Aine Collins, CPA member and member of the Oireactas Joint Committee on Jobs, Enterprise and Innovation, is pictured here (centre right) at the launch of a report on Access to Finance for SMEs on July 16th.
One of the recommendations from the report is for the independent verification of lending rates across the banking sector as a necessary step to address concerns about availability of finance for small and medium sized businesses in Ireland.
Other recommendations include greater support for small businesses to improve their financial literacy, mandatory written explanations from banks explaining why applications for credit have been rejected and a guaranteed time frame for dealing with loan applications.
The committee also called for the development of more non-banking sector funding initiatives for firms to counteract the over-reliance on bank loans and overdrafts.
Read the full report here.