BusinessLoans.ie has a new finance partner to help eCommerce businesses grow their business. It’s hard to finance eCommerce businesses as they get through startup phase. Whatever growth hacks and tips you hear, you need finance for stock; and then to shift that stock you need online ads. There is now a solution on the market that plugs in to your analytics and can make you an automated loan offer every month from €5000 to €1,000,000 plus. The solution grows with you until you have the cash reserves to no longer need it, or you can get cheaper bank finance. Ask us about this solution today on 01 55 636 55
Business Loans for Retail & Hospitality Exiting Lockdown
Now that we’re exiting Lockdown 2.0 and your business can reopen, there’s a good chance your working capital levels have been depleted. You may need a business loan for cash flow, hiring new staff, covid alterations, equipment or fit-outs. If your business bank statements are imperfect, showing low repayment capacity or have many missed payments you may have been declined the government-backed loans or you might just need approval fast. So what can you do? The good news is, there are a number of alternative finance options in Ireland that may work.
Merchant Cash Advance
If your business uses a card machine then a merchant cash advance is a fast finance solution. Every month you should receive a merchant services statement. The application and approval process is quick. You will need to get 12 months merchant statements & 3 months business bank statements to get approval feedback. So you may be thinking, how much can my business qualify for? It depends on the repayment capacity indicated by looking at the bank statements, as well as the turnover you’re doing monthly on the card machine. The credit team will look at how you were trading before covid as well as now and hopefully make a loan offer. A good rule of thumb would be expect an offer to be the equivalent to one month’s turnover, pre-lockdown drop-off.
How the loan is repaid is different than a typical loan. The finance company sets up a repayment of a small percentage of the daily income of the card machine. It could look something like 7%. That means if you took in €1000 one day they would take €70 towards the loan repayment. The credit teams are aiming to set a percentage that gets the loan repaid in around a year. They are often happy to renew the facility with you again in future once they see it’s being paid down. This type of repayment shows flexibility for times when business is quiet. The cost of finance is often comparable to rates for overdraft facilities many SMEs are quoted for.
Simple Unsecured Loans
If you have 2 years accounts (both in profit), 6 months bank statements (a dip in turnover is OK during Covid times but not too many missed payments and showing repayment capacity) & an up to date tax clearance certificate you could qualify for a simple unsecured loan from alternative lenders. This means you can get a fast quote, usually within 24 hours. The rate will generally be from 6% to 12% (the credit team will grade it A, B, C or D depending on the strength of the numbers they have crunched).
Asset Finance
If you need new items to help your business trade there are a number of options. We know of options for financing items such as big outdoor shelters, food trucks & commercial kitchen equipment. You would be surprised the amount of items that go in to a refurb or fit-out that can be financed.
We’re always happy to answer any questions you have & organise fast finance quotes. Call us now on 015563655 Always seek financial advice from your accountant or the Local Enterprise Office. Or we have professionals in our network we can introduce you to.
Business Loans for Consolidating Debt in Ireland
Recently we had a call from a business owner who was reviewing all their expenses in their business. They were paying a lot of money out on different short-term business loans they had got for purposes of working capital, buying used equipment & a second-hand van. They had too many loan payments and wanted a solution to make repayments more manageable. They wanted to improve their cash flow and have more working capital in their bank account to run their business’s day-to-day outgoings & are now more conscious they need to be ready for business shocks as they arise. Does this sound like you?
The good news is there are a number of business loan options on the market, whether you’re looking at government-backed SBCI options you can most-likely get through your bank or you’re considering using alternative business finance. We have people in our network who are happy to take the pain away of dealing with applications like that. We specialise in non-bank loan quotes and we can often get your approval information organised within 24 hours so you can get on doing what you do best; running your business.
Talk to us today about loan quotes from 6 to 60 months. It can be for purposes not only of consolidating debts but for working capital, capital expenditure & more. So long as your business is generally profitable, is currently trading and can meet the repayments a simple unsecured loan can work. Or if your business has assets that can be used as collateral then we can organised secured loan quotes. We always recommend speaking with your accountant for financial advice on whether business debt is the answer for your situation. These are tough trading times and if there are big judgment calls get proper advice! We have people in our network we can refer you to if you from accountants to business advisors to insolvency practitioners. Call us today on 01 55 636 55. We’re here to help.
Business Loans & Recurring Revenue in Ireland
Did you know that you can release cash flow from future recurring revenue? There is a new finance solution that enables Irish businesses to get working capital from upcoming revenue & on a revolving basis. You can release up to 70% in advance, month after month.
BENEFITS FOR YOUR BUSINESS
Create a recurring revenue stream
No personal guarantees
The cost is agreed in advance
CRITERIA TO ACCESS FUNDING
Your business is trading at least a year
You have a minimum annual turnover of €1m
You have an average monthly turnover of €100k
If recurring revenue finance is of interest we’re here to guide you through the process. You can be onboarded in 48 hours & have peace of mind to release working capital automatically every month. 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.
Business Loans & Personal Guarantees. Covid19 Update.
Terry Bell and the team at Bell & Co. made a webinar to outline how some financial institutions are dealing with personal guarantees in covid times. This may be useful for any business owner who is worried about the implications of a PG they may have signed should they encounter difficulties making repayments. It outlines the basics such as explaining the security, contingent liability and more before going in to more depth. Please note they serve Ireland & the UK. Some content doesn’t apply to Irish PGs.
3 Things You Can Do to Improve Your Chances of Loan Approval
If you’re looking for business loans in Ireland during Covid lockdown level 5 you may be overwhelmed with the number of supports, grants, government-loans and alternative finance options. It’s best to seek expert advice from your accountant or business advisor. If budget is a concern the Local Enterprise Office has great advice and mentoring too. BusinessLoans.ie is here to get you business loan quotes quickly & we never ask you for a fee. It’s best to take action before things get bad. Ensure you have enough working capital. Many loan options are flexible or don’t have an early repayment penalty. This means you can incur minimal expense by ending the loan early, once a time of business pressure has passed.
BusinessLoans.ie has three top tips for getting that loan:
1. Act before your bank statements get too tight.
2. Keep a steady minimum level of cash in the account. Don't be caught out by the number of days a in a month that a direct debit would fail. Having a bank overdraft facility in place is not a bad thing because it can show more affordability to make loan repayments.
3. Directors; don't pay yourselves excessively. It sends out the wrong signal to your lenders.
We are here for you 7 days and can get multiple loan quotes for you to compare. Use the web chat box in the bottom right of this page or call us on 01 55 636 55 now.
Asset Finance For Smaller Assets in Ireland
BusinessLoans.ie can now help with asset finance quotes for smaller items, €1000 and up. You get fast approval for leasing assets that can have tax deductible benefits & it’s easy to budget. Approval is definitely easier to get than cash loans, especially in the current covid climate we’re in. So if your business needs assets to help you add revenue streams talk to us today?
We can assist with items for businesses in:
Construction or any businesses that need machines
Medical & Aesthetics
Vets
IT, Telecommunications & Office
Fitness
Catering
To qualify you need to be currently trading with cash flow to meet repayments over a term of up to 60 months. Currently you might be limited to around €40k as a maximum with this solution however, we have other asset finance options for higher amounts. Call us now on 01 55 636 55
A Seasonal Liqueur Business Toasts an Invoice Finance Solution
This week BusinessLoans.ie helped a client in the drinks industry. They make a liqueur that’s especially popular around Christmas, requiring extra working capital to ramp up production to serve their distributors across Ireland, Europe & the USA. They ultimately needed extra funds for October, November & December. They looked at traditional invoice finance options but were put off by ongoing fees throughout the year when they were not going to be using the facility. We discussed one-off invoice financing with them. This would enable them to “cash in” invoices when they need to & without the commitment of an ongoing solution.
So how does it work? Essentially it enables you to release cash trapped in invoices & speed up your working capital cycle. You can pick and choose which invoices to fund 80% payment in 24 hours.
BENEFITS FOR YOUR BUSINESS
No personal guarantees or additional security – funding decision based on the debtor
No long-term contracts, no onerous paperwork
Multiple currencies supported
Fast decisions, fast funding & simple process
Affordable and flexible finance
Bad debt protection
CRITERIA TO ACCESS FUNDING
Your business is trading with limited companies
You have insurable debtors
Your invoices are between €15,000 and €2,000,000
Your business has been trading more than 2 years
Your turnover is more than €500,000
If one-off invoice finance is of interest we’re here to guide you through the process of getting your debtors approved & uploading invoices. You can then receive 80% now and a final settlement when your debtor pays. 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.
Digital Transformation & e-Commerce Finance in Ireland
When you see headlines like “Fashion retailer ASOS quadruples full-year profit to £142m” in the midst of the Coronavirus Crisis & Brexit it’s clear that businesses who are adaptive & prioritising digital are successful. This is a story that’s been playing out even before Covid times. A year ago we were writing about ASOS and how they contrasted with their high-street competitor Arcadia Group, struggling with high rents. They own Topshop, Burton, Dorothy Perkins and Miss Selfridge. “Business costs such as high rents are a factor but the key issue is how businesses have tackled online sales. The winners have invested in IT and logistics. Let’s compare Topshop (spend €50 per order for free delivery and returns) to Boohoo (pay €11.99 and get unlimited delivery and returns for a year). Boohoo’s sales soared 27% this year while Arcadia is clutching at straws to make agreements with landlords and save the business.”
So what does all this mean for an Irish retail SME with so many competing priorities & struggling to survive? We can take some inspiration from Blanaid Hennessy, owner of the fashion and homeware store Folkster who had to make hard decisions swiftly in the face of the Covid-19 crisis. Folkster closed down their Temple Bar shop, decimated by the lack of tourist footfall. Instead they are concentrating on a Christmas pop-up shop in Dundrum Town Centre that will have great footfall, build brand awareness, drive traffic to their eCommerce site (with cheap delivery) after the end of the pop-up shop & encourage fans in destination shopping to their Kilkenny outlet.
Wherever your business is at there are options out there to implement change:
You can get €2500 towards web design, building your online presence etc. for free if you have a business that’s been open at least 6 months. On top of this your Local Enterprise Office and give you lots of training and support around building an online presence.
2. Pointy
This is a great way to get more people in to your store. You plug a pointy device in between your point of sale & barcode scanner, carry on business as usual. Over time your scanned products will appear on your Pointy web page and your products start appearing in Google search results. You also get found on Google Maps by people doing searches for your products in your location.
3. Popertee
If you need a pop-up shop you can find a lot of options on this site. However, landlords can be approached directly and propositioned for short-term arrangements. There is plenty availability and they’re motivated right now.
4. Need a bigger digital transformation? Ask us about finance.
It’s not cheap to have a slick online sales presence and once you have done your homework on what it will cost for your business ask us how to find finance to make it happen or check out available supports in our list.
A few quick alternative business finance suggestions include:
Unsecured loans - If you have 2 years accounts in profit simple unsecured loan quotes are possible.
Merchant Cash Advance - If you use a card machine, Stripe or PayPal and have monthly sales from €4000 upwards you could get a simple loan to help with working capital, stock & even digital advertising.
Asset Finance - If you want a better point of sale system, computer equipment or many things that go in to a fit-out we can organise asset finance quotes.
Ask us about your finance quote now. We’re generally available 7 days from early morning to late at night. Call 01 55 636 55
Budget 2021 – How it Affects Business Owners in Ireland
The Irish Budget 2021 was the biggest yet and designed to get Irish business through Brexit and COVID-19. The Minister of Finance, Paschal Donohoe said “Budget 2021 has been prepared against a background of extraordinary uncertainty regarding near-term economic and budgetary prospects. Here are the key points:
A new scheme for businesses which closed because of Covid-19 will provide a maximum of €5,000 per week - payments based on 2019 average weekly turnover. Effective from today until the end of March next year, with the first payments in mid-November
Debt warehousing provisions for SMEs will be extended for a period of a year with no interest. A €30 million fund will be administered through the Ireland Strategic Investment Fund
VAT rate reduction from 13.5% to 9% for hospitality sector
Extension of the commercial rates holiday
New Covid Restrictions Support Scheme (CRSS)
Extension of the Employment Wage Subsidy Scheme through 2021
€3.4bn Recovery Fund
€10.1bn infrastructure spending in 2021
Increasing Earned Income Credit up to €1,650 for self-employed – the same as the employee tax credit for PAYE workers
If your business requires finance to help with your business budget for the year ahead, we’re here to help. Call 01 55 636 55 now.
