Individual Invoice Finance in Ireland

Did you know that you can release cash trapped in invoices & speed up your working capital cycle? There is now a one-off invoice finance solution serving Irish businesses. You can pick and choose which invoices to fund 80% payment in 24 hours. This flexible invoice finance solution could help you manage your cash flow through 2021.

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 & 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 is trading 2 years

  • Your turnover is above €500,000

If one-off invoice finance is of interest we’re here to guide you through the process of uploading invoices & getting your debtors approved. You can then receive 80% now & a final settlement when your debtor pays. Talk to the business loans team today on 01 55 636 55. We’re here to help, 7 days.

Trade Finance in Ireland

Are you a B2B business that sells internationally? Are you moving in to new markets due to Brexit? Has your cash flow taken a hit due to Covid19? Then trade finance might be the solution you’re looking for. You can get your purchase orders financed & get up to 150 days of credit while getting excellent foreign exchange rates from an agile fintech that’s backed by huge bank capital. So if your business is in import & export, eCommerce, services etc. this can help you trade while conserving your day-to-day working capital.

BENEFITS FOR YOUR BUSINESS

  • Large credit lines with 0% deposit

  • Expert risk management on FX

  • Over 120 currencies

  • Fast & secure transactions

KEY CRITERIA TO ACCESS FUNDING

  • Your business is trading a year

  • Your business is turning over more than €500k

  • Your business is generally profitable

  • Your business passes the credit check

Get in touch with the business loans team to organise your line of credit today. Call us on 01 55 636 55.

3 Fast Business Loans in Ireland for 2021

If you’re starting or running a business in Ireland right now we salute you. Irish business owners are being hammered by the Brexit mess & an awful pandemic. Yet, despite this, the majority of businesses have survived and some have even thrived. You will also see the news headlines about various supports. Some have went down like a lead balloon (the hospitality keep-your-receipt tax back one with a dismal take-up) whilst others faltered at first (SBCI money through the banks with a 5% drawdown of €2 billion made available) but now are starting to take off due to the SBCI enabling some of the more agile fintechs to get in on the act. So what does that mean for you weighing up options for where to get a quote? Well, generally you can expect a faster turnaround time (days not weeks), lower paperwork requirements & no conditions attached before you can access the funds.

Fast Loan Options

  1. Simple Working Capital Loan. You can now get up to €250k in days at rates from 4.75% so long as you are turning over in excess of €100k, are profitable and pass a credit check based on a few simple documents (2 years accounts, 12 months bank statements and the tax clearance certificate.)

  2. Invoice Finance & Trade Finance. The SBCI have allocated funds to a fintech who can release funding based on what you’re owed in your book of debtors. In some instances they can also finance your purchase orders. This keeps vital working capital within your business instead of being tied up while your goods are in transit and then whilst you’re waiting for your customers to pay you.

  3. Asset Finance. A fintech has access to SBCI funds to help businesses get more assets. They have a track record of financing new, old & unusual assets from all over the world. If you have your eye on something to help your business grow you can benefit from a quick decision at a great rate.

BusinessLoans.ie is here for you 7 days to organise fast finance quotes. Talk to us on 01 55 636 55 now.

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.



Achieve your Business Goals in 2021

If you’re like many business owners, you may wish to create goals and growth targets from time to time. In 2021 we’re exiting a pandemic so many businesses are making big changes out of necessity. Every year more than 70% of Irish business owners are expected to make strategic business plans. A considerably lower percentage stick to them. With this post we aim to give you the structure to stay on track.

CREATE BUSINESS GOALS YOU’RE SURE TO ACHIEVE

When we set business goals, it’s done with big expectations and strong intent. However, after a few months the early motivation has disappeared or things have just got so busy, many will find it hard to stay on track. What can be missing is a good plan of action to keep us on the journey to achieving our business goals. Here is a plan to keep you on track:

1. Identify what you want. We sometimes don’t reach our goals because they are not what we want but what others say we should want. For example, you might feel constrained by risk-averse advice but your gut is telling you to move your business in a new direction. As we plan for 2021 we can draw on lessons learned from Ireland’s last crisis.

“What the recession did to many small businesses was make them switch from expansion mode to one where every euro was held hostage. If you are in a mode where you don’t have access to capital, opportunities are lost and you are more risk averse,” says David O’Kelly, partner in KPMG’s corporate finance practice.

2. Assess your financial situation. Once you have set your priorities and know what you want to achieve this year, review your complete financial situation. Include your recent set of accounts, bank statements, cash flow forecast and other information you deem important. The objective is to obtain a complete understanding of your business income and expenses so you can create realistic financial goals.

3. Set SMART Goals. When creating your goals keep this acronym in mind:

Business Loans SMART Goals

Example:

Goal: Prepare for Brexit by moving into new markets. The business will move in to 8 new markets within 3 years. In 2021 it will move into the USA & Canada. We will commence planning now. In 3 months we will launch a marketing campaign and assign a business development manager we aim to get €200k in sales from this market in 2021.

Each goal states a specific and written monetary amounts and the time frame in which you plan to achieve the goal. The example above takes the process one step further specifying a milestone to achieve in the year in addition to the long-term goal.

4. Make a plan. Once you’ve specified your goal create a plan to make it a reality. Instead of trying to create the perfect plan, focus on defining the activities you will do to reach your goal. If your plan requires finance to execute it www.BusinessLoans.ie can help by organising multiple quotes to get you the best deal.

WHAT DO YOU TRACK TO ACHIEVE YOUR GOALS?

A budget. A budget will provide a visual representation of your spending activities, income and expenses.

STEP 1: ADD UP YOUR INCOME SOURCES

The first element of a good business budget is figuring out how much money you bring in on a monthly basis.

Start with your sales figures first and then go further by adding other income sources you use to run your business.

STEP 2: DETERMINE FIXED COSTS

Fixed costs are expenses that are charged the same price each month. As you can imagine, incorporating these is by far the easiest part of creating your business budget.

Review your past bank statements or accounting software reports. You’ll easily be able to spot your fixed bills and the total amount they cost you each month.

STEP 3: INCLUDE VARIABLE EXPENSES

Items that don’t have a fixed price tag each month are called variable costs.

Many of these purchases can actually be scaled up or down depending on the state of your business, using your monthly profit. Your profit each month will be determined by the earnings you’re left with after paying all your costs.

So, if your business does better than you forecasted, you can use the extra funds to increase variable spending enabling you to grow faster.

STEP 4: PREDICT ONE-TIME SPENDS

A great perk of creating a budget is now you will be able to factor in one-time purchases better than ever before. While some of these items may come up unexpectedly, like the purchase of a laptop to replace the one that crashed, others can be budgeted for months in advance, like that business retreat you’ve been eyeing, to protect your business from financial burden.

STEP 5: PULL IT ALL TOGETHER

The first four steps of this post detail the elements of a good business budget, so the last step is simply pulling it all together. Take action by using this handy checklist with specific examples so you can create your budget without any hassle:

INCOME SOURCES:

  • Hourly Earnings

  • Product Sales

  • Investment Income

  • Loans

  • Savings

  • Other

FIXED COSTS:

  • Rent/Mortgage

  • Utilities

  • Salaries

  • Internet

  • Government and bank fees

  • Mobile phone

  • Website hosting

  • Accounting Services

  • Legal Services

  • Insurance

VARIABLE EXPENSES:

  • Raw Materials

  • Contractor Wages

  • Commissions

  • Advertising

  • Other Marketing Costs

  • Transportation

  • Travel & events

  • Printing Services

ONE-TIME SPENDS:

  • Computer

  • Furniture

  • Software

  • Office Supplies

  • Gifts

Expenses. Closely tracking your expenses helps you commit to your budget and ensures you have extra money towards furthering your business growth. In this regard I can’t recommend highly enough reading the business classic The 80/20 Principle by Richard Koch. It will help you identify where your 20% of business efforts are resulting in 80% of your business income and brutally cutting down on wasted resources.

5. Defined steps of achievement. Create a specific plan with defined steps to achieve your goals.

Example:

Goal: Prepare for Brexit by moving into new markets. The business will apply the €3000 savings identified monthly towards the sales & marketing budget of the USA & Canada new market entry. We will also get finance pre-approval for a stocking loan through www.BusinessLoans.ie that we have identified in our forecast will need to be drawn down in 2 tranches in March and July.

Experience a setback?

It’s normal to face challenges and this year Irish business owners have experienced immense challenges. It’s tempting to retreat or give up on your plan. Instead of quitting, adjust the time frame in which you expect to reach your business goal. Alternatively explore some shorter term finance solutions. Talk to us. We can help you find a loan quote solution to stay on track. Or if you need financial advice for the big decisions consult your accountant or reach out to your Local Enterprise Office. Call us 7 days on 01 55 636 55. We have many professionals in our network who may be of use.

References:

https://www.freshbooks.com/blog/the-5-step-plan-to-creating-a-balanced-business-budget

https://www.irishtimes.com/special-reports/finance-for-smes/time-to-look-beyond-the-banks-1.297542

Equity Crowdfunding in Ireland

Have you got an innovative business with big growth potential and need finance? Then equity crowdfunding is worth considering. In Ireland this year many millions have been raised for businesses using Irish alternative finance company, Spark Crowdfunding. Most recently in the news has been Ebike scheme, MOBY who raised €800k in 30 days after pitching to investors.

There are many types of equity financing available if you know where to look. As Cian O’Flaherty, CEO, of Safecility puts it, “Capitalising your business can be really hard and sometimes people see VC as the only game in town, but other routes can also be useful.” He raised capital from EU funding sources.

Tips for your Equity Raising Journey

  • Don’t give too much equity away early on or it could be terminal to gaining future investment

  • Don’t let any inexperienced investors put in onerous terms early on that may wreck engagement with future investors (so in your term sheet watch out for full ratchet, anti-dilution, multiple exit preferences etc.)

  • Don’t let any toxic investors come on board and have too much power

  • Seek professionals or if you have multiple investors with various levels of experience, have a professional leader who will set sensible terms

If you are interested in equity finance for your business we’re here to help. We have many professionals in our network who are happy to assist. Call us today on 01 55 636 55.

Equity Crowdfunding Ireland

References:

https://www.irishtimes.com/business/innovation/ebike-scheme-moby-launches-300-000-crowdfunding-plan-1.4387403

https://www.businesspost.ie/post-plus/making-it-work-internet-of-things-start-up-looks-beyond-venture-capital-8a66ed0e

Business Loans for eCommerce in Ireland

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

eCommerce Business Loan Ireland

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 Covid Restart Hotel Retail