ISME: Banks taking too long to approve financing for firms

The Irish Small and Medium Enterprises Association says banks are too slow in approving financing.

The organisation says 29% of applications are still pending, with many companies waiting up to eight weeks for a decision.

In its latest Quarterly Bank Watch Survey, ISME says demand for loans is now at its highest level since the recession began.

CEO Mark Fielding says financial institutions are being unfair to those in need of financing:

He said: "In most cases now we are seeing a wait of about eight weeks, that has increased from seven weeks recently, to get a decision from the banks.

"Many small businesses who are trying to expand, they can't be waiting around for two months waiting for a decision, so that's one of the areas we really feel the banks need to brush up on."