APPLICATION REJECTED.
These two words are all too familiar to a lot of people trying to get their businesses off the ground in Ireland. When you are truly passionate about what you are trying to achieve this should never hold you back. Where there’s a will, there’s a way.
Darren Grant set up The Organic Supermarket because he wanted to bring good food back to Ireland’s tables. The first store opened in 2008 in Blackrock and since then the business has grown and expanded online and across Dublin becoming Ireland’s largest dedicated organic retailer. But not without some hairy moments along the way.
Initially Darren received support from his bank to get The Organic Supermarket started, but with his business growing against the odds during the recession, additional funding was necessary. In 2010, Darren’s application for further financial assistance from the bank was rejected.
Darren didn’t want to give up on the business he was so passionate about, he saw The Organic Supermarket as a welcome antidote to faceless food corporations and as a way to bring good, flavoursome produce back to Irish homes.
And so, Darren turned to the Credit Review Office to appeal the decision of his bank.
Within two weeks the bank overturned their initial decision following a recommendation from the Credit Review Office.
Speaking about his experience with the Credit Review Office Darren told TheJournal.ie:
I found the Credit Review Office to be an incredibly professional intermediary between the powerful banks and the SME businesses that are the back bone of Ireland.
I now employ 26 people and am opening a third store in January resulting in us being the largest independent organic retailer in the country.
I cannot recommend the Credit Review Office enough as they bring equity to a seemingly unfair battle for viable businesses to obtain credit in Ireland.
Speaking of the work the Credit Review Office did for The Organic Supermarket, Darren said:
When the banks said no, the Credit Review Office did extensive and timely due diligence on my company and found strongly in favour of supporting my business.
So, what exactly is the Credit Review Office and where did it come from?
The Credit Review Office was set up during the recession as a response to the financial crisis to help make sure that viable SMEs and farms in Ireland are getting fair access to credit.
What businesses does the Credit Review Office help and how does it ensure they get fair access to finance?
The Credit Review Office looks at businesses and farms that have had their applications for financial assistance turned down by the bank and does an independent assessment to see if the decision of the bank could potentially be overturned.
Do many banking decisions get changed?
Yes. Since 2010 the Credit Review Office has had over 50% of the banking decisions that were brought to it overturned and the credit amount eligible for appeal has gone up from €500,000 to €3 million.
How do you know if the Credit Review Office can help your business?
Well, the Credit Review Office can help your business if:
How do you go about kicking off the process?
Preparation is key. Visit the Credit Review Office website first where you can check your eligibility.
And then what?
Once you know you are eligible you can download and submit your application to the Credit Review Office or give them a call.
After that your fate is in their hands.
Anything else?
The work of the Credit Review Office is independent of the banks, easy to complete and covers all types of applications from new loans to restructured facilities. At the moment the participating banks are AIB and Bank of Ireland, who bank the majority of SMEs in Ireland. Permanent TSB have also agreed to join and Ulster Bank are actively considering joining the review process.
For more information on the Credit Review Office check out www.creditreview.ie.
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