Banks are increasingly sayingnotoSMEloans

SMALL and medium business lobby group ISME’s latest Bank Watch Survey shows a significant increase in loan refusal rates and also an increase in the time it is taking SMEs to access finance from decision to drawdown.

Just over half (51 per cent) of the SMEs surveyed said that banks were making it more difficult to access finance.

“The results reflect the disconnect between our pillar banks and SMEs. A 39 per cent refusal rate is high, the highest since June 2016. Banks appear to be regressing; instead of improving access to finance for SMEs, it is becoming more difficult,” said ISME SEO Neil McDonnell.