Eight out of ten applications for credit by small and medium sized enterprises are successful but first time applicants find finance harder to come by, research has found. The bank-funded SME Finance Monitor study by BRDC Continental found 80 per cent of all loan and overdraft applications were successful in the 18 months to 30 September 2015, compared with 68 per cent in the 18 months to September 2013. Only 62 per cent of first time applications were successful in the latest 18 months, but that compared favourably with the 39 per cent success rate in the preceding period. Shiona Davies, Director at BDRC Continental, said the latest research showed demand from SMEs for external finance remains flat. However, she added: “Those who do want an overdraft or loan, are increasingly confident of success.”
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