Kildare Chamber calls on businesses to pay suppliers promptly during Covid-19 crisis

Necessary for business to survive

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Kildare Chamber calls on businesses to pay suppliers promptly during Covid-19 crisis

Allan Shine of Kildare Chamber

Kildare Chamber has called on the business community in Kildare to pay their suppliers promptly.

“In the midst of the crisis that we all find ourselves in, the need for business to pay their suppliers on time is needed more than ever”, said Allan Shine, CEO of the Chamber.

A survey published by the Chamber last week in conjunction with Chambers Ireland showed that 94% of businesses say their revenue will decline over the coming three months, and that cashflow, revenue, and staffing are the critical issues for businesses.

“We all know how important cash flow certainty is for companies and, in particular, for SMEs. It can mean the difference between solvency and bankruptcy.

"Few things can threaten the survival of a small business more than late payment. It can affect its ability to pay bills, salaries and other operating expenses. We have received over 30 calls from businesses in the past 2 weeks stating that customers are reneging on invoice payments, ignoring calls and emails. This is causing both huge stress on companies, and on the mental health of many of our business owners.

!I know from experience that speeding up payments is absolutely not beyond the realms of possibility. If payments are already progressing through payment systems, it is possible to change the date. We’d like to see large firms act on this message, and pay small suppliers now. Our call for prompt payment of suppliers is essential for businesses to survive, and to keep cashflow fluid within the local economy”.