Refused a business loan

Hello,

While various points already made regarding the ability to repay etc. are correct, there are a couple of other things to remember here:

- PTSB are not known for their expertise or track record in business banking.

- If you beleive that you should have been granted the loan, then make a submission to the Credit Review Office as they will help you, along with other business owners who follow in your footsteps.
 
I heard that ad on the radio again this morning. It only applies to NAMA banks so won't help with PTSB.

As others have said, try another bank.
 
Have you tried linkedfinance ? Google them - I cant post url for some reason.

Irish 'crowdfunder' type site. Seems to have had a lot of success. (I have no link with them)
 
Mrs Vimes said:
I heard that ad on the radio again this morning. It only applies to NAMA banks so won't help with PTSB.

As others have said, try another bank.
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It seems that PTSB are due to join the list of banks, per their website... so I would submit it. Someone has to be first in the queue ;)

http://www.creditreview.ie/am-i-eligible/

Your application for credit was with one of the participating banks.
The banks we cover are Allied Irish Bank, Bank of Ireland and Ulster Bank, with PTSB due to come on board shortly.
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Mrs Vimes said:
Hi Maryoblige

I heard an ad on the radio this morning for creditreview.ie - if you feel you have been unreasonably refused credit they will look at your case and make the bank change it's mind.
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They cannot make a bank give credit to anyone, they even state this on their site: "We have no statutory or regulatory powers to overturn bank lending decisions.". To do otherwise would constitute a breach of EU market rules.
 
Jim2007 said:
They cannot make a bank give credit to anyone, they even state this on their site: "We have no statutory or regulatory powers to overturn bank lending decisions.". To do otherwise would constitute a breach of EU market rules.
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No, but they have not been set up for no reason, either (I think the way it's put is they get the bank to look at the application again) ;)

See this from the Credit Review site:

We have no statutory or regulatory powers to overturn bank lending decisions. However, if it is our view that the lending could have been made within acceptable risk boundaries, the bank will be required to comply with this recommendation or explain to the Credit Review Office why it will not do so. To date, all banks have respected and complied with our recommendations.

http://www.creditreview.ie/about-us/
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I suspect it may be because the property you're offering as security is a personal asset, rather than a company asset, and that is what they mean by a mix. You're looking to take a loan for the company against an asset it doesn't own.
 
Have you spoken to your Local Enterprise Office (LEO)?. Depending on what the money is required for there may be grants available. There are hoops to be jumped through (it is taxpayers money they are giving away after all) but they will give grants for employment, feasibility studies and capital expense. They won't fund €200k, you may only get €20-€40k if you meet the criteria with some of it refundable but they give good advise and potentially someone to look at your business plan who isn't on a commission. €20-€40k will take some of the sting out of the loan and may make it more attractive for banks to lend the rest
 
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