ISME’s latest Bank Watch Report finds SME demand for credit and loan refusal rates see sudden drop.
The Bank Watch also found:
- Demand for credit is at 33%, down 10% from Q1’21.
- Loan refusal rates decrease from 35% to 22%, with 69% being successful, up 23% on Q1’21. 9% were partially successful, compared to 19% in Q1’21.
- Just over 6% have availed of peer-to-peer funding.
- 28% waited longer than 4 weeks from permission to drawdown.
- 38% stated that the bank was not helpful in their request for acquiring finance.
- 84% of SMEs believe banks are making it more difficult for SMEs to access finance.
- 10% of SMEs pay over €5,000 in Bank Charges (excluding interest).
- Read the full Bank Watch Report below or download here.