Minister slams SME lending policies

Irish banks are to be looked into over their lending practices following reports that some small businesses are being stone-walled when it comes to applying for credit, writes HGV Ireland.

Batt O'Keeffe, minister for enterprise, trade and innovation, accused some banks of showing little regard for Irish taxpayers, adding that government has also not kept with its commitment to help with lending to viable small to medium-size enterprises (SMEs).

“Despite the taxpayer pumping billions of euro into the banks, the small business-owners I have met since becoming minister... tell me they are still being stone-walled when it comes to getting credit to keep going or to expand,” says O'Keeffe.

The UAE has been having discussions with South Korea on the co-operation of fields including a knowledge-based economy, SMEs, and healthcare, states WAM.

Tchoy Kwingwan, the South Korean minister of knowledge economy, spoke with the UAE minister of economy, Al Mansouri, about the task of supporting economic development through the adoption of technology in the industrial, services and other sectors. This while encouraging innovation and creativity in technology.

SMEs, which make up 99% of the companies in South Korea, are highly dependant on advanced technologies and innovation.

TaxAdditionally has released a business report which states 43% of SMEs believe company tax should be reduced, reports Dynamic Business.

According to the results, sales are already on the rise, with 34% of organisations reporting an increase in the past six months. It indicated 85% of companies are opposed to any increase of the GST rate.

The results also indicate that access to business credit may be easing. A third (30%) of the respondents believe it is harder to obtain an SME business loan, while 56% say access to loans is easier.