Rose Conway-Walsh (Mayo, Sinn Fein)

I welcome these initiatives but last year, in 2024, we saw no real growth in Ireland's SME bank debt, with continued low demand from applicants and an overly cautious approach to risk from the banks. SMEs with any form of credit challenge find it difficult to access credit from the traditional financial institutions, even more so since the departure of Ulster Bank and KBC from the market. These are the sources where most small and retail businesses go to look for credit. Despite what the Minister says he is doing to make credit more accessible for SMEs, a recent report from IBEC revealed that 63% of SMEs still consider the application process to be overly complex and lengthy. Many SMEs do not have the knowledge and expertise to navigate the overcomplicated process of securing finance, even more so now that the banks have automated their application processes and removed all human interaction with local bank managers who would have traditionally advised and assisted a struggling applicant.

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