Business loans for hotels, restaurants & bars

If you have a business that’s been closed or operating on a reduced capacity such as hotels, restaurants or bars you may need working capital or funds to make adjustments for Covid safety. BusinessLoans.ie can organise fast finance quotes from the best alternative finance companies operating in Ireland.

If your business has been completely shut down or trading on a reduced capacity there are some loan options tailored to help you restart. Lenders will review how you were trading pre-lockdown to help make decisions. Other lenders will look at your card machine data and offer a review once you have a boost in trade. Talk to us today. Email hello@businessloans.ie or call 01 55 636 55.

BusinessLoans.ie April 12th Hospitality Grants and Loans Update

As of Monday April 12th it’s okay for bars & restaurants to serve takeaway alcohol to customers. While takeaway pints were never against the law most businesses complied with the government request. As Micheál Martin poetically said “forget about takeaway pints”. However, now that people can travel freely within their county, or 20km from home if crossing county borders restaurateurs & publicans will see increased trade. Under licensing laws, there is a requirement for the sale of takeaway alcohol that it must be consumed a minimum of 100 metres from the premises where the drink was originally purchased.

The Outdoor Dining Enhancement Scheme

To combat the effects of Ireland’s mixed weather on your business, you could benefit from a grant up to €4000. It is for shelter & outdoor dining infrastructure and you can be prepared for full reopening & ending of the 100 metre rule. You can get this government grant only if you have a business that serves food. The scheme gives you 75% ex VAT of the cost of equipment purchased / installed, up to €4,000 per applicant. Only items purchased after June 1st, 2020 & up to September 30th, 2021 are eligible. Local Authorities administer it so you would need to reach out to them to claim this, or get more information from your Local Enterprise Office.

Loans

BusinessLoans.ie will be able to assist businesses with loan quotes as your trade improves. We are monitoring the situation with alternative lenders and their appetite for lending. The rule of thumb has been if the business is not currently trading they’re reluctant to quote. The first finance option likely to be available is based on your card machine. The partner credit teams will see how you were trading before the pandemic and look at the trade you’re doing when you reopen and hopefully make an offer. Then all going well, will top up the finance facility as turnover increases as lockdowns further ease.

There are other loans that will become more available as trade increases, from simple unsecured loans to asset finance for perhaps a food truck. We’re hearing Local Authorities are more open to offering places to pitch and this could be an important revenue stream to pivoting hospitality businesses this summer.

Talk to us about your situation. We’re here for you to organise loan quotes on hello@businessloans.ie or call 01 55 636 55.