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SME FUNDING

Three of the four banks receiving funding for loans to small business from the European Investment Bank have still not placed all the money more than a year after getting it, The Sunday Tribune reports.

Bank of Ireland, Ulster Bank and Bank of Scotland (Ireland) are still looking for suitable borrowers for the €250m extended to them last year. For example, only €25m of the €100m available to Bank of Ireland has been drawn down and another €70 allocated.

AIB is the only one of the four to have loaned its full share and it has applied for a second tranche.

Separately, The Sunday Business Post reports on an Intertrade Ireland survey that found 86% of small businesses are declaring a severe or moderate impact from the downturn.

The survey of 1,000 owner-managers in the Republic and Northern Ireland found that more than half had suffered a fall in revenue and profits in the first quarter of the year.  Cashflow was listed as the single most important issue facing businesses.

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