Friday 24 November 2017

Lack of bank funding is crippling us, claim small companies

Mark Fielding, CEO of ISME. Photo: Tom Burke
Mark Fielding, CEO of ISME. Photo: Tom Burke

SME - Irish Small and Medium Enterprises Association - has claimed that over half of small and medium Irish businesses who have applied for loans in the last three months have been told no by their banks.

The survey also shows that 38pc have experienced an increase in charges - and 23pc have seen an increase in their interest rate.

It follows an EU survey on access to finance that found Irish small and medium enterprises were the second least successful - after crippled Greece - in getting a loan from their banks.

Mark Fielding, the CEO of ISME, says the survey shows the Government's is being ignored by the banks.

The survey also claimed that 66pc of firms say they believe the banks are making it more difficult to access finance and that 92pc say the Government is having little or no impact on lending.

ISME has called on the Government to take action, including making bankers accountable to the Government, through the Central Bank.

It accused banks of "giving the Government the run around".

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