Minister’s Brief

5. Majority of credit requests continue to be approved fully
85% (+1%) of credit applications (excluding 'still pending') were approved or partially
approved (Mar 15: 84%)
6. Applications for growth and expansion purposes are more likely to be approved than
previously
7. In 64% (March 15: 63%) of cases where formal applications were declined, the company
said that the bank did not inform the borrower of the right to an internal review.
8. 56% (no change) of respondents believe that the banks are lending to SMEs (Mar 15:
54%)
9. Improvement in application turnaround time
The average time for receipt of an application decision is 19 days (Mar 15: 20 days).
10. Export finance
Only 5% of exporting companies agreed that they had difficulties sourcing export finance.
“Supporting SMEs” Campaign
The SME State Bodies Group continues to co-ordinate a campaign to increase the awareness
amongst Irish small businesses about the range of Government supports available to them.
The associated website, www.supportingsmes.ie, was launched in May 2015. At the heart of
this campaign is an online guide, where by answering 8 questions a small business will be able
to receive more information of the supports for which they may be eligible.
As part of this campaign, the Department of Finance is represented at a series of nationwide
events to showcase this online guide, undertaking training and demonstrating with a range of
representative organisations and promoting the online guide through a sustained
communications campaign throughout the year.
Strategic Banking Corporation of Ireland (SBCI)
The Strategic Banking Corporation of Ireland (SBCI) was established by the Strategic Banking
Corporation of Ireland Act 2014. The SBCI was created to ensure increased lending, at a lower
cost and on more flexible terms to Irish SME's.
The SBCI is achieving this by channelling lower cost financing from the European Investment
Bank (EIB) and KfW though lending partners known as on-lenders. The SBCI was launched in
February 2015 with initial funding available of €800m. It commenced lending via its initial onlending
partners, Bank of Ireland and AIB, in March 2015.
Page 86 of 184