ISME’s latest Bank Watch Report finds SME demand for credit continues to rise, while loan refusal rates remain steady and similar to Q4’20.

The Bank Watch also found:

• Demand for credit is at 43%, up 14% from Q4’20.
• Loan refusal rates decreased slightly from 37% to 35%, with 46% being successful, down 7% from Q4. 19% were partially successful, compared to 10% in Q4.
• Just under 6% availed of peer-to-peer funding.
• 19% waited longer than 4 weeks between permission and drawdown.
• 51% stated that the bank was not helpful in their request for acquiring finance.
• 71% of SMEs believe banks are making it more difficult for SMEs to access finance.
• 13% of SMEs pay over €5,000 in Bank Charges (excluding interest).
• Read the full Bank Watch Report below or download here.