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Childcare providers ‘are taking out loans just to pay staff’

10/19/2016 11:46:35 AM   0 Comments   bridging loans, buy to let

Oireachtas committee hears of precarious financial situations of childcare services

Some childcare providers in the State are taking out bridging loans to pay their staff because their financial situations are so precarious, an Oireachtas committee has heard.

Early Childhood Ireland told the Oireachtas Committee on Children and Youth Affairs that many such services operated “riskily” in financial terms and did not make enough of a margin to reinvest in their services.

The organisation’s chief executive, Teresa Heeney, said it was hearing “constantly” about providers having to enter into agreements with Revenue to pay their tax.

Some had no money to pay staff and were going to credit unions to take out bridging loans to help them do so, she said.

She said any “blip” in the system, such as delayed payments, had a huge impact.

Ms Heeney said that these were “life issues” for people who were providing services under a contract to the Government.

Elaine Edwards   http://www.irishtimes.com/news/social-affairs/childcare-providers-are-taking-out-loans-just-to-pay-staff-1.2835570
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