The banks are preparing to yet again toughen up their conditions for loans to small and medium-sized firms, the Financieele Dagblad reports on Thursday.

The paper says half the banks have already made changes in the first three months of this year and more changes are on the way. The paper bases its claims on a survey by the Dutch central bank.

Higher interest rates, smaller loans and tougher rules on guarantees and collateral are on the cards, the survey shows.

‘I understand banks must think about their results but this is cutting off firms from credit,’ Hans Biesheuvel, chairman of small business association MKB-Nederland, told BNR radio. ‘Times are hard but there are a lot of good companies out there. Banks must make their approaches tailor-made.’