permanent tsb has announced it has joined the Credit Review Office on a non-statutory and voluntary basis. The Credit Review Offices provides an independent, impartial credit appeals process for small and medium sized businesses (SMEs), including sole traders and farmers.
Killian O’Flynn, Head of SME Banking at permanent tsb, said:
Since entering the SME lending market last December, we have experienced steady growth in lending applications from small business owners across the country. We provide simple banking for small businesses, delivered locally with a personal touch, and joining the Credit Review Office indicates our commitment to providing a professional lending service to our small business customers.
John Trethowan, Head of the Credit Review Office, said:
I welcome permanent tsb’s decision to voluntarily join the SME and Farm credit review appeals process. The recent entry of the bank to SME lending provides more choice to small business owners seeking access to credit. The Credit Review Office looks forward to building an effective working relationship with permanent tsb and ensuring that all viable businesses can benefit from greater access to finance through an independent appeals service.
The Credit Review Office (CRO) helps Small and Medium sized Enterprises (SMEs) or Farm borrowers who have had an application for credit of up to €3m refused, reduced or withdrawn, and who feel that they have a viable business proposition. The CRO’s remit also includes cases where borrowers feel that the terms and conditions of an existing loan or a new loan offer are unfairly onerous or have been unreasonably changed to their detriment.
Those seeking support from the CRO must first have completed the individual bank’s internal appeals process before the Credit Review Office will conduct a review.
permanent tsb offers overdrafts and loans for working capital and investment purposes to small trading businesses. It has 77 branches nationwide supported by dedicated SME Business Managers. The bank also offers current account services to small business customers and internet banking through its Business24 Service.
Further information on the range of SME products from permanent tsb can be found here.