Business loans: How much can I get?

We speak with a lot of business owners and usually they will ask how much of a loan can they get. The short answer is, it depends on the affordability for repayments showing in the recent bank statements. So if you were looking for €100,000 over 3 years the repayment could be around the €3000 a month mark. If, looking at the bank statements, a direct debit for €3000 looks like it would bounce a lot then the credit team might not pass it.

But it’s more complicated as we exit this series of lockdowns. Some credit teams will take a look at financials from when your business was trading normally pre-pandemic and factor this in to their lending decision; especially if you’re in an industry expecting a boost in trade.

If your accounts are showing a loss the chances of approval for a simple unsecured loan are lower. In this situation other loans can work. If you’re in hospitality and take a lot of card payments your merchant account data could get you an advance equivalent to around a month’s turnover. If you are in manufacturing or an agribusiness and have machinery they can be refinanced to release working capital. If you’ve a book of debtors invoice finance can work.

There are a number of finance solutions on the market and BusinessLoans.ie organises quotes. We never ask you for a fee and we’re happy to talk, find multiple quotes for you to compare and if the deal is right, get you funded fast. Email us at hello@businessloans.ie or call 01 55 636 55.