Bad Debt Collection Help in Ireland

Lately we have been hearing from our clients that they are having issues with difficult debtors. It’s a sign of the times we’re in due to the economic difficulties ensuing from COVID-19. We decided to research the best B2B debt collection service in the Irish market and we are pleased to announce our partnership with Atradius Collections B.V.

Their process is online and extremely simple. Firstly you get a free quote; then upload your overdue invoices; finally you submit your case. Your case is then placed with an Atradius Collections local collector commences initially “amicable debt collection” and communicates with your debtor. You, as an Atradius Collections customer, are assigned an Account Manager to discuss your case updates and progress. What this means is early on in the process it doesn’t get too legalistic. Your debtor will receive emails, letters & calls; but don’t mistake this to think this part of the process has no teeth. Atradius is one of the world’s biggest credit insurance companies and even if you’re the “little guy” getting bullied by the “big debtor” refusing to pay, they handle David & Goliath situations with ease. By engaging with a collections agency that’s also a huge credit insurer means they could ultimately hurt your debtor’s ability to get access to finance in future by blacklisting credit insurance services. In addition, Atradius hold information on 200 million companies worldwide! Debtors will often see that it’s better to pay you.

It costs nothing to get set up on their system and you can call it in to action when needed. Just ask us and we will arrange it. Or if you would like to get a free quote click here.

BusinessLoans.ie for Fast Loans in Ireland

If you are a business owner in Ireland you may have had the experience of waiting longer than expected to hear news on your bank loan application. This form of purgatory is often called the “slow no”. You’re not hearing no; your hopes are still alive that you will get approval; perhaps the bank has requested a couple of extra pieces of information that you’ve quickly responded with, giving you a glimmer of hope. The “slow no” is a torturous experience that you wouldn’t wish on your worst enemy. This is especially true when you’re trying to plan for a project that needs finance in these tough trading times.

The good news is we often speak with business owners in this very pickle. If they want fast finance quotes there are a host of alternative lenders whose processes, using the latest Fintech systems, are often swifter than the banks. They have tailored solutions for various business challenges. The team at BusinessLoans.ie has a great relationship with the credit teams and know how to present the information to get your quote approved quickly & efficiently. So if you need a quick quote give us a call 7 days on 01 55 636 55 or web chat via the box on the bottom right of this page.

Updated List of Financial Supports For Irish Business Owners

The Covid supports list for Irish businesses is changing all the time. Here is an updated list of government-backed loans and competitions open to micro, small & medium businesses navigating their way through the difficult Covid period.

• Fáilte Ireland Covid 19 Adaption Fund

• Covid-19 Online Retail Scheme

• Microfinance Ireland Loan

• Local Enterprise Office

• Covid-19 Credit Guarantee Scheme

• Enterprise Ireland Funds

• The Sustaining Enterprise Fund

• Covid-19 Business Financial Planning Grant

• Enterprise Support Grant for micro enterprises

• Údarás na Gaeltachta’s COVID-19 Online Trading Scheme

• Intertrade Ireland E-Merge Programme

• Music Industry Stimulus Package

• The Irish Business Design Challenge

• Apprenticeship Incentivisation Scheme

There are many more business finance options from alternative lenders if you find you don’t qualify for the above or they are not suitable for your purpose. We are especially busy now with refinancing existing business debt, moving it to terms of 5 years & making repayments more manageable. We are here to help and available 7 days to organise business loan quotes on 01 55 636 55

Business loans for tax settlement in Ireland

If your business will have a tough time this year with a tax bill there is some good news. You can avail of a loan options to spread the cost. Most business owners don’t have the luxury of a generous bank overdraft they can call on when needed. The good news is there are a few options out there that can help.

1. We can assist with a simple loan quote. It’s a tailored solution for tax based on a review of recent accounts, 6 months bank statements and the information on your tax bill.

2. Merchant cash advance is available if your business uses card machine, Stripe, PayPal, Deliveroo, Just Eat etc. It’s OK to use the facility to settle your tax bill.

3. Asset refinance might be an option if you have assets that you own or have mostly paid off such as machines and vehicles. You could get a secured loan to help pay your tax bill.

If you need to come up with ideas to fix up with Revenue we have loan quote options that can help. Send us a message now with the web chat box below or call us on 01 55 636 55

Survey: Liquidity and cashflow are key concerns for one third of businesses in a post-Covid economy

The announcement of more government-backed loans on the way is welcome. A recent survey by Chartered Accountants Ireland indicates liquidity and cashflow are key concerns for a third of businesses. There is a low bar for businesses to be considered for these loans. They have to have been negatively affected by Covid 19 by at least 15% reduction in turnover. AIB, Bank of Ireland and Ulster Bank have committed to the €2 billion scheme of which the government will be guaranteeing 80%.

Many business owners we speak with have not qualified for bank loans, yet liquidity and cash flow support is badly needed. Sometimes an urgent requirement has emerged. Funds are needed in a quick turnaround that’s more suited to a Fintech than a bank. Here are some of the primary alternative solutions that might work in these situations:

Peer to peer loans

Currently the lenders are increasing amounts that can be funded. In the early days of Covid 19 some of their funders had taken a pause which meant the P2P lenders were more reliant on their crowdfunders. The good news is that funders are returning and with increased confidence. You can expect to get an unsecured loan up to €300,000 for a term of up to 3 years. There is a return of a 5 year loan capped at €100,000.

Secured Loans

During Covid 19 businesses that have assets such as machines and vehicles or land & buildings could refinance them to release working capital. The credit teams have an easier time in approving a loan when they have collateral. Refinancing land & buildings can have some set fees that make it attractive for seeking hundreds of thousands of Euro but not for lower amounts. Whereas using machines & vehicles is less complicated and can be suited to tens of thousands of Euro.

Invoice Finance

As business in Ireland opens up more credit teams are more open to financing invoices owed by companies in your book of debtors. There are one-off, ad hoc and ongoing finance facilities available, with up to 95% of the debtor value funded. If there are any debtors that are considered too high-risk currently, they can be reassessed for funding at a later stage as Covid 19 stresses ease.

Trade Finance

During Covid 19 certain businesses involved in trade have picked up such as PPE and eCommerce businesses. Trade finance helps them finance their purchase orders with someone elses money, thereby keeping vital working capital in their business. If you are ordering product from China for example, often you need to pay 50% immediately and 50% on delivery. Your money can be tied up for weeks and trade finance can help with this.

Merchant Cash Advance

Businesses such as hotels, restaurants and retailers who take a lot of payments by card can get a fast loan based on the turnover on their merchant statements. It’s reasonable to expect, if you’re doing €100,000 turnover by card a month you might be able to get a €100,000 loan. The credit teams can easily top up a facility again if needs be. Merchant Cash Advance also works for eCommerce businesses using data from Stripe, PayPal, Shopify etc. There is now a lender on the market who finances B2C stock and digital advertising. They plug in to your analytics and make a loan offer using this data. They have been known to ramp up funding quickly based on performance.

There are many other loan options on the market and we’re happy to help get your finance quotes so you can get the best deal. Call us 7 days on 01 55 636 55 or use the web chat box in the bottom right corner of this page.

Quotes:

“The survey, conducted by Chartered Accountants Ireland among almost 2,000 members on the island of Ireland, also shows that liquidity and cashflow are key concerns for one third of businesses in a post-Covid economy.”

https://www.rte.ie/news/business/2020/0717/1153861-chartered-accountants-ireland/

“AIB, Bank of Ireland and Ulster Bank have committed to offering loans to small businesses under a €2 billion State guarantee scheme at costs that will be “significantly below” market rates, said Tánaiste Leo Varadkar.”

https://www.irishtimes.com/business/economy/state-guaranteed-sme-loans-to-be-below-market-rates-t%C3%A1naiste-says-1.4306439

Boost your R&D Tax Credit Claim up to 20% with BusinessLoans.ie

Did you know that many business owners in Ireland who are engaged in R&D are failing to maximise their tax credit claims? Right now it’s possible to get a return on investment of 25% to 30%. To help you achieve the maximum available, BusinessLoans.ie has partnered with an expert of 30 years service in the field who can guide you through the process from start to finish. They have recovered over €1 Billion from Revenue spanning approximately 16,000 claims.

BENEFITS FOR YOUR BUSINESS

• You get an expert whose sole focus on the R&D tax credit to find hidden opportunities to maximise your claim

• You get the experience of a large multinational staffed by Irish-based senior consultants (scientists, engineers, software developers, tax accountants and costing experts) who have MSc, BSc or PhDs & are dedicated full-time experts in filing R&D tax credit claims

• You get a company that boasts a 98% win rate

ELIGIBILITY CRITERIA

• Permitted Purpose Test: You are conducting an experimental, systematic or investigative activity that is developing new or further developing hardware / software, materials, products, processes, devices or services

• Technical Test: Your projects have a technological or scientific objective AND advance the knowledge or capability in your industry or your company AND you are resolving technological or scientific uncertainties

• Accounting Test: Your R&D expenditure includes staff salaries, overheads, consumed materials, plant & machinery or subcontractors

If your company’s R&D and innovation activities match the above criteria, it may be eligible for the R&D tax credit. If you’re unsure, don’t worry! You get a complimentary consultation to discuss your current process & receive feedback on your potential claim. Consultants who are on the same level of expertise as your in-house specialists will determine how they can best assist & offer guidance on what your main options are regarding the R&D tax credit claim process. So what are you waiting for? Get more information now by calling 01 55 636 55 or web chat via the icon in the bottom right of this screen. We’re here to help, 7 days.

PPE Finance Available in Ireland Now

If you’re in the medical supplies industry or you’re in the import / export industry and have pivoted your business to personal protective equipment you may need extra financing to help buy your stock, fulfil orders & conserve your working capital. If this sounds like you, great news! PPE financing is now available to businesses in Ireland.

BENEFITS FOR YOUR BUSINESS

• Fast funding for PPE. Especially for State-backed orders. The fastest recent deal gave indicative terms within 4 hours for 100% of the purchase invoice amount for a client that had not imported PPE before.

• We work the deal. We have completed many of them & we know what funders need to see. We help get the opportunity investor-ready. This reduces your cost and risk.

• We ask the right questions. We drive down the cost to you by positioning the opportunity in the right way from a credit and risk mitigation perspective.

• We cover the market & find funding for a wide range of requirements. This increases your chances of finance approval.

• We get you the best deal. We know which lender is the best fit for your opportunity. This avoids wasting time.  It also reduces the risk you will be forced to accept unfavourable terms, pricing out of line with the market or poor & slow processes.

CRITERIA TO ACCESS FUNDING

• You have a PPE deal from €1m upwards.

• Preferably State-backed.

• Preferably you have secured the purchase order.

• You have some track record in medical supplies. If not, we have some medical companies who can support your business case.

If PPE Finance is of interest talk to the business loans team today on 01 55 636 55 or web chat via the portal in the bottom right of this screen now. We’re here to help, 7 days.

BusinessLoans.ie MD Rupert Hogan Interviewed by deBanked Magazine

In a recent interview with reporter Brendan Garrett of deBanked Magazine, New York, entitled “Ireland’s Alternative Finance Industry and the Coronavirus” BusinessLoans.ie MD Rupert Hogan gave his insights on business finance in the current climate alongside Jamie Heaslip of Flender Finance, Chris Burge of Spark Crowdfunding and Garrett Cassidy of Trezeo.

Rupert Hogan “explained that some businesses would be better going with LEO over banks and even some non-banks. Noting that non-bank lenders can’t compete with the rates offered by LEO and, just like in the US, banks can’t act with the speed that these business owners need. And described the current situation as The Great Lockdown and banks aren’t too helpful, even in the good times, due to the high rejection rates that SMEs experience when looking for loans. In regards to merchant cash advances, he’s expecting, when the MCA companies reopen, that they’ll be funding at reduced rates, some doing as much as 50% less than their pre-coronavirus amounts.”

The article concludes, “altogether, Ireland’s alternative finance industry, like others the world over, has been hit hard by the coronavirus’s economic effects. With the country’s phased lifting of the lockdown being plotted out over the course of the summer, the island nation may not see as quick a return to commerce as certain American states, but its fintechs and non-banks hope to stick around, by hook or by crook, as the Irish say, by any means possible.” We at www.BusinessLoans.ie agree.

Rupert Hogan MD BusinessLoans.ie & Sean Murray Editor deBanked when they met in Dublin October 2019.

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.