Almost half of SME loan applications refused

Almost half of loan applications from small and medium-sized business were rejected in the past three months, according to new figures.

The Irish Small and Medium Enterprises Association (ISME) yesterday released its latest quarterly bank watch survey which tracks the rate of bank credit refusals which saw a significant increase over the summer period.

Some 45% of applications for credit were refused by lenders in the quarter to the end of August - up from 33% in the previous three months.