New SME loan targets ‘not needed’

The Credit Review Office has said that fresh annual SME lending targets for the main banks are not necessary and that it has seen an increase in appeals for investment capital; suggesting a sustained economic recovery is under way.

In his 13th quarterly report since the loan monitoring body was established four years ago, Credit Review Office chief, John Trethowan yesterday noted three key trends.

Firstly, that the majority of appeals made to his office by companies being refused credit, is now for funding for working capital and business investment purposes; suggesting a recovering economy.