Friday, April 23, 2010

Show me the Money - Credit Review

There has been talk on the ground for some time about how the banks HAVE TO lend to the SME sector to try and survive the recession and all the gloom it brings.

Banks involved in NAMA are going to have to play ball with SME's, and Enterprise Ireland have set up a website full of information about making the system work for you.

The "Credit Review Office" as it is called was launched this month, without too much fanfare I'm sorry to say.

Essentially it's there as a support service for those who have been refused credit by banks involved in NAMA.

Some text from their site:
"The Credit Review Office has been established to conduct this review process and will accept applications from SMEs, sole traders and small and medium-sized farm enterprises that have had their application for credit refused or reduced or have had credit facilities withdrawn, and feel that the bank’s decision is unjustified. The Credit Review Office will, on application from the borrower, carry out an independent and impartial review of the bank’s decision."

Best of luck to anyone who needs this service and anyone who gives it a go. Let us know how it works out.

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