Top 5 asset finance quotes for Irish business in 2023

If you’ve been looking for a way to get new vehicles, machines or equipment you may have considered asset finance as a way to get them. It offers access to a high standard of equipment that a business might not be able to afford otherwise. BusinessLoans.ie is helping businesses get 1. equipment, 2. executive vehicles, 3. machinery, 4. vans, and 5. working capital by refinancing assets.

BENEFITS FOR YOUR BUSINESS

• Easier approval than traditional bank loans

• Low & fixed interest rates

• Manageable repayments over terms up to 7 years

KEY CRITERIA TO ACCESS FUNDING

• Your business is generally profitable

• Your business passes the credit check

• Assets are deemed financeable by credit team

If asset finance is of interest we’re ready to get your quotes organised. Get leasing and hire purchase on vehicles - from electric vehicle leasing, executive vehicles and vans, machinery & equipment at low rates. Talk to the Business Loans team today on 01 55 636 55 or email hello@businessloans.ie.

Business loan options in Ireland for 2023

The new year brings us new opportunities… and challenges. Towards the end of 2022 business owners were telling us of their finance requirements. A key concern for many was having enough working capital. Inflation eroded margins and the energy crisis exacerbated this. Many businesses had to write down bad debts from previous years. Banks were tightening up lending rules while raising interest rates and some applicants were waiting months for decisions.

It’s not all bad news. While some banks left the market, other non-bank lenders are filling the void. These alternative business lenders are often specialist, whether that’s unsecured lending, asset financing, invoice financing or merchant cash advance financing. Business owners we help are often delighted by the quick turnaround times, smoothness of online applications & open banking instead of frustration of emails & attachments, as well as knowledgeable credit teams who understand business owner’s industries.

If your business has plans to expand in 2023 that require financing, or just needs a simple working capital loan to ease cash flow concerns, we’ve got business loan quote options that can help. Email the BusinessLoans.ie team today on hello@businessloans.ie or call 01 55 636 55. We’re here to help, 7 days.

Recent deal: Dublin scaffolding firm gets €300k equipment loan

BusinessLoans.ie is celebrating another successful loan. Our client was a large Dublin scaffolding business. They are very busy and experiencing good year-on-year growth. A purchase of €300,000 of scaffolding was required to service more contracts. Banks had been unhelpful. They also tried non-bank asset finance companies but scaffolding is considered unsuitable for hire purchase & leasing.

BusinessLoans.ie identified a non-bank lender who could quote them unsecured based on the strong performance of their accounts & bank statements. They were approved & funded quickly, at low rate on the €300,000 over a 3 year term. The business owner was pleased there was no early repayment penalty. If, during term, the company has excess cash reserves they can settle the loan and save on remaining interest.

Does your business want a fast finance quote? Call the Business Loans team on 01 55 636 55 or email hello@businessloans.ie.

Recent deal: Construction company gets capital for machines & projects

BusinessLoans.ie is celebrating another happy client. An Irish construction firm secured over €110,000 to assist with machinery & working capital for a new housing project. Their business performed well in 2021 but a payment they were expecting was delayed. This impacted their cash flow and planning for their next big job. The owner had identified a used machine at a bargain price. While it was in great condition, it was too old for many asset finance lenders to quote. Our unsecured lender was unconcerned with the age of the asset. The business’s accounts & bank statement performance were strong enough to make the lending decision without taking a charge on the machine. The business owner was able to draw down their funds in days and got a machine that will be of great benefit to their ground works for their new project. On top of this they have some additional working capital left over to assist until the first stage payment comes in, easing cash flow pressure.

Does your business need a loan? Email us at hello@businessloans.ie or call 01 55 636 55 for fast finance quotes.

Recent deal: A plant hire company buys older machinery with unsecured Covid loan

BusinessLoans.ie is celebrating another successful deal. Our client was a plant hire company who was used to getting machines with asset finance. They found it easier for approval because hire purchase enables the asset finance company to take away the machine if they fail to pay. However, asset finance companies are generally only interested in financing assets that are not too old. Our client wanted an older machine that was still in great condition and asked us for help.

Their business had been affected by the pandemic. Turnover was down after the series of lockdowns affecting the construction industry. We organised an unsecured loan quote, at a great rate and without a personal guarantee under the Covid-19 Credit Guarantee Scheme. They got their €80,000 for their machine in days and they were happy. Does your business need a loan? For fast finance quotes, email us at hello@businessloans.ie or call 01 55 636 55.

Recent deal: Van finance for a specialist motor factors

We help with everyday small business finance situations too. Our client got a low-rate hire purchase deal for a used van. It was under €10,000 plus VAT. He had a couple of tough years, like many business owners and budget was a concern. Our lending partner was able to offer repayments up to 5 years to have minimal impact on cash flow. He got pre-approval for up to €20,000 and then went out reviewing offerings from dealers in the South & the North. He found a bargain and wasted no time in getting the lender to pay out so he could pick up his new motor.

If you’re considering getting new assets there are some great deals for hire purchase & leasing at the moment. The Covid-19 Credit Guarantee Scheme is available until the 31st of December. The enables you to get new or used assets up to €1 million. There are no personal guarantees and you can get cash flow friendly 5 year terms. Talk to the Business Loans team today. Email hello@businessloans.ie or call 01 55 636 55.

Hire purchase & leasing options in Ireland

Have you been considering asset finance to get new vehicles, machines or equipment your business needs to perform at this time? While many of the banks & asset finance lenders have tightened their lending rules lately, while in times of economic uncertainty it can be a great time to pick up assets you need at the right price. The good news is that there are a number of finance options on the market with government-backed SBCI funds.

SIMPLE UNSECURED CREDIT GUARANTEE SCHEME LOANS

You may be assessing a purchase of older machinery, equipment or vehicles. Possibly land or an industrial unit you’re renting that might be of too low value to get a commercial mortgage. A low-rate, Credit Guarantee Scheme unsecured loan for capital expenditure is now available through our partner up to €250k. Generally you would expect your business to have been profitable the past 2 years & show affordability for repayments evident in the recent bank statement history. We can get you fast feedback on approval.

ALTERNATIVE LENDERS & ASSET FINANCE

There are a number of low-rate Credit Guarantee Scheme asset finance options from alternative lenders right now. Whether you prefer hire purchase or leasing, with a nominal buy-out option at end of term that can help with tax efficiency, our partners can assist. Assets can be new or used and hopefully from a reputable dealer within Ireland or the North. UK mainland is more challenging due to Brexit.

If your business can add turnover with the asset while showing affordability for repayments, the credit teams are sympathetic to your requirements. Finance can be quickly ramped-up if you perform well / as restrictions ease. Talk to us today on 01 55 636 55.

10 things to know about the Covid-19 Credit Guarantee Scheme

The Irish Government, through the Strategic Banking Corporation of Ireland (SBCI) has given lenders access to cheaper funds to pass on to Irish business borrowers. The State is taking on 80% of the risk and the lender only 20%.

1. Generally no personal guarantees need to be signed by company directors for peace of mind.

2. Unsecured loans can be from €10,000 to €250,000.

3. Secured loans can be up to €1 million.

4. Terms up to 5 and a half years are available.

5. It’s not just banks who have access to the scheme. Agile alternative lenders do too.

6. Businesses can get new or used vehicles, machines and equipment on asset finance.

7. Businesses can use existing assets as collateral for a working capital loan.

8. Key eligibility criteria is a hit of at least 15% in turnover or profit due to covid.

9. There was €2 billion allocated and it’s due to end when the funds run out or at the end of 2021, whichever comes first.

10. BusinessLoans.ie has access to pillar bank quotes and non-bank quotes so you have more choice and the best deals.

BusinessLoans.ie can get your quotes organised. It costs nothing to get your quote built and see if your business is approved and at what rate. Often we can get you multiple quotes to compare with your accountant or financial advisor. Or if you’re still planning your finance requirements the Local Enterprise Office can arrange a free mentor. For bigger companies Enterprise Ireland has a Covid 19 Business Financial Planning Grant worth €5,000. We’re here for you 7 days on 01 55 636 55.

BusinessLoans.ie - Loan types approved for 2021

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.

Recent Deal: Asset finance for machinery to dig in to the construction boom

BusinessLoans.ie is celebrating a recent client success. The business owner had been searching for a machine at the right price. In Ireland there was little value to be found. In the past he would have dealt with importing from the UK but Brexit rules had been proving costly. Then he found the right option from a dealer in the North, where Brexit rules are less hassle. He engaged his own bank first to explore finance but he wasn’t getting much support. BusinessLoans.ie work with a number of agile asset finance companies and were quickly able to get him a low-rate, 4 year term, hire purchase quote. He will now be able to keep up with demand from his construction clients and the machine will add revenue to grow the business.

If you need asset finance there a many options on the market right now, including with the Covid-19 Credit Guarantee Scheme, giving you up to €1 million at low rates over 5 years. If your business can use assets to trade stronger exiting the pandemic, ask us about quotes. Whether it’s new or used we can assist. Email us at hello@businessloans.ie or call 01 55 636 55.