SME Demand for Credit an Inflection Point to Aid Recovery

Wexford Chamber has said that the Red C Report on the demand for credit by SMEs shows generally positive trends with a slight increase in the number of SMEs seeking credit.

Wexford Chamber President Fleur Creed said, “The number of SMEs seeking credit and the number of loan applications approved in full are gradually rising in tandem with further stabilisation of the economy. Another positive to take from this report is that there has been a change in perceptions of the extent of lending with 46% of SMEs believing that banks are lending, up from 38% last quarter.”

“With attitudes to lending becoming more positive, now is the time to ensure that the best possible conditions for SMEs to access credit are in place. We have consistently called for more money from the National Training Fund to be used to support SMEs. Funding should be used to train managers in SMEs how to prepare and present high quality loan applications and to ensure other requirements are in place. A reduction in application turnaround time along with increased awareness of the Credit Review Office will also help improve demand,” she concluded.