Press Release: SMEs find it hard to obtain feedback on their loan applications

On 15 April 2014, a new evaluation confirmed that the smaller a firm, the larger the likelihood that its credit application might be declined by a financial institution. In particular, smaller companies are struggling to obtain feedback from banks on their declined credit applications even if they have the right to ask for it.

To help them eventually to obtain loans successfully, smaller firms need to receive and act on feedback about areas in which their loan application was lacking.

ESO: Background information: The proportion of unsuccessful loan applications by SMEs has risen with the economic crisis http://www.europeansources.info/record/press-release-the-proportion-of-unsuccessful-loan-applications-by-smes-has-risen-with-the-economic-crisis/

ESO: Background information: Commission to take on bottlenecks to financing of SMEs http://www.europeansources.info/record/press-release-commission-to-take-on-bottlenecks-to-financing-of-smes/

ESO: Background information: Commission roadmap to meet the long-term financing needs of the European economy http://www.europeansources.info/record/press-release-commission-roadmap-to-meet-the-long-term-financing-needs-of-the-european-economy/

European Commission: DG Enterprise and Industry: All topics: Access to finance: Evaluation of Market Practices and Policies on SME Rating http://ec.europa.eu/DocsRoom/documents/5111/attachments/4/translations/en/renditions/native

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