Small Businesses will Struggle to Obtain Credit in 2012, Say Bankers in FICO-Efma Survey

LONDON—April 2, 2012—FICO (NYSE:FICO), the leading provider of analytics and decision management technology, and Efma today announced further results of the fourth European Credit Risk Survey, showing that a “credit gap” looms for small businesses in 2012. The survey, which queried credit risk management professionals in January and February, found that 71 percent of respondents across 31 European countries said small businesses will find it harder to get credit in 2012.

The survey also found the widest credit gap for small businesses since the survey was launched a year ago. 31 percent of respondents say the aggregate amount of credit requested by small businesses will increase, while just 13 percent say the amount of credit extended will increase.

"The survey results show that credit demand across Europe will shrink, but supply will shrink even faster, particularly for small businesses," said Mike Gordon, FICO vice president for Europe, the Middle East and Africa. "It's notable that in the UK, which has had a tremendous focus on small business lending through such efforts as Project Merlin, our survey says the increases in demand and supply will be roughly equal, and half as many respondents, just 36 percent, say small businesses will find it harder to get credit."

Consumers will also find it harder to get credit in 2012, according to 61 percent of respondents. While a grim economic outlook may be part of the reason, risk professionals clearly pointed a finger at banking regulations. 78 percent of respondents said banking regulations will reduce credit availability. In the UK and Ireland, that percentage grew to a whopping 91 percent, the highest for any region in the survey.

"Unfortunately, regulations aimed at preventing another credit meltdown appear to be stunting the recovery," said Gordon. "Banks that need to hold ever-greater amounts of capital can't put as much credit on the street. In our work with banking clients across Europe, one of the top priorities is developing credit strategies that balance risk management with capital preservation and growth."

A detailed report, including specific results for the UK, Germany/Austria/Switzerland and Spain/Portugal, is available online. Participants included credit-granting institutions ranging from local banks to global institutions. More than 100 representatives from 31 European countries and 79 companies responded to this survey.

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About Efma
Efma, a not-for-profit association formed in 1971 by bankers and insurers, specialises in retail financial marketing and distribution. Today, more than 3.000 brands in 130 countries are Efma members, including over 80% of Europe's largest retail financial institutions.

Efma offers the retail financial service community exclusive access to a multitude of resources, databases, studies, articles, news feeds and publications. Efma also provides numerous networking opportunities through work groups, online communities and international meetings. For more information: www.efma.com

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