ISME’s Latest Bank Watch Report finds loan acceptance rates drop while SME demand for credit rises.
The Bank Watch also found:
- Demand for credit is at 29%, up 18% from Q3
- Loan refusal rates increased from 29% to 37%, with 53% being successful, up 3% from Q3. However, only 10% were partially successful, compared to 21% in Q3
- Just under 9% availed of peer-to-peer funding
- 19% waited longer than 4 weeks between permission and draw down
- 31% stated that the bank was not helpful in their request for acquiring finance
- 56% of SMEs believe banks are making it more difficult for SMEs to access finance
- 20% of SMEs pay over €5,000 in Bank Charges (excluding interest)
- Read the full Bank Watch Report below or download here.