Catherine Collins
Head of Credit Review
Struggling to secure credit for your business? You’re not alone!
Set up by the Minister for Finance in 2010, Credit Review has a simple mission: to assist viable, or potentially viable, SMEs and farms to access the bank finance they need to grow and develop their business. Businesses need to continuously invest to survive and grow, and credit can help ensure that investment occurs at the right time.
Bank finance helps businesses survive and thrive
Without suitable finance, even viable businesses may postpone or abandon investments, reducing their competitiveness and long-term resilience. Businesses generally seek bank finance for two reasons: to increase working capital as their business grows in the short to medium term and to fund larger-scale investment for capital-intensive projects, which are typically longer term. Bank credit can play an important role, and accessing the appropriate type of credit is key to business success.
Credit Review provides an independent and transparent appeals process for businesses with credit applications refused by Irish banks. Our mandate covers all business-related credit and specifically excludes personal credit. For example, we can review changes to existing credit facilities being restructured, reduced or even withdrawn — like if your bank reduces your business overdraft limit, you can appeal, and we’ll take an independent view.
A roadmap to help businesses secure credit
The appeal focuses on viability, or the ability to repay the credit. In most cases, when they come to us, we can recommend a solution that works for the borrower and the bank. For those we can’t support at this time, we provide a roadmap to assist in securing credit in the future.
The service also operates a helpline for business borrowers having difficulty getting credit. Prevention can be better than a cure, so call our helpline for information if you feel your application isn’t going well, before you get a final ‘No.’
We accept applications from businesses with credit facilities of up to €3 million refused, reduced or withdrawn by AIB, Bank of Ireland and PTSB.
For more information on our independent appeals process and information services, visit creditreview.ie or call the helpline on 0818 211 789.
