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.