Credit refused to 54% of SMEs

LENDING to small firms has slowed to the lowest levels since the start of the economic crisis, with the majority of SMEs finding it increasingly difficult to access credit from banks.

Latest research from the small firms’ lobby group ISME claims 54% of small and medium-sized enterprises (SMEs) are still being refused credit, while over 70% feel banks are making it more difficult to access finance than previously.

ISME’s latest quarterly bank-watch survey also shows that the cost of credit is increasing.