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Wednesday, June 30, 2010
Shy government agency must come forward
BY DAVID DWANE
In the December budget, the Minister for Finance announced that a simple and effective review process would be set up for small and medium-sized enterprises, sole traders and farm enterprises that have been refused credit from banks participating in the NAMA scheme.
The Credit Review Office was established to conduct this review, but it appears that its profile has been very low to date.
A recent survey by ISME, the Irish Small and Medium Enterprises Association, has confirmed that the CRO has had little take up, with three out of four companies (77%), unaware of its existence.
The Association outlined that unless the CRO was adequately and properly promoted, the level of take up would remain low, with few companies availing of their services.
According to ISME Chief Executive, Mark Fielding: “While the Credit Review Office is a step in the right direction, the reality is that very few companies are actually aware of its existence. This is worrying as the Office was set up to assist SMEs who have recently had their credit application turned down.
“It is also important that the CRO has a positive impact on access credit. If the organisation is viewed as a 'talking shop', SMEs would be loath to use their services and risk the already fragile relationship that currently exists with their bank".
Mr. Fielding called for an increase in the promotion of the Credit Review Office and for its name to be changed to avoid confusion with the Companies Registration Office.
“As the banks continue to refuse credit to the majority of SME applicants, it is imperative that the CRO and its services and benefits are widely promoted,” concluded Mr. Fielding.
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