ISME’s latest Bank Watch Report finds SME demand for credit remain steady, but loan refusals have seen a sudden increase.
The Bank Watch also found:
- Demand for credit is at 33%, remaining the same as in Q2’21.
- Loan refusal rates increase from 22% to 37%, with 41% being successful, down 28% on Q2’21. 22% were partially successful, compared to 9% in Q2’21.
- 5% have availed of peer-to-peer funding.
- 45% waited longer than 4 weeks from permission to drawdown.
- 44% stated that the bank was not helpful in their request for acquiring finance.
- 65% of SMEs believe banks are making it more difficult for SMEs to access finance.
- 22% of SMEs pay over €5,000 in Bank Charges (excluding interest).
- Read the full report below or download here.