Lending to SMEs remains static

THE report of the Independent Review of Credit Availability published yesterday shows that lending to the SME sector, excluding speculative construction and property sectors, remained static over the period from June 2008 to February 2009.

The report, which was conducted by Mazars, also shows the value of new applications for credit had fallen by 42%.

The number of SMEs seeking credit remained high at 52%, while the refusal rate ranged from 19% to 30% depending on the size of the applicant.