Got A Property That Is Taking Too Long To Sell? New Bridging Loan Solution.

As a result of the Covid19 crisis many properties are taking longer to sell than was originally envisaged (this may unfortunately be a feature of the market for some time to come), and even when they do sell in some cases the deal may not close for an extended period. All of this can leave some sellers in difficulty as the cash was required to meet other costs, be it another property purchase or some other reason where the non-receipt of the expected cash within the envisaged time from the property sale causes a difficulty.

Our finance partners recognise these difficulties and have a product that will allow borrowers generate cash from properties at the time it is needed. These bridging loans are fast and flexible. Lending criteria are straightforward:

• Get up to 70% of the value of a property

• Get a loan from from 4 months to one year

• The property must be on the market through an estate agent and it must be advertised on the national property websites

• Commercial & residential rental property owned by a company is ideal but no private dwellings

• Amounts from €200k upwards make sense as there are set legal fees which can make it expensive for lower amounts

Talk to us about property backed bridging loans today on 01 55 636 55 or type us a message via the web chat box in the bottom right of this page.

Business Mentorship in Ireland: Guidance for startups to established SMEs

It's been over a year since I set up www.BusinessLoans.ie and left the security of employment. There has been a lot to learn along the way. So I'm writing this blog post to give my insights on making the most of the resources that are out there to keep you on track on your entrepreneurial journey. This story can be split between startups and more established SMEs.

Startups

If you are starting out you can try the New Frontiers program to get you from business idea to successful startup. It's run in three phases and you get experts to help you validate your idea. You engage in workshops, one-to-one mentoring, financial support & co-working space. However, this doesn't suit everyone and places are limited. Some of the best startups have come from patient people who have stayed in their day job and validated their idea to a point where they can comfortably step in to their business. Or how about this, if your employer might be open to letting you take a sabbatical from work for 6 months you can try it out? Entrepreneurship can be a lonely place and it doesn't suit everyone. Also the failure rate is high. It's easy to get feedback from well-wishers but the proof is in the pudding. How many purchase orders can you get in your hand? So the key is to validate, validate & validate! 

So what's available if you stay in your day job? What mentorship and guidance is there for you? Your Local Enterprise Office is a great place to start. They offer financial & other supports whether you're at business idea stage, a startup or an established business. There is so much they offer that's a blog post in itself for another day. We are also now in to Local Enterprise Week 2020 from 2nd to 6th of March so there are a multitude of extra events on so make hay while the sun shines and get stuck in!

I also wanted to say failure is not final. Recently I heard Seán Fay tell of his journey. He failed and failed at startups. He failed 5 times. But he kept going. Deterrents of dyslexia, being an immigrant and time constraints of caring for his daughter didn't deter him. With the help of guidance and support from his Local Enterprise Office; then going directly to Oracle to challenge them that they had startup programs all over Europe but none in Ireland, where their head office is; and getting them on board too. He then grew the business and got more supports from Enterprise Ireland. It became a seed investor and a backer of Fay's business, The Context Factory. It's gone from startup to a FTSE250 through determination coupled with supports & guidance.

On another note, "talk's good, but if you don't take action, it doesn't matter how slick your strategy is" says Tina Keogh MD of Warner’s Gin Distillery. So be ready to fail and learn but at the same time get your best foot forward with the supports and guidance around you. Digital Dun Laoghaire have made an excellent resources list you will find here.

SMEs

Where do you go for support if you are an established business owner? I have been lucky as early on in my business journey I got speaking with PJ Timmins of The Alternative Board (or TAB for short). I learned that as a business gets bigger and bigger you need to be able to draw on specialised business advice. As Timmins puts it, "running a business is never easy, but looking for the right advice and support is a big challenge." You can draw on advice from "the same group of seasoned business leaders sitting on your advisory board on a monthly basis. They will listen to the challenges and opportunities in front of you and give you independent real-world advice. These are seasoned business leaders who understand the issues. In turn, you will contribute to solving their challenges and opportunities." 

Aside from a monthly board meeting you also have a one-to-one private session with your TAB facilitator, a seasoned business professional themself. In my case my mentor is PJ Timmins and there are a host of local facilitators with a range of experience across different sectors country-wide that can be paired with you. The one-to-one helps to keep you on track with TAB's Business Builders Blueprint. It's a proven strategic business planning process focused on delivering a business owner’s vision of leading a successful business while also living a rich fulfilling life. Basically I log in to online resources at home or sometimes with my mentor and work on goals, strategy and most importantly I reflect regularly. I'm held accountable for sticking with the plan.

Another really good thing is the power of the collective minds of TAB members. You can leverage the minds of everyone around you which I did to good effect recently. I was introduced to another member who is a very experienced banker and we are currently working on a project that will add an ongoing additional revenue stream to my business. You can get introductions from networking generally but TAB is selective about who becomes a member, so I've found you can really open up a high quality network that you just can't match compared with some of the networking events I've been to; for example scrolling through business networking listings on Eventbrite and Meetup. So sure, you can do lots of networking free and that can be good. TAB does have an outlay but when you have a bigger company you're probably used to spending money on consultants. I'd have to say TAB gives you a lot more for a fraction of what a non-executive director or someone similar would cost. The average TAB member stays on 4 years while they only have a month-to-month membership obligation so that tells a lot.

Half the reason I'm writing this blog post is that a TAB member who inspires me is Brody Sweeney of Camile Thai Kitchen and he's been in the news recently for drone food deliveries with Bobby Healy's  Manna Drone Delivery ;and I'm so impressed. He's a businessman who's been to the brink and come a long way. If you have time, read this article. I had heard in the past that Sweeney was on the forefront of restaurant ordering technology and running a slick operation that's helped Camile expand so quickly but I can nearly guarantee you a lot of his strategy, advice & confidence to execute has been helped along by TAB. I'm certainly wishing them the best of luck, but I'm sure they won't need it as they're sure to have planned it so well! 

If you're a budding startup or established business owner interested in talking about business finance or anything in this blog post, call us 7 days on 01 55 636 55, email hello@businessloans.ie or web chat via the box on the bottom right of this page.

Jamie Heaslip Meets BusinessLoans.ie Client

Jamie Heaslip has recently joined Flender Finance as head of brand marketing. Ireland's former rugby star is successfully demonstrating how to transition from sport into modern business. After investing in startups such as Pointy (bought by Google for €145 million), Kitman Labs (enjoys spectacular growth and multi-million capital raises) and even in Flender Finance he’s decided to take his passion for financing Irish SMEs to the next level with a more hands on role.

As head of brand marketing he has met our client Hi-Volt. They are a leading battery & lighting importer in Ireland. They have been experiencing terrific growth in L.E.D. sports lighting systems to sports organisations throughout Ireland. Hi-Volt are just the kind of business that Heaslip & Flender can get behind. From small beginnings in 1998 they have grown to over 20 employees throughout Ireland across 7 locations. They are experts in their field and needed to fund their spectacular growth. Managing Director, Richard Gleeson outlines their experience here:

Jamie Heaslip meets Hi-Volt

BusinessLoans.ie recommends Flender Finance

Rupert Hogan, MD BusinessLoans.ie & Jamie Heaslip

BusinessLoans.ie is delighted to have assisted in financing Hi-Volt and looks forward to helping more Irish business owners in their finance journey. We will work closely with Jamie Heaslip & Flender throughout the year ahead. Flender can finance your business up to €300k with a decision in hours and often same day funding at rates comparable with your bank. Why not ask us a loan question now through the web chat box on this page or call us 7 days on 01 55 636 55.

Reference:

https://www.independent.ie/business/technology/after-pointy-windfall-heaslip-beds-down-in-the-fields-of-flenders-38930962.html

Review: Food & Bev Live 2020

Food & Bev Live 2020 returned to the Citywest Dublin on 4th & 5th February and it was enjoyed by all in the foodservice industry. Thousands of visitors attended to see the latest and greatest new tech, equipment and machinery available for hotels, cafes, bistros & restaurants. There was also fierce competition across chefs, baristas & mixologists which added to the atmosphere.

The Chef’s Choice area was a hive of activity displaying the finest offerings from artisan food & beverage suppliers. We also saw displays from Calor to Flipdish to Milano Coffee Systems and many more. BusinessLoans.ie could see opportunities for business owners to avail of working capital finance to asset finance and even insurance premium finance.

There were the IFSAs, industry awards highlighting product and service innovation within the Irish foodservice industry. Winners were found across six categories including best sustainable packaging product, best sustainable food product, energy efficiency innovation and supplier of the year. The theme this year was innovation for a sustainable future. This was demonstrated, for example by use of non-disposable by market innovators "2GoCup".

Review: National Manufacturing & Supply Chain Conference & Exhibition 2020

BusinessLoans.ie attended the Manufacturing & Supply Chain Event at Citywest Conference Centre, Dublin. It ran over two days from 29th to 30th of January. We heard from industry leaders and saw opportunities for Irish business owners for finance. The key finance options are asset finance such as leasing and hire purchase, trade finance & invoice finance and general.

We heard inspiring insights from thought leaders such as Henrik Von Scheel expert on Industry 4.0, Áine Fleming, Director of Engineering at Alexion Pharmaceuticals and Gary O’Callaghan, CEO of Siemens giving an excellent talk on “Leading Change in a Digital World”.

Be sure to check out our video review. Whether you were part of the National Manufacturing & Supply Chain Conference & Exhibition, The QEHS Expo, The Automation & Robotics Event, The Brexit Summit 2020, Careers Skills & Training 2020, Future of Work 2020, The IoT & Industry 4.0 Expo, The Cyber Security Expo, The Lean Productivity & Continuous Improvement Expo, The National Medtech & Biotech Summit, The National Pharmaceutical & Life Sciences Expo, The Plastics, Printing & Packaging Show, the 3D Printing Expo, The Supply Chain & Logistics Expo, The National Procurement Summit, The National Sustainability Summit 2020 or anyone else who attended - if your business or a business that needs to purchase from you needs finance we’re here to help.

Speak with us about trade finance, invoice finance, asset finance such as hire purchase or leasing as well as simple stocking finance and working capital finance. Call us now on 01 55 636 55 or try the web chat box on this page now.

Review: Money Club with Mrs. Smart Money

January’s Money Club with special guest Kel Galavan AKA Mrs Smart Money was thoroughly enjoyed by all who attended. Mrs. Smart Money is all about managing budgets and as a busy Mum she reduced her household spend in 2019 by €27,500! Kel’s enthusiasm for giving yourself more freedom and time by being good with money is infectious.

If you feel like you could to be better with money Kel has some limited spaces for a year of support. Mrs. Smart Money’s clients are saving countless Euros and you can too by embracing a year of less but better, minimalism and perhaps even a spending ban!

Learn more about Mrs. Smart Money in her excellent blog.

Kel Galavan, Mrs. Smart Money & Rupert Hogan MD BusinessLoans.ie

BusinessLoans.ie - Year In Review

It’s been just over a year since www.BusinessLoans.ie got started and I’m pleased to say it’s been a great year. I had started forming the idea for the business when I worked at a peer-to-peer lender in Dublin. They offer unsecured finance and the loans are filled with funds from ordinary investors who choose to chip in on business loans. They are helping the Irish economy while at the same time getting a far better return than leaving their funds stagnate in a deposit account with the bank. So while I was working there I realised that the rejection rate was quite high. There were many other non-bank lenders on the market but few options to make multiple loan applications from the one place, hence I decided to set up a solution to this problem.

To give you an idea of the kinds of businesses our team have helped read about some of the finance deals we organised in 2019:

Scaffolding Company - Financed for €150k

We had a sole trader scaffolding company that was having trouble getting approved for a loan from their bank. There had been some history from during the recession years in Ireland that affected so many people in the construction industry, however the banks are less understanding than the non-bank lenders that these people were mostly victims of circumstance. This lack of access to finance was strangling these companies ability to grow; and business was booming and this client was turning away business. We found our client approval within 24 hours of receiving a few easy-to-get documents.

Cattle Exporter - Financed for €120k

If a complicated overseas transaction hits a bump it can hurt your cash flow. This is what happened when a sudden change in the value of a currency affected a big cattle deal, leaving hundreds of cattle in a yard needing to be fed until the next deal could be lined up. This can take months so we organised some much-needed working capital to keep the business running smoothly after this business hiccup.

Beautician - Financed for €4k then €5k then €8k

We deal with smaller loans for young businesses too. We spoke with a beautician whose business was around 9 months old. Her turnover was modest but regular but the bank wasn’t helping. Fortunately she had a business that used a card machine and based on her volume of monthly transactions we were able to organise a merchant cash advance. Then she came back a couple of times during the year to top up with more loans as she grew her business.

Property Developer - Financed for €100k

A property developer had the perfect deal. Everything was pre-sold to the local council for social housing in a very low risk situation, however the banks were not on board. What was most perplexing for the client was that they had spoken with many non-bank property lenders who are supposed to be more flexible but were not of much use to them. The site to be built was rural, near a little village in Cavan and this location was deemed unattractive to all the lenders they had engaged with. They didn’t need a lot to get going. Just €100k to finalise a contract and commence works and they would receive some staged payments to get their work done. Time was also of the essence. www.BusinessLoans.ie was able to assist and they got on with their construction.

Importer / Exporter - Financed for €500k

An opportunity came knocking for an importer of steel. The Turkish Lira crisis meant there was a lot of cheap steel to be imported. However, to protect our market the EU decided VAT had to be paid upfront and this was an issue for this business. The good news for them was they had a strong asset list; over the previous years they invested in machinery and it was mostly paid off. A loan by way or refinance was possible. We raised a €350k secured loan from this as well as a €150k loan unsecured and they we’re able to make hay while the sun was shining for their steel deals.

We hope you got a taste for the kind of situations we can help get loan quotes for. We will keep on trying and won’t stop until we have got you the best deal available; or at worst exhausted all avenues. Thanks to all our clients for an amazing 2019 and we look forward to growing with you in 2020. Don’t forget we’re still manning the web chat box you see in the bottom right of this screen and on our site over the holidays. If you’re making your new year business resolutions and that involves finance, we’re with you all the way.

Review of Money Club November with Guest Speaker, Aoife Gaffney of Prudence Moneypenny Coaching

Money Club November at the Radisson Blu in Dublin Aoife Gaffney from Prudence Moneypenny Coaching went off without a hitch. Aoife is a money mindset mentor, speaker, thought leader & best-selling author and she gave us insights and tips on being better with money!

BusinessLoans.ie Dublin City FM Interview

Last Friday we were delighted to speak with Alec Drew - The Business Expert on the You and Your Business show on Dublin City FM. Alec is a business coach, author and international speaker. He has a career that has spanned four decades in four different sectors and increased the profit of one of his companies by 100 times. He interviewed BusinessLoans.ie MD Rupert Hogan about his career, peer-to-peer business loans and alternative business finance generally. Rupert then gave insights in to finance strategies to prepare for Brexit and enter new markets.

BusinessLoans.ie Featured in US Fintech Magazine DeBanked

Recently Rupert Hogan, MD of BusinessLoans.ie met Sean Murray, Chief Editor of US Fintech magazine DeBanked. Murray was on a mission to explore the Fintech scene in Ireland.

There was great interaction between the pair right away. Murray said, “Hogan is full of energy and enthusiasm. He has a natural charisma and friendly manner that’s well-suited for a relationship-based business. It just so happens that SME finance in Ireland is still heavily reliant on person-to-person contact and Hogan is at the forefront of helping potential borrowers look beyond the bank for their financing needs.”

We learned that, while the Fintech scene in the US is a little more advanced than here in Ireland, many of the same alternative finance solutions are already here and at a comparable rate. He said, “Hogan’s company can connect SMEs with as little as €5,000 through an unsecured business loan or merchant cash advance. Invoice Financing, leasing, and trade finance are also tools at his disposal. It’s not all small, however, as he hands me a rate sheet for one lender that will go up to €25M. Interest rates on these products when compared with their American and UK brethren are quite reasonable, and suggest also that the target clientele is not subprime.”

Not only is Murray at the helm of deBanked magazine he also runs Fintech conferences, deBanked Connect. We hope he can come back to Ireland again soon to enliven the finance scene here.

Read the article. The Broker: Funding Businesses The Irish Way

Rupert Hogan MD BusinessLoans.ie and Sean Murray President / Chief Editor deBanked at Grand Canal Dock.