| Credit Availability for SMEs |
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By
Aug 23, 2009 |
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As part of the ongoing work of the Government's Credit Supply Clearing
Group, the Department of Enterprise, Trade and Employment is, today
(Friday, 28 August 2009) calling for submissions from viable businesses
that have been refused credit by banks.
Such businesses, where the flow of credit appears to be blocked, can now
send their details to a dedicated e-mail contact point at the Department.
Commenting on today's initiative, the Minister for Trade and Commerce,
Billy Kelleher, T.D., said: "We want businesses to continue to keep us
informed of their experience of dealing with the banks in the current
difficult economic climate. I undertook an intensive round of regional
meetings last month, involving banks, businesses and state agencies, to
discuss credit availability. These meetings were very constructive in
having all sides openly discussing their concerns and provided a mechanism
for genuine engagement between key stakeholders. Following my meetings we
then had the publication of the Mazars Review of Lending to SMEs which
established a base line of credit availability and also addressed the
demand for credit. It is clear that access to credit remains a significant
issue and it is essential that we have hard facts to establish patterns for
the banks to address."
The Tánaiste and Minister for Enterprise, Trade and Employment, Mary
Coughlan, T.D., together with the Minister for Finance, Brian Lenihan,
T.D., established the Credit Supply Clearing Group earlier this summer to
identify specific patterns of events or groups of cases where the flow of
credit to viable businesses appears to be blocked. The Group includes
representatives of small business, the banks and the enterprise development
agencies.
Although the Group cannot act as an appeal mechanism for individual cases
of credit refusal, it is charged with seeking to identify credit supply
solutions relating to any patterns identified. Information provided by
businesses will inform and assist this work.
The e-mail contact for submissions to the Credit Supply Clearing Group is:
creditsupplyclearinggroup@entemp.ie
This press release & more information is also available on the Departments website at: www.entemp.ie
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