Some BusinessLoans.ie quotes this week. €180,000 working capital loan for a pharmacy chain, merchant cash advance; €500,000 working capital loan for an unlimited company, term loan 3 years; Flexible invoice finance for startup environmental consultancy, ongoing arrangement.
Does your business need finance? Call the BusinessLoans.ie team on 01 55 636 55 for fast finance quotes or email hello@businessloans.ie.
BusinessLoans.ie is celebrating another successful deal. Our client needed working capital. During the pandemic their main supplier was busy with HSE contracts and changed their payment terms. They had also found some new lucrative contracts but needed to supply favourable credit terms to their client. All-in-all this resulted in a strain on cash flow. They had made more plans to expand the business. A €50,000 requirement was identified. When they spoke with us they had tried their bank but the documents requests were too much to attend to and the business owner was time-poor.
With BusinessLoans.ie our client provided a quote at a low rate quickly and they had the funds in their account in days. Does your business need a fast finance quote? Email us at hello@businessloans.ie or call 01 55 636 55.
BusinessLoans.ie helped a sustainable building & retrofit contractor who won a lucrative Sustainable Energy Authority of Ireland (SEAI) contract. When we first spoke they had already tried their bank for a standard bank loan so they could have enough working capital for expenses while they waited to get paid. They said the SEAI can take a couple of months to pay and the impact on cash flow would be too severe on them.
It seemed that invoice finance could be a great solution but it wasn’t straightforward with the SEAI. Work had to be signed off and sometimes alterations were required. Traditional bank invoice finance couldn’t deal with this complication. BusinessLoans.ie used an alternative lender who found a workaround for this. On the rare occasion an alteration was required some information from the SEAI system would suffice. Our client was offered favourable terms and a €2 million limit facility that was more than enough to satisfy their need.
There are a number of invoice finance options on the market. There are one-off or ad hoc solutions enabling you to release working capital from invoices whenever you choose. Generally there is a portal where you upload the invoice. You get a quick decision if they accept it and get funds fast. Then there are ongoing solutions that give you peace of mind knowing you have a limit and a financier who will support you through thick and thin. BusinessLoans.ie can get you fast invoice finance quotes. Email us at hello@businessloans.ie or call 01 55 636 55.
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.
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.
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.
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.
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.
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.
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.
Rupert Hogan, Managing Director of BusinessLoans.ie was invited to discuss business financing in Ireland during the pandemic with Alec Drew, The Business Expert, on his ‘You & Your Business’ show on Dublin City FM. Each week he invites an expert from the world of business to share their knowledge, insights & tips to help with business challenges.
Rupert Hogan appeared on the show back in 2019 and this interview covers the best financing options available through the pandemic; from government-backed loans, invoice financing, trade finance, crowdfunding and more. Listen back.
Did you know that you can release cash trapped in invoices & speed up your working capital cycle? There is now a one-off invoice finance solution serving Irish businesses. You can pick and choose which invoices to fund 80% payment in 24 hours. This flexible invoice finance solution could help you manage your cash flow through 2021.
No personal guarantees or additional security – funding decision based on the debtor
No long-term contracts & no onerous paperwork
Multiple currencies supported
Fast decisions, fast funding & simple process
Affordable & flexible finance
Bad debt protection
Your business is trading with limited companies
You have insurable debtors
Your invoices are between €15,000 and €2,000,000
Your business is trading 2 years
Your turnover is above €500,000
If one-off invoice finance is of interest we’re here to guide you through the process of uploading invoices & getting your debtors approved. You can then receive 80% now & a final settlement when your debtor pays. Talk to the business loans team today on 01 55 636 55. We’re here to help, 7 days.
