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).