Increased Credit Approval Rate Good News for SMEs

Wexford Chamber has welcomed the Red C Credit Demand Survey which points towards further stabilisation in the economy.

Madeleine Quirke, CEO Wexford Chamber  said “This report is one of a number of recent indicators of positive momentum in the economy. Demand for finance has dropped while the overall approval rate for those seeking credit has improved suggesting that more SMEs are now on a sustainable footing. Furthermore, the forecast that the next six months that more SMEs will be looking for credit for investment and growth should have a positive impact on job creation.”

“The survey highlights the perception still held by a minority of SMEs that banks are not lending. We encourage any business of this opinion to take a chance and fill out a credit application form at their local bank. Government can also do its part by increasing awareness of the wide range of funding supports available to SMEs by specific and targeted information campaigns aimed at this audience,” she concluded.

-Ends-