Now that we’re well in to the second half of 2021, we’re reflecting on the successful business loan approvals our clients have enjoyed so far.

1. Unsecured Loans. This accounted for a third of loan approvals. Many of these were under the Covid-19 Credit Guarantee Scheme where the Irish Government is taking on 80% of the risk so rates are lower and there are no personal guarantees.

2. Merchant Cash Advance. 19% of loan approvals were based on merchant accounts, such as your card machines or online accounts like Stripe. Essential businesses, for example, retail and takeaway restaurants made up the bulk of these approvals.

3. Asset Finance. In a tie for third place is asset finance. Lots of businesses were taking advantage of low rates under the Credit Guarantee Scheme to stock up on assets to trade stronger as the pandemic restrictions eased.

4. Invoice Finance. In 2021 many business owners found their debtors were taking longer to pay so they took advantage of invoice finance to help with their cash flow cycle.

5. Secured Loans. Some businesses were unable to get unsecured finance due to struggling bank account performance. If they had spent on assets they could release working capital while still being able to use their assets through sale & leaseback.

6. Property Development. There was a certain level of site acquisition finance and development finance activity we assisted with.

So that’s a quick recap of what’s kept us busy in 2021, so far. We expect an increase in activity in loans for the rest of the year, especially from busy industries of construction, hospitality & retail. If your business needs a loan get in touch. Email hello@businessloans.ie or call 01 55 636 55.