The Drivers of SME Investment in Ireland

Michael Mahony and Cian O'Neill
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Michael Mahony: Central Bank of Ireland
Cian O'Neill: Central Bank of Ireland

No 3/SI/25, Central Bank Staff Insights from Central Bank of Ireland

Abstract: While many Irish SMEs report making investments, the euro value of these investments is small. This pattern is explained by firms being satisfied with their current size and investment rates, rather than by a lack of external finance. When Irish SMEs do expand, their preference is to fund with internal cash resources rather than to borrow. Around a quarter of SMEs state that external finance constraints are a barrier to investment, but factors like recent growth and attitudes to risk are statistically more important in explaining investment patterns across firms.

Date: 2025-09
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