The Business Loans team have a lot to celebrate today. In the past year we have helped female entrepreneurs with loans to help their businesses grow. The most memorable loan was for a uniform supplier whose hospitality debtors left her on the hook for a lot of money during the pandemic but she pivoted to medical and protective equipment and needed finance to get stock in from China. Her business performed well due to her level-headed business decision to adapt to the situation. So today it’s hats off to all the great female entrepreneurs in Ireland. The Local Enterprise Office is a great resource for business owners in Ireland and you can see more of what the day is about here.
3 Things You Can Do to Improve Your Chances of Loan Approval
If you’re looking for business loans in Ireland during Covid lockdown level 5 you may be overwhelmed with the number of supports, grants, government-loans and alternative finance options. It’s best to seek expert advice from your accountant or business advisor. If budget is a concern the Local Enterprise Office has great advice and mentoring too. BusinessLoans.ie is here to get you business loan quotes quickly & we never ask you for a fee. It’s best to take action before things get bad. Ensure you have enough working capital. Many loan options are flexible or don’t have an early repayment penalty. This means you can incur minimal expense by ending the loan early, once a time of business pressure has passed.
BusinessLoans.ie has three top tips for getting that loan:
1. Act before your bank statements get too tight.
2. Keep a steady minimum level of cash in the account. Don't be caught out by the number of days a in a month that a direct debit would fail. Having a bank overdraft facility in place is not a bad thing because it can show more affordability to make loan repayments.
3. Directors; don't pay yourselves excessively. It sends out the wrong signal to your lenders.
We are here for you 7 days and can get multiple loan quotes for you to compare. Use the web chat box in the bottom right of this page or call us on 01 55 636 55 now.
Budget 2021 – How it Affects Business Owners in Ireland
The Irish Budget 2021 was the biggest yet and designed to get Irish business through Brexit and COVID-19. The Minister of Finance, Paschal Donohoe said “Budget 2021 has been prepared against a background of extraordinary uncertainty regarding near-term economic and budgetary prospects. Here are the key points:
A new scheme for businesses which closed because of Covid-19 will provide a maximum of €5,000 per week - payments based on 2019 average weekly turnover. Effective from today until the end of March next year, with the first payments in mid-November
Debt warehousing provisions for SMEs will be extended for a period of a year with no interest. A €30 million fund will be administered through the Ireland Strategic Investment Fund
VAT rate reduction from 13.5% to 9% for hospitality sector
Extension of the commercial rates holiday
New Covid Restrictions Support Scheme (CRSS)
Extension of the Employment Wage Subsidy Scheme through 2021
€3.4bn Recovery Fund
€10.1bn infrastructure spending in 2021
Increasing Earned Income Credit up to €1,650 for self-employed – the same as the employee tax credit for PAYE workers
If your business requires finance to help with your business budget for the year ahead, we’re here to help. Call 01 55 636 55 now.
Wealth Management Tips For Small Business Owners
You may have any number of aspirations, as a small business owner. Maybe you want to just stay small and lean, at the helm of a business that supports your lifestyle and nothing more. Or perhaps you see yourself on a mission to take your company from a small business to a major player in your space.
Regardless, everyone needs a little guidance and inspiration. Here we share our top tips for managing wealth as a small business owner.
1. Surround Yourself With Positive Influences
If you own a business you have a need for experts in your life. You hire accountants, lawyers, consultants, and bankers to help you with your business. And even if you're just starting out, it's essential to split up business and personal finances
2. Plan Accordingly
In business, action and result are separated by the dimensions of distance and time. Very often, the cause of the action and its effect are not connected.
Good strategy and planning reduce the risk of making uninformed decisions. It is about knowing what you do now in the context of what you are trying to achieve in the future. If you have a clearly thought through intention, there is a better chance that you will achieve your desired results.
3. Don't Hold Excess Capital In Your Business
Properly managing cash flow and working capital is essential for the success of any business. While larger companies may have access to more financial resources, small businesses’ resources are often limited. While holding as much cash as possible seems like a logical solution to potential cash flow problems keeping lots of excess cash on hand may actually be detrimental to your business. Smart business owners try to strike a balance between maintaining necessary cash reserves and hoarding too much cash.
4. Be Prepared For Rough Patches
Hitting a rough patch is something most business owners experience—it’s how you react that matters.You have to step up and keep your business afloat.
5. Recognize The Full Worth Of The Unique Position Of Your Freedom To Build And Create And Pivot.
Focus on building efficient systems in your business. As the pilot of your rocket ship, you have the free reign and creative license to steer your mission and your crew towards new possibilities.
If your business could use some extra working capital to help grow call 01 55 636 55