“In the past the banks were too focused on the ‘quick buck’ from the property sector during the boom years.
“During the Celtic Tiger years banks neglected to develop expertise on other business types which now have bright futures.
“These companies do not have collateral in the form of property so it is a difficult for them to secure financial support from banks to expand their business ventures.
“Enterprise Ireland has the experience and expertise in dealing with technology companies and I very much welcome that it has brought the financial needs of the sector to the attention of the banks.
“The arrival of the Silicon Valley Bank which is to lend an estimated 80 million euro to technology companies in Ireland was extremely welcome but now Irish banks need to follow their lead.
“The Government Partial Loan Guarantee Scheme and The Micro Enterprise Loan Fund Scheme are also part of a programme to support emerging companies that are finding it challenging to access funding.
“It is essential that the banks cooperate with Enterprise Ireland so that they can develop their understanding of the area and cater to the needs of the prosperous technology and export sectors.”