SMEs welcome easier lending
The introduction of a new law has clarified the lending criteria for SMEs, alleviating the financial squeeze many are feeling, writes Connie O’Toole
The Code of Conduct for Business Lending to SMEs, introduced into law last month, conferred new rights on SMEs in their dealings with regulated entities, such as financial institutions.
‘‘The code requires that each application for credit by an SME must be treated on its own merits by a regulated entity and, where a credit application is declined, the reason for this must be clearly explained,” said Ambrose Loughlin, head of banking, McCann FitzGerald....
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