Ireland's fastest business loans

In recent years banks have upped their game & improved their approvals processes. Generally they will say on advertisements, your business loan can be approved in 24 hours; but they mark it with an asterix, directing you to read the fine print. So a lot of the time you can get indicative rates quickly but to get it to approval & draw down stages you have to submit their full list of documents. With banks that can include items you won’t typically have lying around. This can range from business plans to detailed financial modelling and short, medium and long-term cash flow forecasts. All this takes time and money.

Accountants are currently battling backlogs and are time-poor. They need to prioritise pandemic & Revenue issues over client’s requests from banks. So what can a business owner do if they want a fast finance quote without the fuss? The short answer is to look at options from Ireland’s booming FinTech sector. Many of their advertisements offering decisions in 24 hours are more credible. The reason for this is an online focused application process and using the latest underwriting techniques and data points.

Pre-pandemic, the trade-off for using alternative finance was paying a slightly higher rate. FinTechs simply don’t have access to money as cheaply as the banks. Even then, the difference to the monthly repayment on a typical microbusiness short-term loan could be €30 a month. However, the time and money saved on attending to bank loans makes it worth it.

What’s even better is that many Fintechs have access to government-backed SBCI funds. This now makes them competitive on rates with the banks. Some of these options such as the Covid-19 Credit Guarantee Scheme are due to end on the 31st of December so the time to act is now if you want working capital or assets with the peace of mind of no personal guarantees!

BusinessLoans.ie makes it even faster by getting you multiple business loan quotes from the best alternative lenders in Ireland. We have an in depth understanding of the approvals processes, great relationships with the credit teams and can get your approval information fast. Best of all we will never ask you for a fee. Talk to us 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.

10 things to know about the Covid-19 Credit Guarantee Scheme

The Irish Government, through the Strategic Banking Corporation of Ireland (SBCI) has given lenders access to cheaper funds to pass on to Irish business borrowers. The State is taking on 80% of the risk and the lender only 20%.

1. Generally no personal guarantees need to be signed by company directors for peace of mind.

2. Unsecured loans can be from €10,000 to €250,000.

3. Secured loans can be up to €1 million.

4. Terms up to 5 and a half years are available.

5. It’s not just banks who have access to the scheme. Agile alternative lenders do too.

6. Businesses can get new or used vehicles, machines and equipment on asset finance.

7. Businesses can use existing assets as collateral for a working capital loan.

8. Key eligibility criteria is a hit of at least 15% in turnover or profit due to covid.

9. There was €2 billion allocated and it’s due to end when the funds run out or at the end of 2021, whichever comes first.

10. BusinessLoans.ie has access to pillar bank quotes and non-bank quotes so you have more choice and the best deals.

BusinessLoans.ie can get your quotes organised. It costs nothing to get your quote built and see if your business is approved and at what rate. Often we can get you multiple quotes to compare with your accountant or financial advisor. Or if you’re still planning your finance requirements the Local Enterprise Office can arrange a free mentor. For bigger companies Enterprise Ireland has a Covid 19 Business Financial Planning Grant worth €5,000. We’re here for you 7 days on 01 55 636 55.