BusinessLoans.ie for Fast Loans in Ireland

If you are a business owner in Ireland you may have had the experience of waiting longer than expected to hear news on your bank loan application. This form of purgatory is often called the “slow no”. You’re not hearing no; your hopes are still alive that you will get approval; perhaps the bank has requested a couple of extra pieces of information that you’ve quickly responded with, giving you a glimmer of hope. The “slow no” is a torturous experience that you wouldn’t wish on your worst enemy. This is especially true when you’re trying to plan for a project that needs finance in these tough trading times.

The good news is we often speak with business owners in this very pickle. If they want fast finance quotes there are a host of alternative lenders whose processes, using the latest Fintech systems, are often swifter than the banks. They have tailored solutions for various business challenges. The team at BusinessLoans.ie has a great relationship with the credit teams and know how to present the information to get your quote approved quickly & efficiently. So if you need a quick quote give us a call 7 days on 01 55 636 55 or web chat via the box on the bottom right of this page.

Peer to Peer Business Loans in Ireland

When you need a business loan fast, alternative finance generally moves quicker than your bank. The best Fintech innovation in recent years has been peer to peer lending (P2P). So what is it? Essentially it’s technology that connects individual lenders with borrowers who need funds. It bypasses the bank system and in doing so cuts down on red tape that can make your wait for approval longer.

There are 2 primary options for applying for a P2P loan in Ireland. BusinessLoans.ie makes it easy for you to apply and get quotes to compare the best P2P business loan deal for you. Generally you will need to supply 2 years accounts, 6 months bank statements and your tax clearance certificate. Then the credit teams will review and give a grade of A, B, C or D and you find out what rate applies. You can expect it to usually range from 6% to 12% and over 1 to 3 years. However, higher risk companies can be considered, for example if they only have 1 year of accounts history. In that instance the rate could be around 15%.

So you may be thinking, those rates don’t sound so great! This is especially true when you compare it to some of the rates the banks advertise. However, most business owners I speak with have already been to the bank and have chosen to keep looking for a variety of reasons. They may say:

• My bank is taking too long and I’ve a project that needs finance now

• My bank gave me approval subject to conditions; I can’t fulfill them quickly enough

• My bank has requested a lot of information and my accountant is too busy; besides I don’t want to outlay all that cash on accountancy work when I’m not 100% sure I’ll even get approval once I’ve given them everything they’ve asked me for

• My bank has declined me

With BusinessLoans.ie we aim to get you a few business loan quotes you can compare and our good working relationship with the P2P lenders gives you your approval information generally within 24 hours. On top of this we have other potential options if P2P isn’t suitable. We’re happy to answer any questions you have. Click on the web chat now or call 01 55 636 55

Getting a Business Loan When The Bank is Not Helping

Most business owners I speak with have already tried their bank. Sometimes they have simply been declined because their business hit some difficulties and the accounts are not too strong or they are near the limit on their overdraft facility. Other times the bank is taking too long and they need a quicker turnaround than the situation they find themselves in.

So what can you do? Here are a couple of examples of recent clients that can shed some light on potential solutions.

Machinery Refinance

John is a farmer whose business suffered badly with the heatwave in 2018. This affected his accounts and cash flow and he was struggling to get a loan approved. He identified an opportunity to buy an excellent breed of cattle from Denmark at a knock down price. A heatwave there affected the price of feed badly resulting in a sell off and this bargain appearing. He needed to act quickly.

John wanted a €50,000 business loan. Over the years he had bought a lot of machinery. Some were fully paid off and others were still on finance but were mostly paid off. We discussed potential options and settled on a secured business loan as the way forward. He put together a list of vehicles and machines stating the manufacturers, models and years of manufacture as well as amounts of finance outstanding. The partner credit team assessed this and was able to propose a loan facility over 5 years secured on the assets. John was then able to draw down the loan and get on with his business initiative.

Card Machine Finance

Mary is a small hotel owner in the west of Ireland. It’s a family owned business that’s performing well after a quiet number of years. The hotel was badly in need of a renovation and this would in turn drive more profitability however, the bank had said they were at the limit of finance that could be extended to them and no unsecured business loan could be made to facilitate the renovation.

Mary required a €100,000 business loan to upgrade and refresh the hotel rooms. As a busy hotel it had a large volume of card transactions. Mary was able to provide 12 months merchant statements showing average turnover of over €100,000 a month. We decided that a merchant cash advance application was the best way forward to get the funds quickly and the renovation done in time for the busy season. Mary was able to get a loan facility that would be paid back over a year. It had a flexible repayment that suited her seasonal business. It works by taking a small daily percentage of the card machine income. That means when it’s busy you pay back more but when it’s a quiet time of year you pay back less. The percentage is set with the aim of repayment within the year. Mary was happy with this and was able to draw down the funds within days.

So that outlines a couple of past clients we could help. There are many other solutions that can fit your needs right now. We are here for you 7 days a week to talk finance. Call us on 015563655 now?

Financing Options for Irish Business Owners

As a small-business owner, you should understand the financing options available to you to help grow your company. Many new small business owners have difficulty accessing capital through traditional banks to start or grow their firms. Small business lending companies can help to provide financing even though they have challenged credit. There will be a premium charged through interest rates and other fees for access to capital but being granted necessary funding is most important to owners and lenders have to balance risk with reward. Many small businesses have begun seeking alternative finance to meet their smaller financing needs. Peer to peer lending is becoming more commonly used by small firms to finance projects that will help their companies grow.

So you may ask, why don’t I just use my cash flow to fund the business? When you fund a business yourself, it can be wonderful if things work out, but disastrous if they don’t. If you don’t get outside funding, those growth opportunities are limited by the size of your own funds and what your business produces in cash flow. Slow, steady organic growth may be fine for some businesses, but for others, particularly in fast-moving areas like technology, it can mean ceding the advantage to your competitors.

Bank lending is still tight. Research shows that for the first quarter of the year, gross new lending only increased 2.7 per cent over the previous 12 months, driven by primary industries (11 per cent) and hotels and restaurants (3.7 per cent), with declines in other sectors, according to SME market report from Central Bank.  According to the research conducted by the Red C 60% of SMEs were using personal funds to invest in growth in their business. 

It’s important to note that, while interest rates have fallen dramatically since 2008, the average revolving credit rate has actually risen. Alternative lenders have been able to leverage their superior operating efficiency to offer more attractive pricing to consumer and small business borrowers while also delivering a superior service experience.

Here are three major benefits of alternative financing that you need to know, and that banks simply can’t deliver:

1. Banks take several weeks — or sometimes several months — to review loan applications.

2. There are many other factors to consider, and credit scores are just one piece of the puzzle. That’s why we routinely approve borrowers who have impaired or bad credit.

3. Alternative business loans fund quickly, which is one of their biggest advantages. In many cases, you’ll hear back from your lender within 24 hours, and get your loan funded within 48. This is an ideal solution if your business needs cash quickly to take advantage of a business opportunity or get over a short-term cash flow hump.

The flexible and affordable funding solution you want, need and deserve is via alternative finance. BusinessLoans.ie is here to help you navigate alternative finance to get the best finance deal for your business. Call us now on 01 55 636 55