Report on SME Credit Demand
This post was written by Petra Gerlach
The Department of Finance has published a third Report on the Demand for Credit by SMEs here. The report covers the period April to September 2012. The main findings are that
- 39% of SMEs sought bank finance in the report period, a one percentage point increase from the report half a year ago
- 56% of formal finance applications were approved fully and 4% partially; 19% were declined, and 21% remained pending
- Almost half of all SMEs believe that banks do currently not lend to SMEs in Ireland
- 7% of SMEs have not applied for credit because of this
- The view that banks do not lend is mainly based on media reports and the experience of business peers, not on own personal experience.