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Lending to Small and Medium Sized Enterprises Regulations 2015
The Lending to Small and Medium Sized Enterprises Regulations 2015 came into effect on 1st July 2016.
The regulations are designed to :
- Promote fairness and transparency in the treatment of SME’s by lenders
- Provide information on the application process for credit and associated timelines
- Provide reasons in writing for declining credit that are specific to the application that was declined
- Provide increased information to SME borrowers about the lenders policies for dealing with financial difficulties, including the implications for SME borrowers who are deemed not co operating
- Expand the grounds for appeal by SME borrowers of various credit decisions made by a lender.
Click here to see our Information Booklet for Small & Medium Enterprises in Financial Difficulty
The Regulations are available on the Central Bank website