AIB claims to approve more than 90% of SME loans
In response to the ninth quarterly review of the Credit Review Office, AIB bank has said they had an approval rate in excess of 90% for small business loans.
It comes as the Credit Review Office said it overturned almost €10m in loan refusals for small and medium enterprises and farmers in the last two years.
Its latest quarterly report shows that as a result, 813 full-time positions and 46 part-time jobs have been created.
More than 22,500 formal applications from small businesses for credit were processed by the bank and AIB claim that 20,500 were sanctioned.
According to the bank, which is almost 100% owned by the State due to Government intervention, it expects to exceed the €3.5bn SME lending target set by the Government for 2012.
It is also encouraging customers to appeal declined credit decisions where they believe the decision was flawed.
The head of business banking at AIB John Webb has admitted that some of its loan application procedures in the past were "over-engineered", and he said the bank has to do more when it comes to engaging with its customers.
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