Ireland SMEs in manufacturing and the wholesale and retail sectors are experiencing strong growth with new lending in Q1 2017 reaching €3.6bn. However, the rejection rate on bank finance applications has increased from 11pc to 13pc over the year to March 2017, with rates for medium-sized firms continuing to drop but small and micro firms experiencing increases. This info is according to Independent.ie.

Investment and working capital were cited as the most common reasons for financing applications. Unfortunately, the Central Bank of Ireland loan-level data for December 2016 shows that 18.7pc of SME loans (weighted by outstanding balance) are in default. The sectors which are experiencing the highest default rates are the construction and hotels & restaurants sectors. Manufacturing, social and personal sectors are seeing low default rates.

Regionally, default rates for SMEs are highest in the West and Mid-West and lowest in the South-West region. The average interest rate on loans under €250,000 is currently 5pc in Ireland.