SMEs told to refinance loans with family help

A Government agency tasked with improving SME access to credit has recommended that business owners whose loans have been sold to vulture funds should tap friends and family for cash.

The Credit Review Office (CRO) was established by the government in 2010 to evaluate bank credit refusals and work to have such decisions reversed for businesses where appropriate.

As the sale of SME and farm loans to so-called ‘vulture funds’ appears to be gathering pace, and with increased political focus on the issue, the CRO has issued guidelines for borrowers whose loans have been sold.