Credit Demand Survey: More Businesses Must Formally Apply for Loans

Chambers Ireland has today (28/11/12) issued a cautious welcome to the Red C SME Credit Demand Survey.

Speaking this morning, Ian Talbot, Chambers Ireland Chief Executive said, “As an organisation that has consistently called for improved lending to SMEs, we are pleased to see an increase in the numbers of approved or partially approved loans to 76%.”

“While there is still a perception among SMEs that their applications will be rejected, it is pleasing to see the increased number of micro companies now approaching banks and seeking loans, and also that greater numbers are aware of the Credit Review Office and how to make an appeal using its processes.”

“It is positive to see that staffing levels have also begun to stabilise, with the number of SMEs recruiting the same as those letting staff go. To maintain this momentum we need enhanced activity levels in the domestic economy. Business borrowers must make formal credit applications and appeal them to the CRO if necessary. Similarly, all banks in the Irish market need to commit to disclosing the reasons why applications have been rejected,” he concluded.

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For further information contact Amy Woods, Chambers Ireland on 01 400 4319, 086 6081605 or email amy.woods@www.chambers.ie.