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Q2’2020 Bank Watch Report

Report Date : Q2 2020

  • 15% of those surveyed had applied for the SBCI Future Growth Loan Scheme, the SBCI Covid-19 Working Capital Loan Scheme, or the SBCI SME Credit Guarantee Scheme
  • 75% of applications to SBCI were approved
  • Less than 4% availed of peer-to-peer funding
  • Loan refusal rates increase from 19% to 34%, with 46% being successful, up 2% on Q1.
  • 25% waiting longer than 4 weeks from permission to drawdown.
  • 51% stated that the bank was not helpful in their request for acquiring finance?
  • 58.25% of SMEs believe banks are making it more difficult for SME’s to access finance
  • 10% of SMEs pay over €5,000 in Bank Charges (excluding interest).