The Irish SME Association (ISME) said the results of its Quarterly Bank Watch Survey show a decrease in refusal rates and a drop in demand for credit, while the waiting time from decision to drawdown remains unchanged at six weeks. The main findings from the 524 respondents in the second-last week of March found that 31 percent required additional or new bank facilities in the last three months, compared with 42 percent in the previous quarter.

Other findings include:

• Loan refusal rates decrease from 32% to 24%.
• SME demand for credit drops from 42% to 31%.
• 49% stated that banks are making it more difficult to access finance.
• Businesses wait on average 6 weeks from decision to drawdown.