If you think you’ve exhausted all options in terms of getting credit to keep your business afloat, don’t throw in the towel yet. Every bank has an internal process through which you can apply to have your refused application for credit approval reviewed. You may or may not come out any the better for it, but it’s certainly worth a shot. If again you are unsuccessful in your efforts, why not try the Credit Review Office.
In the December 2009 budget, the Minister for Finance announced the setting-up of the Credit Review Office to help ensure that small and medium-sized enterprises (SMEs), sole traders and farm enterprises have access to credit from the banks who are participating in the NAMA scheme.
The Credit Review Office review process is available to eligible borrowers following an unsuccessful bank appeal.
Visit www.creditreview.ie to find out more, or give us a call and we’ll assess your options for you.