Credit Review Bill 2024: A Possible Boost for Small Business Finance
The Credit Review Bill 2024 marks a significant step forward for small businesses seeking fair access to finance in Ireland. The Bill has passed all stages in Dáil Éireann and is now progressing through the Seanad is likely to pass without any further amendments.
The legislation establishes the Credit Review Service as an independent statutory body, replacing the previous framework rooted in the National Asset Management Agency Act 2009. This modernisation strengthens the service’s long‑term role in supporting SMEs and farmers who struggle to secure bank credit.
Since its creation in 2010, the Credit Review Service has provided an appeals mechanism for viable SMEs whose loan applications were refused, offering independent assessments that frequently result in lending being restored. The Bill preserves these core functions while enhancing transparency and governance. Importantly, it also empowers the Minister for Finance to extend the service’s scope to non‑bank lenders and other regulated financial providers - an increasingly relevant move as SMEs rely more on alternative funding sources.
For small businesses, the Bill intends to provide greater confidence in the lending system and a strengthened avenue for challenging credit decisions. It is hoped that this reform ensures more consistent oversight of lending practices and supports entrepreneurship, investment, and job creation.
If you have any questions, feedback, or would like to raise any concerns regarding this topic, please don't hesitate to contact SFA Public Affairs Lead, Jonathan McDade at jonathan.mcdade@sfa.ie or 01 605 1688.
