25 Feb 2020 | 01.55 pm
Guest Blog: Catherine Collins, Credit Review
Previous users report that the process is simple and easy to use
25 Feb 2020 | 01.55 pm
Credit Review has a simple mission: to assist SMEs and farms that are viable or potentially viable to get access to the bank finance they need for their businesses. It provides an independent appeals process, reviewing credit/loan refusals by the banks. Businesses that have been refused credit, or had existing facilities such as overdrafts reduced or withdrawn, can apply to us for an independent review of their credit application.
When an SME or farm applies to Credit Review, an experienced lending specialist (the reviewer) is assigned to work with the borrower to understand their business and to address any shortcomings in how the business or farm has presented themselves to the bank. The Credit Review team includes a panel of expert professionals across Ireland, with frontline SME and farming finance experience.
Credit Reviewers are credit experts who know and understand the banking sector and how it works. Many of the Credit Review expert panel have extensive banking experience at senior lender level, and all are now independent of the banking sector. Credit Review works with participating banks (currently AIB, BOI, PTSB and Ulster Bank) to ensure the business owners it represents get credit to grow and develop their businesses.
The reviewer contacts the borrower to discuss the case and assesses the business, looking at its track record and its future potential, plans and projections, management and markets, and existing debt, as well as the reason for the new credit application.
The bank is also asked to provide detailed information on how they view the business and why they have refused to lend. The reviewer then forms an opinion as to whether the business is viable and will make enough cash to pay back the loan. The aim is always to achieve successful outcomes for the business owners, which the banks can also accept.
Borrowers who have used the service report that the process is simple and easy to use. The reviewers are approachable and take a genuine interest in doing their best to help the business achieve its objectives. In one out of every two cases that come to us, we are able to suggest a credit solution that works for both the business and the bank. Where we cannot support a credit application, we will try to signpost SMEs towards other supports that can help them to grow and develop their businesses.
In addition to reviews and appeals, Credit Review is available to help all SMEs and Farms on their credit matters by providing accessible, easy-to-understand and affordable expert assistance and information. This includes a number of useful information sheets available on its website, creditreview.ie, in the ‘Publications’ section, covering topical issues such as:
• If you are seeking finance, what to expect and how to prepare
• What happens if your business loan has been sold on to an investment or hedge fund
• What you owe and what can be demanded of you
• The risks of funding capital projects from internally generated business funds (self-funding)
• Non-performing loans and exposures – what farms and SMEs need to know.
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. In addition, Credit Review also operates a helpline service, providing useful information and assistance over the phone to SMEs and farmers.
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 business.
Phone 1850 211 789, or email firstname.lastname@example.org.
Pictured: Catherine Collins, Deputy Head of Credit Review