Recent Deal: Asset finance for machinery to dig in to the construction boom

BusinessLoans.ie is celebrating a recent client success. The business owner had been searching for a machine at the right price. In Ireland there was little value to be found. In the past he would have dealt with importing from the UK but Brexit rules had been proving costly. Then he found the right option from a dealer in the North, where Brexit rules are less hassle. He engaged his own bank first to explore finance but he wasn’t getting much support. BusinessLoans.ie work with a number of agile asset finance companies and were quickly able to get him a low-rate, 4 year term, hire purchase quote. He will now be able to keep up with demand from his construction clients and the machine will add revenue to grow the business.

If you need asset finance there a many options on the market right now, including with the Covid-19 Credit Guarantee Scheme, giving you up to €1 million at low rates over 5 years. If your business can use assets to trade stronger exiting the pandemic, ask us about quotes. Whether it’s new or used we can assist. Email us at hello@businessloans.ie or call 01 55 636 55.

Recent Deal: A sweet treat bakery changing their business recipe

We recently spoke with a business owner whose business was affected by the pandemic. They make cakes, sweet treats & chocolates. Before the pandemic they mostly served businesses in the local area but their retail & office clients declined as people worked from home. They re-evaluated the business and stayed profitable by building their direct to consumer sales, especially through online channels. For their deliveries they needed a new van and bought it out of cash.

When they spoke with the BusinessLoans.ie team they were low on working capital and needed to buy many smaller items for their commercial kitchen. They had engaged their own bank but they were not supportive. We found them a simple unsecured loan quote for the €30,000 within days and they were able to get on with what they do best. If your business needs a loan get in touch. Email hello@businessloans.ie or call 01 55 636 55.

COVID-19 Business loans - No repayments for 6 months

You may have heard of a loan option backed by the Irish Government through Microfinance Ireland. It’s designed to support microbusinesses through the pandemic that may need working capital. You get 0% interest and no repayments for the first six months. If you start the loan application with the Local Enterprise Office, the rate will start ticking over at 4.5% on conclusion of the interest-free period. You can try for up to €25,000 and a term up to three years for working capital or five years for capital expenditure.

The application process can be a pain point for some business owners. BusinessLoans.ie has professional application partners who can organise this part of the process for a small rate. Talk to us today. Email hello@businessloans.ie or call 01 55 636 55.

Security Token Offering - A way to raise capital for your startup?

If you’re a founder looking to raise capital a Security Token Offering (STO) will be one you’ll be hearing more about in the coming years. Every day we’re hearing about crypto price fluctuations and overnight millionaires. What’s more under the radar is the blockchain movement or use of ‘smart ledgers’ to track and transfer ownership using tech. So today, instead of old share offerings a STO is a way of raising finance using tokens instead of shares that make it easier to transfer.

Founders for a number of years have been using Initial Coin Offerings (ICO) to raise capital. ICOs enabled promoters to avoid red tape & regulatory issues. On the other hand this freedom caused some bad actors to engage in fraud, losing investors money and trust. There has since been a rise in the use of tokens instead of ICOs. STOs are regulated under securities law because tokens are tied to a physical asset. Both ICOs and STOs are currently an option for exciting startups to generate capital to grow. Many consider them better than share offerings because the tech makes it easy to create more offerings, cutting out the middleman & at a low entry price making it attractive to investors All in, it makes it more likely to generate funds to grow.

Successful STOs have traits of being in tech-focused startups that have the ability to trade on the world stage. Another area that is successful is in real estate investment. It’s expanding all the time and if you feel it could be a fit for your startup the BusinessLoans.ie team are here to guide you through the process using our trusted partners. Get in touch now on hello@businessloans.ie or call 01 55 636 55

Irish businesses increasingly using Fintechs for fast funding

Why are Irish businesses choosing alternative finance? Banks have never picked up their risk appetite to support Irish businesses since the last recession. Entrepreneurs quickly found themselves at the mercy of banks looking to call in loans. Banks downsized and lost a lot of their specialised lending teams. Fintechs were quietly hiring and building agile systems to knock out quotes in days, where before the banks were taking weeks or months due to outdated legacy systems and lack of will due to market dominance. Now that we’re coming out the other side of the pandemic, this trend is set to accelerate.

Today Irish businesses have access to government supported loans, but only for a limited time. When pandemic loans & supports are gone the good news is that the era of ultra-low interest rates looks set to continue. There is a lot of money sitting in negative interest rates with banks and investors are motivated to seek better returns by supporting businesses with debt or equity funding.

For microbusinesses getting everyday business finance, owners now find that dealing with non-bank lenders gives them that personal touch they used to get with the banks, in a quick turnaround and at fair rates. For SMEs looking to grow, aquire or merge in this fluid time for businesses exiting the worst of the pandemic, capital is available. Talk to the BusinessLoans.ie and use our network of trusted financiers to get you the best deal. Email us at hello@businessloans.ie or call 01 55 636 55.

BusinessLoans.ie Features in the Sage Ireland Blog!

Rupert Hogan, MD of BusinessLoans.ie was interviewed by journalist Róisin Killeen for the Sage Ireland blog. Over three million customers are managing accounting, finances, payroll, payments, operations and people with Sage Business Cloud. They also provide the best information resources to ensure business owners in Ireland stay ahead.

Rupert Hogan gave insights on key financing concerns for Irish entrepreneurs in the post “Need a small business loan? How to successfully apply for one” and covered the following topics:

• Do you need a loan?

• Grant versus a loan?

• Where can you source a loan?

• Is a credit score important?

• How much can you borrow?

• How long will the loan term be?

• What documentation do you typically need?

• Should you get professional advice?

Read the full post for finance tips such as why “it’s better to be over-capitalised than under-capitalised and it is wise to have a buffer of working capital to help you during difficult times.” Alternatively, if you’re ready to discuss loan quote options that can help your business survive or thrive, we’re here for you 7 days by email at hello@businessloans.ie or call 01 55 636 55.

Business loans: How much can I get?

We speak with a lot of business owners and usually they will ask how much of a loan can they get. The short answer is, it depends on the affordability for repayments showing in the recent bank statements. So if you were looking for €100,000 over 3 years the repayment could be around the €3000 a month mark. If, looking at the bank statements, a direct debit for €3000 looks like it would bounce a lot then the credit team might not pass it.

But it’s more complicated as we exit this series of lockdowns. Some credit teams will take a look at financials from when your business was trading normally pre-pandemic and factor this in to their lending decision; especially if you’re in an industry expecting a boost in trade.

If your accounts are showing a loss the chances of approval for a simple unsecured loan are lower. In this situation other loans can work. If you’re in hospitality and take a lot of card payments your merchant account data could get you an advance equivalent to around a month’s turnover. If you are in manufacturing or an agribusiness and have machinery they can be refinanced to release working capital. If you’ve a book of debtors invoice finance can work.

There are a number of finance solutions on the market and BusinessLoans.ie organises quotes. We never ask you for a fee and we’re happy to talk, find multiple quotes for you to compare and if the deal is right, get you funded fast. Email us at hello@businessloans.ie or call 01 55 636 55.

Recent client. butcher with covid safety renovations

This week BusinessLoans.ie assisted a long-established family business with a need to renovate some of their butcher shops to make them safer for their customers. They took in to account the Health Service Executive guidelines on ventilation and social distancing. This led them to realise they needed some alterations involving construction, as well as new equipment for their three locations. In total, they needed €60,000. Unfortunately their bank seemed to be giving them the “slow no”. They spoke with us and got a fast finance quote in 24 hours and had the funds in their account in days.

Does your business need finance? We’re here for you 7 days to organise your quote. Enjoy low rates & no personal guarantees under the Covid-19 Credit Guarantee Scheme. Email us on hello@businessloans.ie or call 01 55 636 55.

BusinessLoans.ie Interview on Dublin City FM 'You & Your Business' Show

Rupert Hogan, Managing Director of BusinessLoans.ie was invited to discuss business financing in Ireland during the pandemic with Alec Drew, The Business Expert, on his ‘You & Your Business’ show on Dublin City FM. Each week he invites an expert from the world of business to share their knowledge, insights & tips to help with business challenges.

Rupert Hogan appeared on the show back in 2019 and this interview covers the best financing options available through the pandemic; from government-backed loans, invoice financing, trade finance, crowdfunding and more. Listen back.

Business Loans for Wholesale & Retail in Ireland

Recently we helped a wholesaler who sells a commodity. They had plenty of space in their warehouse and an opportunity to buy at a great rate, hold the stock for a few months then sell at a premium, locking in a tidy profit. They had been speaking with their bank for a long time and didn’t seem to be getting anywhere. They needed €150k with some urgency. A great deal had become available. We were able to get them the €150k approved and in their bank account in days.

Before they said yes to the loan offer, they had some concerns. The interest rate from the alternative business lender was a little higher. When their CFO did the calculations, the difference in price per month in the shorter term was insignificant. Especially with the sizable profit margin they would realise from the opportunity they had in front of them.

In this case we organised a simple stocking loan. Other times we can help you trade more smoothly by conserving your working capital with trade finance. This enables you, for example, to use someone else’s money (the trade financier) to provide funding for your goods from your shipping container coming from overseas. This stops your working capital being tied up for weeks while it’s in ports and on the high seas. Then when you have got your stock and it’s with your customers, you may be waiting a while to be paid, depending on the terms you provide to your debtors. Using invoice finance you can release up to 90% of the value of the invoice right away and then get a final settlement when paid.

Trade finance together with invoice finance lets you keep your working capital for day-today expenses as they arise. If you’re considering business loans call us 7 days on 01 55 636 55. We’re here to help & get you fast finance quotes.