Harte says CRO should be allowed pre-approve loan applications

As concern grows about the number of small and medium sized businesses being given loans, Donegal Senator Jimmy Harte has asked the Minister for Finance Michael Noonan to allow firms go to the Credit Review Office before approaching the banks for finance.

He says when businesses refused loans go to the CRO, up to 50 % of the rejections are overturned, and it would be a positive move for a small business to get approval from the CRO before approaching the bank.

Senator Harte believes this could be the catalyst to get credit flowing................