Quarterly Bank Watch Report Q4’19
28th February 2020
- SME demand for credit is at 24%.
- Loan refusal rates decrease from 58% to 19%, with 44% being partially successful.
- 17% waiting longer than 4 weeks from permission to drawdown.
- 69% stated that banks are making it more difficult to access finance.
- Businesses wait on average two weeks from decision to drawdown.
- 3% of SMEs pay between €5000-10000 in Bank Charges (excluding interest).
ISME, the Irish SME Association, today (28th February) released its quarterly Bank Watch survey for Q4’19. The results show a decrease in loan refusal rates, decreasing from 58% to 19%, although 44% of respondents reported being only partially successful with their request. Demand for credit remains high at 24%. Waiting time from decision to drawdown is on average two weeks.