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Irish small businesses are still too old-school when it comes to getting loans
Think more crowdfunding, less banking, economists say.
Your contributions will help us continue to deliver the stories that are important to you
Think more crowdfunding, less banking, economists say.
Revelation comes after RBS confirmed it is one of the banks being investigated over manipulation of inter-bank lending rates.
A new ISME survey says that although more companies are seeking credit, lenders are still reluctant to put up their cash.
The quarterly review of the Credit Reviewer notes that banks can only lend whenever someone applies for a loan.
It’s hoped the move will avoid the need for further taxpayer support of the bank.
The loans – which are for the unusually long period of six months – are aimed at steadying the banking system.
Ireland needs to order its banks to resume lending to small and medium businesses in order to fuel a recovery, argues Nick Leeson.
90 per cent of all business loan applications were approved in 2007, but only 50 per cent were given the thumbs-up by 2010.