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.

Business Loans For Growth in 2021

Happy New Year! Now that we’re in to 2021 your business may be planning to survive or even thrive. Key drivers for finance are the pandemic & lockdowns, Brexit readiness, pivoting & general business growth financing requirements. If your business needs financing we’re here to help organise business loan quotes. Depending on what industry you operate in there are government-backed supports & loans to suit most. If not, we have a host of alternative business finance options that can work. BusinessLoans.ie recommends:

  1. Check the Department of Enterprise website for the latest business supports. You may need to revisit their continuity planning checklist to see if you can cover your bases as best you can.

  2. If you need working capital we can get you a quick quote. It costs nothing to get the quote built and you may not even need to draw it down. We have other options that give you a line of credit for trading or releasing value early on invoices when you want to. There is a little bit of work to get you approved for some of these facilities but it can give you peace of mind once you know you can call on it when needed.

  3. If your business would like our new treasury function, please ask. We have a virtual CFO partner who can assist activities such as finance planning, cash flow forecasts and if they identify times when you need more working capital they can queue up reminders to get your finance quotes organised in good time with BusinessLoans.ie.

  4. If you are reviewing your book of debtors and are concerned about not getting paid we’re partnered with a collections company going since 1929, Atradius.

We really are here to help at this time. We never ask you for a fee and get your loan quotes organised quickly. Your accountant or the Local Enterprise Office will be on hand to give you advice too and we always recommend checking in for financial advice on the big decisions. Other than that we have many professionals in our network who we put you in touch with, if it’s not something we are best placed to assist with. Call us 7 days on 01 55 636 55.



BusinessLoans.ie 2020 Review & 2021 Finance Forecast

The team at BusinessLoans.ie are happy 2020 is coming to an end and we look forward to 2021 with great hope. Now that Brexit is looking settled and vaccines will be administered in the coming months, most businesses can plan for the future once more. This also means that lenders will be more receptive to supporting Irish business.

The alternative lenders were open for business throughout the pandemic but were mostly supporting businesses who were continuing to trade. While the government did a great job in assigning capital to SMEs many business owners found the banks whose job it was to release the funds didn’t approve them; or they felt they were getting the “slow no” with decisions not forthcoming in a timely fashion. Ultimately it led to a small percentage of available funds getting drawn down. This in turn led to extensions of some government-backed lending schemes. BusinessLoans.ie were able to help a wide variety of businesses during this time; from retailers in need of cash flow to uniform suppliers pivoting from hotel trade to frontline workers.

Looking forward to 2021 the alternative lenders will be broadening their scope of industries they can support after the harsh level 5 lockdowns ease and the population gets vaccinated. In early 2021 working capital facilities, invoice finance, asset finance etc. will be business as usual and we look forward to getting your quotes organised. We’re available over the holiday period if you’re making your plans now. Send us a message or call us 7 days on 01 55 636 55.



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