Minister for Finance Michael Noonan has increased the limit for loan applications that can be reviewed by the Credit Review Office from €250,000 to €500,000.
'Up to now the numbers of applications for review going to the Credit Review Office has been surprisingly low considering the volume of complaints about difficulties that SMEs are facing in accessing credit,' said Noonan.
'This increase in the threshold will bring more refusals within the scope of the Credit Review Office and should encourage more firms to seek reviews.
'It also implements a recommendation made by the Credit Reviewer, John Trethowan in his most recent quarterly report.'
The Credit Review Office provides an independent review process for credit applications by SMEs, sole traders and farmers which have been refused credit by the NAMA-participating banks, AIB and Bank of Ireland.
The increase comes into operation on 9 July.
