BusinessLoans.ie is celebrating another successful deal. We helped a car wash & valeting business with a €35,000 unsecured loan. They had an opportunity to expand the business. A new location was available and they required equipment, new hires and a marketing budget. When they engaged BusinessLoans.ie they had been frustrated with the level of information required from their bank for a loan application. They felt they had a simple business and didn’t want to put together detailed business plans & financial modelling. They had a set of profitable accounts filed with the Companies Registration Office, a tax clearance certificate and healthy bank statements. This was enough information for our lending partner’s underwriting team to produce a fast finance quote. They were approved in days and were happy. Does your business need a loan? Call the Business Loans team on 01 55 636 55 or email hello@businessloans.ie today.
What's Involved in a Startup Loan Application?
If you’re an entrepreneur with a new business then you may be looking in to startup loans. It can be an uncomfortable experience having your ideas, plans and financials scrutinized by a bank but this article gives you some tips and what’s required of you. We also have a contact in the bank who can organise startup loans up to €120,000 and we can introduce you and get your quote underway.
What the banker generally requires to get your quote
Business Plan
Level and confirmation of applicants own input / funding invested in the business to date
Cash flow projections for short, medium & long term
Bank statements on all accounts (personal & business) for 12 months
Details on prior employment history
Confirmation of any grants / assistance
If available, contracts or details of work in the pipeline
We get a lot of startup loan enquiries however, based on our experience it’s only a very small number who progress to application stage. Mostly this is down to budding entrepreneurs thinking about loans before developing their idea & business plan. If this sounds like you, try the Start Your Own Business Programme with the Local Enterprise Office. Or if you really don’t feel confident in producing a business plan and financial modelling we have partners who can assist at reasonable rates. Applications that demonstrate a good level of experience in your industry, as well as having some funds, vehicles or assets committed to the project have the best chances of approval.
To get your loan quote started, talk to us today on 01 55 636 55 or email hello@businessloans.ie.
