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.

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.

Brexit & the Irish Company that got Asset Finance for a €1 Million Machine

Last year BusinessLoans.ie assisted with an asset finance deal for an Irish manufacturing company that was forward planning for Brexit. They are in the glass industry and their supplier for jumbo sheets of tempered glass was UK based. While the current situation meant they felt they were paying more than they should, the situation was manageable. However, they had identified that the pain of Brexit moved this machinery purchase from a want to a need.

The Issues

The specialist manufacturer was in China and the business had already made one stage payment of €200,000 for the machine out of working capital. They needed finance fast because another stage payment was falling due and their bank were not on board. If they made the next payment out of working capital it would have hurt their business. The risk was too much for their own bank to construct an asset finance deal with a Chinese specialist manufacturer when the asset was not yet in Ireland and hence no collateral they could rely on. Also, this company knew what it wanted and their machine was bespoke. It was being constructed to their specification with European parts. Any asset finance underwriting team has to consider, if they are left on the hook for this in the event the deal goes sour, how can they quantify the resale value & find a buyer? It seemed the pillar banks didn’t have the specialist asset finance teams able to find a solution while the business was already committed to this project.

The Solution

BusinessLoans.ie reached out to one of the best alternative asset finance lenders in Ireland to get feedback on a solution. They too felt a big level of risk in making stage payments on an expensive and unusual asset coming from China however, when they dug a little deeper they found that the business had significant assets already on their balance sheet & located in Ireland. They laid out a plan to use those assets as collateral to finance the stage payments. The business owner was confident in his relationship with the manufacturer and was comfortable with the level of risk in making the stage payments. Eventually the machine was finished, shipped and got to port in Ireland. Then the asset finance company was able to switch the collateral to the new machine at port and away from the machines the business already owned. The business had their machine and only had to worry about making their monthly payments going forward.

If you’re in the market for machinery, vehicles, equipment or any capital expenditure talk to us. There are currently some excellent solutions available to Irish businesses. You can benefit from low SBCI rates from the Credit Guarantee Scheme and get what you need to trade stronger through Brexit, the pandemic and whatever else 2021 beholds for the Irish economy. Call the BusinessLoans.ie team today on 01 55 636 55.

BusinessLoans.ie Helps ITL Logistics Grow from 2 Vans to 15 Vans in 1 Year

Irish business owner Todor Stanev has recently concluded another asset finance deal with help from BusinessLoans.ie. Stanev remarked "a year ago our business had 2 vans. BusinessLoans.ie helped us finance 13 more vans. Thanks to their assistance our turnover has multiplied many times."  

BusinessLoans.ie MD Rupert Hogan commented on the latest deal "ITL Logistics is a prime example of how a well-run business with a hard-working team can be supported with finance. With every van they acquire their business grows. They really are a logistics company on the move!".  

BusinessLoans.ie has assisted ITL Logistics with hire purchase & leasing options from the best alternative business finance companies operating in Ireland and at the best rates. If your business needs finance to grow call the business loans team now on 01 55 636 55.