The availability of corporate credit appears to be easing slightly with financial directors reporting the first improvements for just under two years.
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According to the latest Deloitte CFO survey the first quarter of 2009 saw the availability and cost of credit easing with 64% of those responding confirming that lower base rates had fed through to borrowing.
Around 59% said that they thought things would improve next year although just shy of a third said that they felt that corporate credit would not ease up dramatically until 2011.
Margaret Ewing, Deloitte partner and vice chairman, said that credit pricing and availability had improved slightly.
“While the majority of CFOs remains negative on the financial outlook for their businesses, sentiment has picked up from the extreme lows seen in the second half of 2008. This quarter’s survey is certainly down beat,but it does point to a marginally improved situation compared to the second half of 2008,” she said.
The availability of credit has been a constant source of complaint in the channel since the downturn kick in last year and the banks started to make life difficult. Since then SME lobby groups have been putting pressure on the government to try and make the banks increase their levels of lending.