ISME, the Irish SME Association, yesterday (25th November) released its quarterly Bank Watch survey for Q3’19. The results show an increase in loan refusal rates, increasing from 33% to 58%. Demand for credit remains high at 31%. Waiting time from decision to drawdown is on average two weeks. 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 availability of SBCI funds in a more coordinated manner.
- SME demand for credit is at 31%.
- Loan refusal rates increase from 33% to 58%.
- 14% waiting longer than 10 weeks from permission to drawdown.
- 75% stated that banks are making it more difficult to access finance.
- Businesses wait on average two weeks from decision to drawdown.
- 5% of SMEs pay between €5000-10000 in Bank Charges (excluding interest).