Working Capital Loans for Wholesalers

BusinessLoans.ie recently assisted a wholesale business who needed working capital for their business to take advantage of seasonally low rates. They had plenty of warehouse space that they were not taking using due to lack of funds. If they could buy and hold they could sell at the right price later in the year. Their bank was unable to lend them the amount they needed so they engaged with us. We work with the best alternative finance companies in Ireland and got them a simple unsecured loan quote in 24 hours. They got low rates and boosted their margins. Later in the year they intend to get a top-up loan for their next trade.

If your business needs finance talk to us on 01 55 636 55 or email hello@businessloans.ie

Security Token Offering - A Way to Finance Irish Business?

How much do you know about blockchain? We can barely go a day without hearing about fluctuations in Bitcoin’s price so if you know a bit about that, you get the idea that digital assets are out there in various forms. What’s evolved is that there is more acceptance of blockchain as an efficient & reliable way to keep tabs on ownership, transfers and more.

Security Token Offering

These days, in the EU you can choose to do a Security Token Offering (STO) instead of a traditional share offering. This journey has been largely led by the German regulator BaFin, who back in 2011 classified crypto assets as units of account & financial instruments. Then more recently additional regulatory work was done to define tokens. They must be transferable, have rights like a security & have the ability to be traded on the market.

Can Irish Businesses Benefit?

Irish businesses can use the passportable EU rules to access STOs until the Central Bank regulates them in Ireland. STOs can be used by startups & SMEs to raise capital, as well as for commodities, funds & real estate to have fractional, easily transferable ownership. If this still sounds like gobbledygook; to make it real & get a glimpse of the future, see this article about how $12 million of German real estate was tokenized.

If you are interested in an STO we have partners who can assist. Talk to us on 01 55 636 55 or email hello@businessloans.ie

Irish State Bank has billions available for Irish businesses

The Strategic Banking Corporation of Ireland (SBCI) has done more lending in 2020 than any other year since its foundation. It has allocated over €2 billion in loans through various partners during the Coronavirus Crisis. A lot of this has been on the Future Growth Loan Scheme, as well as smaller schemes for Brexit. However, much of the €2 billion allocated to help Irish SMEs under the Credit Guarantee Scheme is still available. Why is this? The SBCI says "we are aware of some public commentary asking why SMEs have not taken up more of the capacity available under this scheme…the answer to this is that the €2bn capacity is an important statement of intent, that the capacity is there if needed.”

The BusinessLoans.ie View

It’s better to be over-capitalised than under-capitalised. If you don’t have a cushion of working capital and you wait until missed payments start stacking up in the bank statements before applying for loans you can find yourself in a position where you are getting declines and may only have higher interest rate loan options available or none at all.

There are a number of great free supports & mentoring from the Local Enterprise Office to set out a plan and see if debt funding is part of the solution. Enterprise Ireland has a financial planning grant worth €5000 for bigger companies. Finally, nobody knows your finances better than your accountant & they can help you assess your situation.

If debt funding is the right option we’re here to organise business loan quotes fast. Many of the loan options don’t have an early repayment penalty. That means, when the pandemic eases and your business doesn’t need as much working capital, you can settle the loan early and save money on what the remaining interest would have been if you let the loan run for the full term.

We’re here to help. Call us today on 01 55 636 55 for fast Credit Guarantee Scheme loan quotes.

Reference: https://www.independent.ie/business/state-bank-has-biggest-year-for-lending-since-its-founding-in-2014-40177516.html

Happy International Women's Day from BusinessLoans.ie

BusinessLoans.ie is celebrating International Women’s Day. The theme this year is #ChooseToChallenge. We choose to challenge the imbalance of lending & investment in female-founded companies. Looking back over the past year & the finance we have helped with, the majority of the loans were for businesses owned and run by men. We need to work harder on being more accessible and are setting a goal to overcome this.

We did help some great female-founded businesses though. Our favourite was a loan for a uniforms business during the pandemic. They were pivoting from their usual hotel uniforms business to helping our nurses and medical professionals battling Covid19 by importing & manufacturing gear to keep them safe.

Wherever you’re at with your entrepreneurship journey there’s help at hand. Check out these 5 essential supports for female entrepreneurs in Ireland. Throughout 2021 we would love to help more female founders in Ireland with business loans to grow their business. We are happy to set up a Zoom and discuss loans as well as help with any useful connections, finance or otherwise, in our network. Get in touch today.

Business Loans in Ireland for Office Renovations or Garden Offices

Have you been considering doing alternations to your business premises? This could be to get ready for the Great Return to the Office. Or maybe you don’t want to go back at all; and you prefer to get yourself a garden office. If you need finance to make this happen BusinessLoans.ie can help with loan quotes. The easiest of which is a simple unsecured 5 year term business loan up to €250k. Or if it’s more of a modular & easily movable unit perhaps asset finance could work. Talk to us today on 01 55 636 55

VIDEO: How Irish businesses can use credit insurance & collections

A conversation about help for Irish SMEs during the pandemic; with Sinead Wolfe of Atradius Credit Insurance, Michael Weir of Atradius Collections & Rupert Hogan of BusinessLoans.ie

Brexit & the Irish Company that got Asset Finance for a €1 Million Machine

Last year BusinessLoans.ie assisted with an asset finance deal for an Irish manufacturing company that was forward planning for Brexit. They are in the glass industry and their supplier for jumbo sheets of tempered glass was UK based. While the current situation meant they felt they were paying more than they should, the situation was manageable. However, they had identified that the pain of Brexit moved this machinery purchase from a want to a need.

The Issues

The specialist manufacturer was in China and the business had already made one stage payment of €200,000 for the machine out of working capital. They needed finance fast because another stage payment was falling due and their bank were not on board. If they made the next payment out of working capital it would have hurt their business. The risk was too much for their own bank to construct an asset finance deal with a Chinese specialist manufacturer when the asset was not yet in Ireland and hence no collateral they could rely on. Also, this company knew what it wanted and their machine was bespoke. It was being constructed to their specification with European parts. Any asset finance underwriting team has to consider, if they are left on the hook for this in the event the deal goes sour, how can they quantify the resale value & find a buyer? It seemed the pillar banks didn’t have the specialist asset finance teams able to find a solution while the business was already committed to this project.

The Solution

BusinessLoans.ie reached out to one of the best alternative asset finance lenders in Ireland to get feedback on a solution. They too felt a big level of risk in making stage payments on an expensive and unusual asset coming from China however, when they dug a little deeper they found that the business had significant assets already on their balance sheet & located in Ireland. They laid out a plan to use those assets as collateral to finance the stage payments. The business owner was confident in his relationship with the manufacturer and was comfortable with the level of risk in making the stage payments. Eventually the machine was finished, shipped and got to port in Ireland. Then the asset finance company was able to switch the collateral to the new machine at port and away from the machines the business already owned. The business had their machine and only had to worry about making their monthly payments going forward.

If you’re in the market for machinery, vehicles, equipment or any capital expenditure talk to us. There are currently some excellent solutions available to Irish businesses. You can benefit from low SBCI rates from the Credit Guarantee Scheme and get what you need to trade stronger through Brexit, the pandemic and whatever else 2021 beholds for the Irish economy. Call the BusinessLoans.ie team today on 01 55 636 55.

Secured Business Loans in Ireland

The Irish business lending scene is very fluid at the moment with pillar banks & alternative lenders having access to an ever changing range of SBCI, government-backed loan options. However, the lenders can only work within their lending rules. If your business has imperfect accounts & bank statements you could get a decline, especially for the straightforward unsecured loan options. In this situation, if your business owns assets, a secured loan could work.

There are two primary types of secured loans. The first and easiest is if your business has vehicles & machines, less than 12 years old. They need to be in full ownership or have little outstanding finance. BusinessLoans.ie can get our partners to see if a secured loan is possible and, if so, what’s the maximum available. The rates can vary depending on the risk assessment and it costs nothing to get the approval information. You could also qualify for discounted rates under the Credit Guarantee Scheme. If your business expects a hit in turnover or net profit due to Covid-19 of 15% or more then you should be able to get access to lower rates. Loan sizes of €20,000 and upwards, depending on values of assets, can be facilitated.

The second type of secured loan is based on business-owned land & buildings. While you can expect low rates, there is more complexity and therefore more expense in constructing this type of loan. This is because of set legal fees, quantity surveyors & other professionals involved in getting these loans to approval stage. Loans don’t make sense for lower amounts. The business needs to have a requirement and equity for amounts of €250,000 and upwards for property-backed loans through our partners.

BENEFITS FOR YOUR BUSINESS

• Approval for businesses that have assets

• Release working capital that’s otherwise locked up

• Less checks from lenders on purpose of loan

KEY CRITERIA TO ACCESS FUNDING

• Your business has vehicles & machines of value

• Your business has land & buildings with equity

• Your business passes the credit check

BusinessLoans.ie is here to help get your secured loan quotes built. Best of all we will never ask you for a fee. We are available 7 days to assist with straightforward unsecured loan quotes where possible & if for any reason the secured loan route will work best for your business initiative, you can get fast approval feedback from the best panel of lenders serving Irish business. Call us on 01 55 636 55.

Master Lease Agreement. A New Line of Credit For Businesses in Ireland

As a business owner navigating a pandemic, Brexit & the resulting economic uncertainty you may not be sure you need a traditional bank loan at this time. It’s good to have comfort in facilities like overdrafts that you generally just pay for as you use it. If this sounds like you, then a line of credit for business assets may be of interest. BusinessLoans.ie is happy to introduce you to the Master Lease Agreement through our preferred partner. It enables your business to get pre-approval for multiple asset purchases over the year, up to a certain amount.

BENEFITS FOR YOUR BUSINESS

• Get annual pre-approval for €25,000 and upwards

• Get low leasing rates for business assets

• No stress on multiple transactions from €1000

• Every deal you choose a term up to 4 years

KEY CRITERIA TO ACCESS FUNDING

• Your business is turning over in excess of €250,000

• Your business is generally profitable

• Your business passes the credit check

As Paul Getty said “If it appreciates, buy it. If it depreciates, lease it.” Your accountant could assess how you much you can save on tax using leasing. Whether you’re considering machinery or equipment such as Covid-19 air filtration tech, computer hardware, security systems and more; we’re here to get your Master Lease Agreement approved. Call the business loans team 7 days on 01 55 636 55.

BusinessLoans.ie Helps ITL Logistics Grow from 2 Vans to 15 Vans in 1 Year

Irish business owner Todor Stanev has recently concluded another asset finance deal with help from BusinessLoans.ie. Stanev remarked "a year ago our business had 2 vans. BusinessLoans.ie helped us finance 13 more vans. Thanks to their assistance our turnover has multiplied many times."  

BusinessLoans.ie MD Rupert Hogan commented on the latest deal "ITL Logistics is a prime example of how a well-run business with a hard-working team can be supported with finance. With every van they acquire their business grows. They really are a logistics company on the move!".  

BusinessLoans.ie has assisted ITL Logistics with hire purchase & leasing options from the best alternative business finance companies operating in Ireland and at the best rates. If your business needs finance to grow call the business loans team now on 01 55 636 55.