Credit troubles hamper 75% of firms

A LACK of competition is leading to higher bank charges, according to the country’s small businesses, which also say they are finding it very difficult to get credit.

More than 75% of firms surveyed said banks are still making it more difficult to access finance while almost 50% were refused changes in their bank facilities in the first three months of the year. This is up from a third at the end of last year.

The latest ISME quarterly bank watch survey also found that firms said banks are reducing overdraft facilities, which is creating cash-flow problems.