LIMERICK must do more to support small and local business and to develop the area as a base for decentralised SMEs.
That’s according to a report from a specialised panel chaired by former European Investment Bank Director John Moran who is chairman of the SME Recovery Ireland group.
The report, which was prepared at the request of Limerick City and County Council, was also submitted by Mr Moran to Tánaiste Leo Varadkar and officials producing the National SME Growth Plan .
It presents a scalable strategy to support a small business recovery in Limerick and identifies “a thriving community of agile SMEs working in a distributed manner, better capitalised and resilient to shocks and change”.
Stating that it was an honour to be asked to produce the report, Mr Moran added that supporting business owners was the best way to rebuild the local economy.
“This is not a time for business as usual. Our SMEs need radical rethinking of supports in our region and beyond. There is no time to lose and certainly none to waste for business owners trying to work out what supports exist and how to save their businesses.
“It is why we are recommending the immediate establishment of a local SME Recovery Task Force to be chaired by Limerick’s first citizen, to drive forward actions which need to be implemented to save firms. We would also like to see a one-stop shop support structure for all Limerick SMEs to include a new hub and spoke structure of offices and co-working locations across the city and county towns.
“These will be essential for Limerick to develop as a perfect home for SMEs now operating in a more decentralised manner.
I would like to thank the many stakeholders and business owners who contributed to our report, including Paraic Rattigan, Mid-West Regional Enterprise Plan Manager. Without them it would not have been possible to produce such a comprehensive document in time to submit it to those drafting the National SME Growth Plan.”
Cllr. Eddie Ryan, Chairman of the local authority’s Economic Development, Enterprise & Planning Strategic Policy Committee, said they were particularly concerned about the health of our businesses as a result of COVID-19 restrictions.
“We want to thank John Moran and the team of other volunteers he assembled so quickly for the comprehensive report which our committee endorsed yesterday.
There are some very interesting ideas in the report. It is particularly useful to see things we can do ourselves here in Limerick. I called a special meeting of the Strategic Policy Committee as I felt we must act quickly to examine the recommendations and move forward – especially with those we can implement quickly. The members of our committee will then work with officials and the Mayor to see how we can help thereafter.”
The council’s Economic Development Director Vincent Murray, said he was delighted that the report identified the key role SMEs played in the local economy.
“I hope that the National SME Growth Plan adopts some of the suggestions and especially authorises and provides funding for Limerick to drive forward the reforms suggested locally. There are a number of measures and initiatives we will drive forward in parallel ourselves in the meantime.
“We all want to be part of a proactive campaign for these businesses involving everyone who can help from banks, government agencies, our own Limerick City and County Council officials and elected representatives,” Mr Murray added.
Among the main recommendations of the Moran Plan are:
^ Set up a Limerick SME Recovery Task Force to be chaired by the Mayor to implement a recovery strategy for Limerick businesses;
^ Develop a “Made in Limerick” premium marketing brand and expand the Shop Limerick virtual shopping experience;
^ Develop a hub and spoke network of co-working and SME support locations throughout the county;
^ Commission a report to assess opportunities and challenges from decentralised working;
^ Establish a countywide network of local farmers’ markets;
^ Implement a rolling three-year plan for the development of one new EU market a year for Limerick firms;
^ Periodically produce Limerick specific Consumer and Business Sentiment Surveys;
^ Enhance financial literacy training for business owners and introduce apprenticeship and scholarship models;
^ Facilitate a new Limerick SME Financing Task Force to improve funding availability;
^ Create a new equity fund to support start-ups and firms in growth cycles;
^ Introduce an annual assessment of the financial resilience of SMEs across the county in conjunction with a viability/resilience Index of Limerick based businesses;
^ Implement a safe, communal, click and collect facility for local businesses.
Read the Limerick Post Newspaper’s guide to local retailers HERE
