Business Loans for Reopening Retail Businesses in Ireland

There are a number of loan options on the market for businesses that are reopening after lockdowns. You can potentially get loan quotes from pillar banks or alternative business lenders under the Credit Guarantee Scheme for working capital, stock or other needs. But what if your business accounts and bank statements are now imperfect after all these lockdowns and you don’t qualify? The good news is there are business finance options if you’re currently transacting on your card machine.

BENEFITS FOR YOUR BUSINESS

• Fast decision based on your volume of sales by card

• Easy application process

• Flexible repayments that work with your cash flow

KEY CRITERIA TO ACCESS FUNDING

• Your business is transacting from €4000 a month by card

• You have at least 6 months merchant statement history

• Your business passes the credit check

If you’re in retail or any shop, hairdresser, barber, hardware store or takeaway restaurant talk to us about organising a finance quote today. Even if the bank has said no and you don’t feel confident, we can often assist. So long as you’re currently trading, the partner credit team are understanding & can even top up your facility as your cash flow improves. We’re here for you 7 days on 01 55 636 55 or email us on hello@businessloans.ie.

Low Rate Unsecured Business Loans with the Covid-19 Credit Guarantee Scheme

Did you know that Irish businesses affected by the pandemic can get low-rate loans with no personal guarantees for peace of mind? The government & the SBCI have allocated €2 billion to banks & alternative lenders to help businesses with working capital, business expansion and for buying new items they need to perform at this time. Get loans from 6 months to 60 months at rates from 4.75%

BENEFITS FOR YOUR BUSINESS

• Fast approval

• Low rates

• No early repayment penalty

• No personal guarantees

• Wide variety of loan purposes

KEY CRITERIA TO ACCESS FUNDING

• Your business is down 15% on turnover or profit

• Your business is generally profitable

• Your business passes the credit check

Talk to the business loans team today about getting your simple unsecured loan quote. Generally our partner credit teams will review simple documents such as accounts & bank statements. They grade them for risk from A grade down to D grade and apply a rate from 4.75%. It costs nothing to find out if you qualify & at what rate. Call us now on 01 55 636 55 or email us at hello@businessloans.ie. We’re here to help, 7 days.

BusinessLoans.ie April 12th Hospitality Grants and Loans Update

As of Monday April 12th it’s okay for bars & restaurants to serve takeaway alcohol to customers. While takeaway pints were never against the law most businesses complied with the government request. As Micheál Martin poetically said “forget about takeaway pints”. However, now that people can travel freely within their county, or 20km from home if crossing county borders restaurateurs & publicans will see increased trade. Under licensing laws, there is a requirement for the sale of takeaway alcohol that it must be consumed a minimum of 100 metres from the premises where the drink was originally purchased.

The Outdoor Dining Enhancement Scheme

To combat the effects of Ireland’s mixed weather on your business, you could benefit from a grant up to €4000. It is for shelter & outdoor dining infrastructure and you can be prepared for full reopening & ending of the 100 metre rule. You can get this government grant only if you have a business that serves food. The scheme gives you 75% ex VAT of the cost of equipment purchased / installed, up to €4,000 per applicant. Only items purchased after June 1st, 2020 & up to September 30th, 2021 are eligible. Local Authorities administer it so you would need to reach out to them to claim this, or get more information from your Local Enterprise Office.

Loans

BusinessLoans.ie will be able to assist businesses with loan quotes as your trade improves. We are monitoring the situation with alternative lenders and their appetite for lending. The rule of thumb has been if the business is not currently trading they’re reluctant to quote. The first finance option likely to be available is based on your card machine. The partner credit teams will see how you were trading before the pandemic and look at the trade you’re doing when you reopen and hopefully make an offer. Then all going well, will top up the finance facility as turnover increases as lockdowns further ease.

There are other loans that will become more available as trade increases, from simple unsecured loans to asset finance for perhaps a food truck. We’re hearing Local Authorities are more open to offering places to pitch and this could be an important revenue stream to pivoting hospitality businesses this summer.

Talk to us about your situation. We’re here for you to organise loan quotes on hello@businessloans.ie or call 01 55 636 55.

Low Paperwork Business Loans

If you’re a business owner who has had to deal with the bank for loans you may have seen nice advertisements about loans for brave people, help from friendly bank managers who have excess time to go through your application and make sure it’s done right, while benefiting from quick turnaround times. In my experience this utopia doesn’t exist. Sure, fast turnaround times are possible but that’s the exception rather than the rule. We deal with many business owners who have been getting the “slow no” or the runaround in some shape, way or form and they decide to see what other options are out there.

Alternative lenders are generally not going to make you go to the expense of doing up business plans and medium and long-term projections. Now that many have access to the government’s Covid-19 Credit Guarantee Scheme in some cases rates are on par or lower than banks. Mostly though, like anything in life if you want speed & convenience the trade off is a higher rate. But paradoxically, if you pay 1% or so higher, the cost per month in interest is minimal for short-term loans; and when you factor in all the hassle, time & expense you could have gone through for the bank loan application, all-in alternative finance can be cheaper even when you pay a higher interest rate.

Talk to us today about organising your next loan quote on 01 55 636 55. We’re here for you 7 days.

Acquisition Loans in Ireland

As the economy endures the continued strain of pandemic restrictions, opportunities will arise to buy businesses. Acquisitions loans will help you achieve this. Such loans can be built for an agreed purpose and the loan offer can be for a limited period of time. More often than not multiple lenders will need to be engaged. BusinessLoans.ie can organise multiple quotes that are drawn down in stages throughout the process.

Unsecured Lending

We can see how much unsecured finance can be raised based off the strength of your company as well as when you gain control of a new company.

Secured Lending

We can see how much secured finance can be raised from vehicles, machines, equipment, stock, debtors & buildings. This applies to your company and a company you’re buying.

Corporate Divestment

Part of the mix could be the sale of non-core activities to enable you to streamline the business & reduce overall debt.

BusinessLoans.ie not only organises loans; it also has partners who can organise business plans, financial modelling and funding proposals to add simplicity to a complex process. This is done cost-effectively with competitive fees & often subsidized through grants from the Local Enterprise Office & Enterprise Ireland. Your funding proposal could contain information such as the business history, management, products & services, customers, opportunities, financials, valuations, due diligence and more. Get in touch on hello@businessloans.ie or 01 55 636 55 & fund your next acquisition.

EIIS Scheme For Startups in Ireland?

The Employment and Investment Incentive Scheme (EIIS) has been funnelling up to €100m a year in to Irish businesses and in significant amounts such as Evercam who recently got €2.5m.

What is EIIS?

EIIS gives up to 40% tax relief on amounts up to €500,000 to investors in qualifying SMEs. In short if you’re a cashed up investor with big tax bills it’s attractive to invest because you can offset it against income arising in year of qualifying investment, including rental income. Then you need commit to 4 years and can make more money exiting the investment. See more on how it work and the pros and cons. Companies seeking EIIS relief must get approval from Revenue. Businesses like Dingle Distillery have encountered friction in getting their approval. Why? Some businesses are deemed ineligible; for example, businesses in professional services, finance, property development, forestry and more.

EIIS & Irish Startups

Due to the pandemic investment in startups has been lower. This is especially true for innovation driven enterprises that need significant amounts of cash before they become revenue generating. The Irish VC community has been lobbying the Irish government to expand the scheme to help startups. The SME taskforce published a growth plan for startups & scale-ups and this is being taken on board.

The Department of Finance is engaged in a public consultation process that’s moving forward from Budget 2021. There is an upcoming seminar with stakeholders and hopefully soon after we will be writing again about how startups can access EIIS. Or if you’re an SME wanting to find out if EIIS could benefit you now, we have partners who can assist. Call us today on 01 55 636 55 or email hello@businessloans.ie and we can put you in touch with our trusted EIIS partners for expert advice.

BusinessLoans.ie - Intern Wanted

BusinessLoans.ie needs a student intern.

• This role is for someone seeking experience & you will work closely with the MD and learn about alternative finance in Ireland.

• Remote, flexible hours & full training provided - but ideally you're a marketing student with an interest in fintechs & startups in Ireland.

• You will learn about marketing finance to SMEs & using marketing tools such as HubSpot CRM

• Use multiple social media platforms, LinkedIn, Twitter, Facebook, Instagram, Pinterest, Google Business and more.

• Apply with your CV and a note to hello@businessloans.ie

• Or call 7 days on 015563655 to speak with Rupert

What's Involved in a Startup Loan Application?

If you’re an entrepreneur with a new business then you may be looking in to startup loans. It can be an uncomfortable experience having your ideas, plans and financials scrutinized by a bank but this article gives you some tips and what’s required of you. We also have a contact in the bank who can organise startup loans up to €120,000 and we can introduce you and get your quote underway.

What the banker generally requires to get your quote

• Business Plan
  
  

• Level and confirmation of applicants own input / funding invested in the business to date
  
  

• Cash flow projections for short, medium & long term
  
  

• Bank statements on all accounts (personal & business) for 12 months
  
  

• Details on prior employment history
  
  

• Confirmation of any grants / assistance
  
  

• If available, contracts or details of work in the pipeline
  
  

We get a lot of startup loan enquiries however, based on our experience it’s only a very small number who progress to application stage. Mostly this is down to budding entrepreneurs thinking about loans before developing their idea & business plan. If this sounds like you, try the Start Your Own Business Programme with the Local Enterprise Office. Or if you really don’t feel confident in producing a business plan and financial modelling we have partners who can assist at reasonable rates. Applications that demonstrate a good level of experience in your industry, as well as having some funds, vehicles or assets committed to the project have the best chances of approval.

To get your loan quote started, talk to us today on 01 55 636 55 or email hello@businessloans.ie.

BusinessLoans.ie - Business Plans & Financial Modelling

Did you know that BusinessLoans.ie has partners who can assist with business plans & financial modelling that can be used for applying for complicated applications such as bank loans, Microfinance Ireland loans, Enterprise Ireland funds and more? You can see images below showing how comprehensive the business plans & financials are. This info went in to a successful €90k Bank of Ireland startup loan application for a recruitment company.

Interested in learning more?

Talk to us today and get a quote from our partner for business plans, financial modelling and more. Give your business the best chance of success in approvals from bank loans to Irish government & EU funding. We’re here for you 7 days on 01 55 636 55 or email hello@businessloans.ie.

BusinessLoans.ie - Recent Retail Client Spotlight

We wanted to share the finance journey we’re having with one of our clients, a rural agri-retailer. They began as a startup loan enquiry & our contact in Bank of Ireland was initially able to help them out to get going. Then after six months in business; and transacting a lot using a card machine they had access to another loan based on the volume of sales they were doing. In the next year they got a top-up facility on that. More recently they had filed their second year of accounts with the Companies Registration Office. This milestone with profitable history gave access to a simple unsecured loan at a better rate and they took €50k to develop the business further. We expect to help them with loan quotes again later in 2021.

No matter what stage you’re at, pre-trading, early-stage trading or in business many years, we are happy to assist you with fast finance quotes. The rule of thumb is that rates can be higher when you’re early stage but in time, as you develop the business risk decreases. Depending on your industry there are niche loan quote options that can work too. Talk to us today on 01 55 636 55 or email hello@businessloans.ie