CREDIT REVIEW OFFICE

The Credit Review Offices is preparing to launch an online tool to help small businesses formalise loan inquiries to banks, the Sunday Tribune reports.

The tool will allow SMEs to make an initial inquiry in writing, rather than verbally – helping to eliminate ambiguity. Consultants hired to track SME lending have found that around 20% of loans are turned down. The Office puts down many of the rejections to the verbal nature of the current process.