Business
Galway companies flourish with financial aid from fellow small businesses
A company specialising in the growing business phenomenon of peer-to-peer lending has revealed that it has raised €688,560 for Galway businesses.
Linked Finance raised 31 loans for 23 Galway-based businesses through Linked Finance’s online lending platform, including Schoolbooks.ie, Sleepzone and Turas Bikes to facilitate business expansion.
Over the past three years, Linked Finance has helped over 500 businesses all over Ireland to raise funding to meet their business objectives.
In its next phase of growth Linked Finance is targeting to have lent over €350m to SMEs by the end of 2019.
Velocity Bike Store, based in Oranmore, launched in 2014 supplying a wide range of bikes and associated equipment, housing an in-house bike fit and customisation workshop.
The store opened a speciality coffee shop, The 53 Coffee House, in the same building.
The coffee shop proved to be an instant hit, and Velocity Bike Store chose Linked Finance to raise €20,000 to facilitate the expansion of the café, so they could meet increased consumer demand for the café’s home blend coffee and sweet treats.
Both Schoolbooks.ie and Sleepzone have completed two rounds of funding through the Linked Finance platform. Schoolbooks.ie, Ireland’s largest online retailer of schoolbooks, raised €45,000 through Linked Finance to increase its stock to cater for their peak trading time in the summer, before children return to school.
Sleepzone operate top-quality hostels along the west coast of Ireland. The company began in 2001, with a 200 bed hostel in Eyre Square, and today owns and operates hostels in Connemara and Lisdoonvarna in County Clare.
Sleepzone raised €43,000 through two rounds of funding through Linked Finance to upgrade and renovate facilities in their portfolio of hostels.
“Ireland’s economy is getting back on track and this is particularly evident in the tourism sector, this year we opened our newest venture, The Cliffs of Moher Hotel in Liscannor,” said Sleepzone owner Ronan Garvey.
For more, read this week’s Connacht Tribune.
The new President of Local Ireland, the association representing local news publishers around the country, is Head of Irish Times Regionals Dan Linehan.
Mr Linehan takes over the presidency from Declan McGuire of the Connacht Tribune. His appointment was confirmed at the recent Annual General Meeting of Local Ireland at Bloomfield House Hotel near Mullingar, Westmeath.
Mr Linehan, who has served as Vice President of the organisation for the last two years, said: “The coming years are a very important time for local publishers with many important issues to be addressed, including the implementation of the Future of Media Commission recommendations, defamation reform, the role and support for local publishers in public service reporting and helping publishers develop commercial digital offerings.”
Speaking at the AGM, Mr McGuire acknowledged the work done by the Executive in the past two years under the direction of Executive Director, Bob Hughes, on several projects related to the publishing industry but most especially the successful conclusion of the long-running campaign for the abolition of VAT on newspapers.
He also wished Mr Linehan the very best in his new role as President of the association for the next two years.
Mr Hughes thanked Mr McGuire for his leadership and support during his term of office and said he looked forward to working with Mr Linehan on the key policy priorities for the association, including Government supports, Government advertising, fair remuneration for content from the tech platforms and the reform of the legislation for defamation.
Local Ireland members also elected Seán Mahon, Managing Director of the Southern Star, as Vice President for the next two years.
The shortage of affordable housing is the single biggest impediment in attracting and retaining workers in the West, according to business group Ibec.
At a ‘Regional Insights Series’ meeting in the Galmont Hotel in Galway last week, employers were told that capacity constraints and labour supply are the key challenges facing business growth in the region.
Ibec Head of Regional Policy Helen Leahy said: “There must be greater focus by government on enhancing quality of life issues such as housing and infrastructure which are driving labour shortages in the region.
“Ibec’s vision for the West is to realise its potential to become a globally competitive location. An inadequate supply of affordable housing is now the single largest impediment to attracting and retaining talented workers, without whom business investment and expansions are not possible.
“Labour shortages are a real concern for businesses in the region. People decide where to live and work based on quality of life and access to high quality services and amenities. Industry tends to follow talent, and in this regard, the region needs to have all the building blocks in place as the attraction and retention of world-class talent becomes increasingly competitive on a global level,” said Ms Leahy.
Amongst Ibec’s priorities for the West are:
- Addressing housing and infrastructure challenges
- Transitioning towards a new growth model with Net Zero energy powered by Atlantic offshore wind resources
- Adapting businesses to the new economic realities
- Enhancing capacity and skillsets to achieve sustainable development objectives
- Investment in people and skills
- Creating competitive advantage through digitalisation
- Innovation as a key driver of productivity growth
One in five Galway businesses want to go fully cashless, as the move towards card payments and tapping continues unabated post-Covid.
In all, 22% of Galway businesses would like to be fully cashless, according to a survey carried out by BOI Payment Acceptance (BOIPA), a provider of payment technology solutions, which asked Irish businesses about the current payment landscape as well as business confidence and concerns.
Over one-third (36%) of Galway businesses were unaware there is no contactless limit on mobile wallets – just below the national average – while 54% believe the increase in card over cash transactions has helped them run their business.
Six out of ten Galway businesses expect to grow this year despite the cost-of-living crisis and running costs dominating as key concerns; 62% believe their business will grow over the next twelve months despite global economic uncertainty.
Unsurprisingly cost-of-living increases and running costs were the main concerns the majority of businesses had.
For more, read this week’s Connacht Tribune.
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