sectors and at various stages of the growth lifecycle. Its investments across the capital structure are made on a commercial basis.
One of ISIF’s largest investments under the Food & Agri theme is the commitment to the MilkFlex lending platform MilkFlex is a European award-winning loan scheme designed to provide Irish dairy farmers with an innovative funding product that helps protect farm incomes from the impact of dairy market volatility, seasonality, and the impact of any disease outbreak. Following its initial launch in 2016 in partnership with Glanbia (Tirlán), Rabobank, and Finance Ireland, the platform was subsequently rolled out nationally in 2018 to all dairy farmers. Aligned to ISIF’s double bottom line mandate, the investment has advanced over EUR 340 million in loans to approx. 2 600 farmers across rural Ireland by early 2025.
The following fund commitments were made by ISIF, to date, with the objective of supporting the funding ecosystem for scaling Irish businesses:
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Please cite this publication as: OECD (2026), Financing SMEs and Entrepreneurs 2026: An OECD Scoreboard, OECD Publishing, Paris, https://doi.org/10.1787/075d8058-en
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← 1. Modified Domestic Demand is used to measure Ireland’s underlying domestic economy by excluding much of the international activity, such as imported R&D, that can distort Total Domestic Demand.
← 2. This measure was implemented in Ireland in August 2020. The tax debt warehousing arrangement allows a business to park unpaid VAT and PAYE (Employer) tax debts, that arose from the COVID-19 crisis for a period of 12 months after a business resumes trading. No interest will accrue during this period, and an interest rate of 3% per annum will apply on the repayment of these ‘warehoused tax debts’ after that date (Irish Tax Institute, 2020).