New guide promises to help businesses access bank loans
The Enterprise, Trade and Innovation Minister Batt O'Keeffe has launched a new guide to help small businesses develop better relationships with banks and to access credit.
The 'Your Business, Your Bank' guide is a 17-page publication prepared by the Credit Supply Clearing Group that is made up of business representatives in the public and private sectors.
Mr O'Keeffe said the guide would bring clarity to the challenges facing viable small businesses and would help them get credit to protect and create jobs. "The guide outlines various funding options open to businesses, provides an insight into what banks are looking for when examining credit applications, imparts information on credit pricing, and reveals practical advice," he said.
About two-thirds of loan applications from small businesses are now for working capital, which reflects the severe economic downturn.
"This guide is timely in setting out the funding options for small businesses, outlining how they can access the kind of credit they need, and drawing together multiple stakeholders across government and the enterprise community towards the common cause of recovery in the domestic economy," Mr O'Keeffe said.