“Financial gridlock” awaits small and medium business across Galway if the local banks do not start “providing proper support for business”.
This is according to Fianna Fáil Galway City West candidate David Burke, who is raising concerns about the upcoming transition of business to SEPA for direct debits.
“SEPA is not a term many people in Galway would be familiar with,” he said, “but by August businesses will only be able to use SEPA to collect direct debits from customers. Unfortunately, many small businesses do not have the time or manpower to deal with this transition.”
Mr Burke who is also a chartered accountant, said this will “put people across Galway at a serious inconvenience” and have a “cash flow impact” on certain businesses, and could even lead to job losses.
Mr Burke is calling on Galway banks “to start being far more helpful” in getting support in place for Galway businesses.
“In my experience have been completely hands off when issue are raised with them,” he said. “There is no willingness on their part to provide overdraft facilities at no cost or to waive their fees for an issue that they are creating”.