Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Cookies that are categorised as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience. Read our privacy policy here for more details.
Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Report Identifies Unacceptable Delay in Credit Decisions – Kane

Commenting on the results of the report on the demand for credit by Small and Medium Enterprises (SMEs) published by the Department of Finance, IFA Farm Business Chairman James Kane said the report shows an unacceptable delay by the banks in making credit decisions.

Mr Kane said, “Government and the Central Bank must ensure that the delays in assessing credit applications are eliminated as farm businesses need a swift response to support both the day-to-day running and longer-term planning of their enterprises.”

He continued, “The report shows that the business environment for small businesses, including farm businesses, remains difficult, with weak demand for credit overall, and a high level of loan refusal. However, the agriculture sector is in a stronger position than other SME sectors with over 60% of farm businesses surveyed reporting that their turnover had remained stable or increased in the six months to October 2011.”

James Kane said, “The most requested loan products among small businesses were the renewal or restructuring of overdrafts and requests for a new loan or restructuring of a loan.  These findings reflect what we are seeing in agriculture; while farmers are investing and expanding in their businesses, there is a continued need for the banking sector to support farm businesses with credit difficulties and to provide flexibility through working capital and short-term funding products, such as stocking loans, for the farming sector.”

He concluded, “The growth in agriculture seen in 2010 has continued into 2011, with growth in output at farm level and agri-food exports. Demand for food continues to increase at a global level. Irish farming requires a banking sector that supports the expansion targets set out in <i>Food Harvest 2020. </i>This means access to credit at a competitive rate, with appropriate products and timely decisions on credit applications.”

Related Articles