Businesses should contact the Credit Review Office if they have been refused Credit - Perry
Decision to refuse credit in 54% of cases adjudicated by Credit Review Office have been reversed
Small Business Minister, John Perry, has today asked businesses who are having difficulty, or have been refused, access to credit to contact the Credit Review Office (CRO) to have their case examined.
Minister Perry was speaking following the publication of the seventh quarterly report from John Trethowan of the Credit Review Office*.
“Small businesses are not just a vital part of our economy - they play a vital role in our society and local communities as well. That is why, I intend to continue to ensure that the business environment is supportive of them”.
The Minister welcomed the fact that the decision to refuse credit in 54% of cases reviewed by the CRO had been reversed. “This is good news as access to finance can mean the difference between survival or failure for many viable new start-ups and existing small businesses
“the Credit Review Office is a vital service for SMEs to ensure that businesses with existing or future potential viability can get access to credit. “But banks can only lend when they receive a credit request. So I am calling on businesses to take advantage of the service provided by the CRO if they are experiencing difficulty in obtaining loans or accessing credit.”Read Minister Perry's full press release here