DID YOU KNOW? NOT EVERYONE IS AWARE THAT THE CREDIT REVIEW OFFICE MONITORS CREDIT AND BANKING CONDITIONS FOR SMES IN THE IRISH MARKET. The role of the Credit Review Office is to ensure that viable borrowers have access to credit for business purposes. It provides an appeals mechanism for borrowers who have had their credit applications rejected by an Irish bank (AIB, Bank of Ireland, PTSB and Ulster Bank) however it also monitors credit and banking conditions for SMEs in the Irish market, and has provided a number of useful information sheets available on its website, www.creditreview.ie, in the ‘Publications’ section. These cover topics such as: • What happens if your business loan has been sold on by your original loan
245042_1C_Credit Review_JM_Better Business.indd 1
Credit Review Office_2L_CP_JM_Better Business Q3.indd 74
provider to an investment or hedge fund • What you owe and what can be demanded of you • If you seek to refinance, what to expect and how to prepare • Where and how to get help • Funding capital projects from internally generated business funds, or self-funding • Potential impact on the business and pitfalls to avoid • Implications for bank funding in the future • Non-Performing Loans and Exposures – what farms and SMEs need to know • What is a non-performing loan or exposure?
• How to find out if your loans or credit facilities are non-performing • Implications for bank funding in the future and why you need to get back to performing status With all Credit Review information notes, the aim is to help you to understand how you can ensure your business or farm has access to credit when it needs it. Contact CreditReview.ie and talk to one of our professional reviewers so that you are fully informed on the credit management issues relevant to your situation. Phone 1850 211789 or email info@credit review.ie.
Official magazine of Small Firms Association