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SME Market Report

The SME Market Report aims to provide a timely monitor of developments in the provision of credit to Irish Small and Medium Enterprises (SMEs) by financial intermediaries.

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The SME Market Report for 2019 finds that:

  • Gross new lending to SMEs declined 1.7 percent in the year to 2018 Q4, driven by ‘Manufacturing’, ‘Wholesale, Retail, Trade and Repairs’ and ‘Primary Industries’, with increases elsewhere.
  • Market share among the top three banks is high at 90.3 percent of new SME lending and concentration in the flow of new lending has stabilized since Q2 2016.
  • Credit demand remains low compared to previous years, with 20 percent of SMEs applying for credit in the period April — September 2018. A large majority of Micro, Small and Medium firms finance investment from internal funds.
  • Working capital remains the most common reason for credit applications among micro and small firms, whereas credit for growth & expansion is more common among medium firms.
  • Irish SMEs are more reliant on leasing and hire purchases for investment activities than the EU average, but are less reliant on bank loans.
  • Rejection rates on bank finance applications have tended to stabilize recently.
  • Interest rates on small NFC loans in Ireland are on average 5.7 percent. Similar size loans are on average 2.5 percent in other parts of Europe.
  • SME default rates have declined from 19.8 percent in December 2017 to 17.5 percent in June 2018.
  • SME transitions into default over the period December 2017 to June 2018 were 2 percent.