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Report Shows a Decrease in Refusal Rates for Irish SMEs Seeking Finance

The Irish SME Association (ISME) said the results of its Quarterly Bank Watch Survey show a decrease in refusal rates and a drop in demand for credit, while the waiting time from decision to drawdown remains unchanged at six weeks. The main findings from the 524 respondents in the second-last week of March found that 31 percent required additional or new bank facilities in the last three months, compared with 42 percent in the previous quarter.

Other findings include:

Irish SMEs Lack Government Support

In the SME Ireland Confidence Tracker, a national survey of over 200 SMEs across the Republic of Ireland, published by Bibby Financial Services Ireland, revealed 88 percent of Irish SMEs would like more support from the government. 

Irish SMEs would like support in the following areas, tax breaks, a lower VAT rate, additional funding, subsidized staff training, and assistance in growing their company. 

Farming For the Future 2017

The purpose of the event is to provide information on recent developments across a broad range of areas within the agri sector, including grassland productivity and utilisation, agri-finance including farm loan applications, accounting and tax matters, succession planning and other legal matters. Charlotte Kearney of Granard Farmer’s Mart will open the event and will be followed by the agrifinance speakers: 

SME Lending Declines for 23rd Consecutive Quarter

For the 23rd consecutive quarter, SME lending decreased and is down 7.5% for the year, new Central Bank figures show. The Bank said credit to SMEs — considered to be 250 employees or less — declined by 0.8% over the quarter to €27.5bn in its latest report examining lending in the second quarter. The weighted average interest rate on new non- financial SME loan drawdowns was 4.05% in the second quarter, which was a fall of five basis points over the year, the Central Bank report said.

 

Grid Finance CEO Derek F. Butler has plans to revolutionise the way SMEs access capital in Ireland

SME lender Grid Finance’s CEO Derek F. Butler, shares how the company is expanding its offering to include a digital pension product targeted at the owners of small businesses. Grid will act as distributor and has engaged Conexim to provide the back office infrastructure on the product.

 

Rejection Rates For Irish SME Bank Credit Rise Despite Jump Of 32pc In Overall Lending

Ireland SMEs in manufacturing and the wholesale and retail sectors are experiencing strong growth with new lending in Q1 2017 reaching €3.6bn. However, the rejection rate on bank finance applications has increased from 11pc to 13pc over the year to March 2017, with rates for medium-sized firms continuing to drop but small and micro firms experiencing increases. This info is according to Independent.ie.

Ireland: Job creation at risk without access to credit for SMEs – EU financial services CEO

Irish SMEs, who make up 99.6% of Ireland’s total employers and employ 70% of the Irish work force, can contribute most to reducing unemployment, but this cannot happen while their access to credit remains constrained, according to Simon Davies, CEO of Bibby Financial Services (BFSI) Europe. He noted that while the Irish economy shows promising signs of recovery, Irish SMEs remain disproportionately impacted by the ongoing credit squeeze.

Ireland: New debt forgiveness scheme could save SMEs battered by the downturn

According to the Irish Independent, a debt-forgiveness scheme for small and medium enterprises (SMEs) battered by the crash is among proposals to be examined by a high-level working group being set up by the Government. Banks will be asked to cancel some company debts in exchange for shares in even small firms if the debt-for-equity proposal is taken up, according to sources close to the process. The radical plan is seen as one possible way to salvage the balance sheets of small businesses battered by the debt bubble and subsequent seven-year crash.

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