Recent deal: An agri machinery manufacturer gets a €250,000 Covid loan

BusinessLoans.ie is celebrating another successful loan client. It was an agricultural machinery manufacturer whose work was hurt by the pandemic. Their turnover was down due to Covid restrictions as well as the worldwide supply chain issues pushing up prices. They were frustrated with the level of information required for loan applications with their bank and asked us about alternative finance quotes.

BusinessLoans.ie identified a loan quote under the Covid-19 Credit Guarantee Scheme with a non-bank lender. They were able to get approved for their €250,000 quickly, at a low rate and without a personal guarantee or early settlement penalty, over a three year term. They were happy and were able to get on with their work. Does your business want a fast finance quote? Get in touch today. Email hello@businessloans.ie or call 01 55 636 55.

Recent deal: A CCTV, access & alarms business secures working capital

BusinessLoans.ie helped our client get over €100,000 for working capital and business expansion funding. It was at a low-rate under the Covid-19 Credit Guarantee Scheme. The business was long-established and had a range of clients including domestic, commercial and government departments. During the pandemic their work was severely curtailed by restrictions. Their installers couldn’t finish jobs because of travel and access issues. This led to a dip in turnover for the year so they qualified for the covid loan. Now that pandemic restrictions had eased business was experiencing and overwhelming demand, not only from a backlog of orders but from companies realising the need for better access controls in their buildings. The business owner also noted an opportunity to buy another business and could have the capital at the ready.

BusinessLoans.ie got the funds organsied in days and the client was delighted not to have to sign personal guarantees for peace of mind. Does your business need a loan? Call us for fast finance quotes on 01 55 636 55 or email hello@businessloans.ie.

Recent client: Vehicle testing centre and a Covid loan

BusinessLoans.ie is celebrating another happy client. He got a loan under the Covid-19 Credit Guarantee Scheme. This gave him a low-rate and he didn’t have to sign a personal guarantee. In our initial call he had a concern over previous credit history. From the last recession he was still getting letters in relation to Bank of Scotland (Ireland) for an alleged unpaid debt and this had been a big stress in engaging with lenders. We were able to reassure him that we have helped many business owners with legacy issues. Of key importance to lenders we work with is current operation of the bank statements. It’s usually things like recent referral charges for unpaid standing orders & direct debits that are a big concern.

We were able to get the quote produced without any issues. Our client complimented us on the experience he had with us. In the past he had a personal relationship with his bank manager. If he needed finance he could sit down and speak with them. They understood his situation and he felt listened to. In recent years he could only get someone on the phone. It was a regional manager in a call centre who didn't know him and the person on the end of the phone changed often. He didn't feel heard and didn't want to deal with his bank anymore. But he said the experience he now got with us and the non-bank lender was more like it used to be. The lender and our team were readily available to discuss his situation and go through the loan agreement and answer any questions he had and he was happy.

Does your business need a loan? For fast finance quotes, get in touch today at hello@businessloans.ie or call 01 55 636 55.

Recent deal: Loan for expanding Covid-19 solutions company

BusinessLoans.ie is celebrating another successful loan client under the Covid-19 Credit Guarantee Scheme. Our client had a long-standing business in technical product sales and due to the pandemic, started in Covid air filtration solutions. They are selling to big companies and government departments in Ireland. Due to shipping issues they needed to make bigger orders from China and make more space in their warehouse. This warehouse renovation was going to run them close to €100k.

The partner credit team were able to approve them at a low rate and over a 3 year term. Best of all the directors didn’t have to sign a personal guarantee which gave them comfort after the tough trading period in the beginning of the pandemic had made them reluctant to take on debt. But with the deal in front of them they were happy to progress.

If your business needs finance get in touch today. Get fast finance quotes at hello@businessloans.ie or by calling 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.

Business loans for reopening pubs in Ireland

If you’re a pub owner reopening we raise a glass to you. After up to 500 days closed you can serve once more. If you need finance, BusinessLoans.ie has access to stocking loans & restart loans. If your bank is not on board, our lending partners understand that they may need to look at old trading history from when you were trading as normal pre-Covid times. Decisions can be made in days. Other lenders look at your merchant account from all the transactions you’re doing on the card machine and can give you an advance with a flexible repayment.

Whether you need working capital for stock, wages, renovations or Covid safety equipment, we’ve got you covered. Call us today for fast finance quotes on 01 55 636 55.

Recent Deal: A sweet treat bakery changing their business recipe

We recently spoke with a business owner whose business was affected by the pandemic. They make cakes, sweet treats & chocolates. Before the pandemic they mostly served businesses in the local area but their retail & office clients declined as people worked from home. They re-evaluated the business and stayed profitable by building their direct to consumer sales, especially through online channels. For their deliveries they needed a new van and bought it out of cash.

When they spoke with the BusinessLoans.ie team they were low on working capital and needed to buy many smaller items for their commercial kitchen. They had engaged their own bank but they were not supportive. We found them a simple unsecured loan quote for the €30,000 within days and they were able to get on with what they do best. If your business needs a loan get in touch. Email hello@businessloans.ie or call 01 55 636 55.

COVID-19 Business loans - No repayments for 6 months

You may have heard of a loan option backed by the Irish Government through Microfinance Ireland. It’s designed to support microbusinesses through the pandemic that may need working capital. You get 0% interest and no repayments for the first six months. If you start the loan application with the Local Enterprise Office, the rate will start ticking over at 4.5% on conclusion of the interest-free period. You can try for up to €25,000 and a term up to three years for working capital or five years for capital expenditure.

The application process can be a pain point for some business owners. BusinessLoans.ie has professional application partners who can organise this part of the process for a small rate. Talk to us today. Email hello@businessloans.ie or call 01 55 636 55.

Irish businesses increasingly using Fintechs for fast funding

Why are Irish businesses choosing alternative finance? Banks have never picked up their risk appetite to support Irish businesses since the last recession. Entrepreneurs quickly found themselves at the mercy of banks looking to call in loans. Banks downsized and lost a lot of their specialised lending teams. Fintechs were quietly hiring and building agile systems to knock out quotes in days, where before the banks were taking weeks or months due to outdated legacy systems and lack of will due to market dominance. Now that we’re coming out the other side of the pandemic, this trend is set to accelerate.

Today Irish businesses have access to government supported loans, but only for a limited time. When pandemic loans & supports are gone the good news is that the era of ultra-low interest rates looks set to continue. There is a lot of money sitting in negative interest rates with banks and investors are motivated to seek better returns by supporting businesses with debt or equity funding.

For microbusinesses getting everyday business finance, owners now find that dealing with non-bank lenders gives them that personal touch they used to get with the banks, in a quick turnaround and at fair rates. For SMEs looking to grow, aquire or merge in this fluid time for businesses exiting the worst of the pandemic, capital is available. Talk to the BusinessLoans.ie and use our network of trusted financiers to get you the best deal. Email us at hello@businessloans.ie or call 01 55 636 55.

Irish State Bank has billions available for Irish businesses

The Strategic Banking Corporation of Ireland (SBCI) has done more lending in 2020 than any other year since its foundation. It has allocated over €2 billion in loans through various partners during the Coronavirus Crisis. A lot of this has been on the Future Growth Loan Scheme, as well as smaller schemes for Brexit. However, much of the €2 billion allocated to help Irish SMEs under the Credit Guarantee Scheme is still available. Why is this? The SBCI says "we are aware of some public commentary asking why SMEs have not taken up more of the capacity available under this scheme…the answer to this is that the €2bn capacity is an important statement of intent, that the capacity is there if needed.”

The BusinessLoans.ie View

It’s better to be over-capitalised than under-capitalised. If you don’t have a cushion of working capital and you wait until missed payments start stacking up in the bank statements before applying for loans you can find yourself in a position where you are getting declines and may only have higher interest rate loan options available or none at all.

There are a number of great free supports & mentoring from the Local Enterprise Office to set out a plan and see if debt funding is part of the solution. Enterprise Ireland has a financial planning grant worth €5000 for bigger companies. Finally, nobody knows your finances better than your accountant & they can help you assess your situation.

If debt funding is the right option we’re here to organise business loan quotes fast. Many of the loan options don’t have an early repayment penalty. That means, when the pandemic eases and your business doesn’t need as much working capital, you can settle the loan early and save money on what the remaining interest would have been if you let the loan run for the full term.

We’re here to help. Call us today on 01 55 636 55 for fast Credit Guarantee Scheme loan quotes.

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