ISME, the Irish SME Association, released its quarterly Bank Watch survey for Q1’19. The results show a increase in loan refusal rates, increasing from 12% to 33%. Demand for credit remains high at 32%. The Association highlights the need for more credit to be made available to SMEs and the length of time it’s taking for SMEs to access finance. It calls for banks to promote the SBCI funds in a unified manner.
- SME demand for credit is at 29%.
- Loan refusal rates increase from 12% to 33%.
- 8% waiting longer than 10 weeks from permission to drawdown.
- 69% stated that banks are making it more difficult to access finance.
- 8% of SMEs pay between €5000-10000 in Bank Charges (excluding interest)