As we leave the summer months behind many business owners will have more time to plan for their business initiatives ahead. We are also getting to the stage where the Government will be phasing out supports. If you forecast that this could hit your cash flow and may need some working capital finance there are still some good options out there such as the Covid-19 Credit Guarantee Scheme. This can give you working capital financing, invoice financing, hire purchase, leasing and more. All at low rates and without personal guarantees. It’s always a good idea to do a health check on your business before seeking additional financing. Your accountant will be invaluable here. If financing is the right choice, BusinessLoans.ie is here to organise fast finance quotes 7 days. Email hello@businessloans.ie or call 01 55 636 55.
Hire purchase & leasing options in Ireland
Have you been considering asset finance to get new vehicles, machines or equipment your business needs to perform at this time? While many of the banks & asset finance lenders have tightened their lending rules lately, while in times of economic uncertainty it can be a great time to pick up assets you need at the right price. The good news is that there are a number of finance options on the market with government-backed SBCI funds.
SIMPLE UNSECURED CREDIT GUARANTEE SCHEME LOANS
You may be assessing a purchase of older machinery, equipment or vehicles. Possibly land or an industrial unit you’re renting that might be of too low value to get a commercial mortgage. A low-rate, Credit Guarantee Scheme unsecured loan for capital expenditure is now available through our partner up to €250k. Generally you would expect your business to have been profitable the past 2 years & show affordability for repayments evident in the recent bank statement history. We can get you fast feedback on approval.
ALTERNATIVE LENDERS & ASSET FINANCE
There are a number of low-rate Credit Guarantee Scheme asset finance options from alternative lenders right now. Whether you prefer hire purchase or leasing, with a nominal buy-out option at end of term that can help with tax efficiency, our partners can assist. Assets can be new or used and hopefully from a reputable dealer within Ireland or the North. UK mainland is more challenging due to Brexit.
If your business can add turnover with the asset while showing affordability for repayments, the credit teams are sympathetic to your requirements. Finance can be quickly ramped-up if you perform well / as restrictions ease. Talk to us today on 01 55 636 55.
10 things to know about the Covid-19 Credit Guarantee Scheme
The Irish Government, through the Strategic Banking Corporation of Ireland (SBCI) has given lenders access to cheaper funds to pass on to Irish business borrowers. The State is taking on 80% of the risk and the lender only 20%.
Generally no personal guarantees need to be signed by company directors for peace of mind.
Unsecured loans can be from €10,000 to €250,000.
Secured loans can be up to €1 million.
Terms up to 5 and a half years are available.
It’s not just banks who have access to the scheme. Agile alternative lenders do too.
Businesses can get new or used vehicles, machines and equipment on asset finance.
Businesses can use existing assets as collateral for a working capital loan.
Key eligibility criteria is a hit of at least 15% in turnover or profit due to covid.
There was €2 billion allocated and it’s due to end when the funds run out or at the end of 2021, whichever comes first.
BusinessLoans.ie has access to pillar bank quotes and non-bank quotes so you have more choice and the best deals.
BusinessLoans.ie can get your quotes organised. It costs nothing to get your quote built and see if your business is approved and at what rate. Often we can get you multiple quotes to compare with your accountant or financial advisor. Or if you’re still planning your finance requirements the Local Enterprise Office can arrange a free mentor. For bigger companies Enterprise Ireland has a Covid 19 Business Financial Planning Grant worth €5,000. We’re here for you 7 days on 01 55 636 55.
Top 5 restaurant business loan quotes in Ireland 2021
Many business owners in the hospitality trade whether restaurant, gastropub, bistro, cafe or hotel are getting going again. The good news is, there are restart business loan solutions available now. We’re here to organise loan quotes from the best alternative finance companies in Ireland. Here are the top 5 restaurant loan quotes business owners are asking us about.
5. RESTAURANT RENOVATION
Your restaurant may need alterations, whether that’s for indoor or outdoor dining, kitchen alterations or the next door unit is now available and you can expand.
4. COVID SAFETY EQUIPMENT
To keep your customers and staff safe you may need air monitoring equipment, HVAC upgrades or HEPA 14 air filtration systems as recommened by the World Health Orginization.
3. HIRING NEW STAFF
If you have been closed for a while you may need to hire and train new staff to get going again.
2. NEW LOCATION
If your business has been one of the lucky ones thriving on takeaway trade you could be ready to expand.
1. WORKING CAPITAL
Your working capital could be low and you need cash in the bank for everyday business expenses.
BusinessLoans.ie is here for you 7 days to organise fast finance quotes on 01 55 636 55 or email hello@businessloans.ie.
Business loans for hotels, restaurants & bars
If you have a business that’s been closed or operating on a reduced capacity such as hotels, restaurants or bars you may need working capital or funds to make adjustments for Covid safety. BusinessLoans.ie can organise fast finance quotes from the best alternative finance companies operating in Ireland.
If your business has been completely shut down or trading on a reduced capacity there are some loan options tailored to help you restart. Lenders will review how you were trading pre-lockdown to help make decisions. Other lenders will look at your card machine data and offer a review once you have a boost in trade. Talk to us today. Email hello@businessloans.ie or call 01 55 636 55.
Recent deal: A funeral home with a working capital requirement
BusinessLoans.ie helped a funeral home get a finance facility. They had outlaid a lot on capital expenditure and the bank account was too low on working capital. A requirement of €100,000 over the next 24 months was identified. This would ensure they had steady cash flow and could safely build up their reserves again.
BusinessLoans.ie identfied an opportunity to get a loan under Covid-19 Credit Guarantee Scheme. This gave the business owner an excellent rate & comfort that he wouldn’t have to sign a personal guarantee. The financial controller had been considering a 12 month term but on hearing there was no early repayment penalty decided to go with a 24 month term and have the option to settle the balance of the loan during term to save on remaining interest if cash reserves are deemed sufficient upon review. They are confident in their forward planning now that they have secured financing.
If your business needs funds for working capital, expansion or capital expenditure talk to us. The Credit Guarantee Scheme is still available until the end of the year, or when the funds are gone. We’re here to help 7 days. Email us at hello@businessloans.ie or call 01 55 636 55.
Business loans for mergers & acquisitions in Ireland 2021
Now that we are exiting the worst of the pandemic many businesses are considering their options. Government supports have been propping up many, but behind the scenes there are zombie businesses. These are businesses very likely to fail without this support. Many businesses need to work on a health check & evaluation their operations right now. If your business is strong, has cash reserves and an ability to borrow you could engage in the growth strategy of distressed M&A. This can help businesses improve balance sheets, become more resilient & simply take advantage of good deals.
FINANCING M&A
For now, there continues to be low interest rates & government-backed loans on the market. However, this situation will not continue. Supports will dry up and interest rates will rise. BusinessLoans.ie can help you raise unsecured finance from the strength of your company performance; or if you have assets and need more we can organise refinancing to raise more. If you buy a new company we can see what loan quote options it has to ensure it has enough working capital.
THE BUSINESSLOANS.IE VIEW
There are opportunities out there and businesses can grow and save jobs. Preparation is key, especially if you’re buying a distressed business. Your accountant will be invaluable here; or there is free mentoring available from professionals connected with the Local Enterprise Office. You can get sound financial advice & a strategic plan. If you’re a bigger company Enterprise Ireland offers similar supports. If funding M&A is part of the mix we’re here to organise fast finance quotes on 01 55 636 55 or email us at hello@businessloans.ie
Business loan options for post-pandemic imperfect accounts
When business owners get in touch with us, it’s often because their accounts and bank statement history are imperfect. A typical bank loan simply doesn’t look like an option. While there are some Covid-19 loans, many of them are focused on businesses that only suffered a dip in net profit or turnover, yet remained profitable. The reality facing many businesses is that their latest accounts are showing pandemic related losses. If that sounds like you, here are some options worth considering.
Invoice finance
Invoice finance can work for businesses that have Covid losses. If businesses are owed money by quality business debtors & the finance company is satisfied they can get credit insurance on them, then this could be an option to release 80% or more of the value of what a business is owed now. Then they get a final settlement when the debtor pays, less the lender’s fees.
Royalty finance
If you have a steady stream of growing sales but your accounts are imperfect a royalty finance company may advance working capital in exchange for a guaranteed percentage of future sales until an agreed amount is paid back.
Merchant cash advance
Merchant cash advance is similar to royalty finance but the agreed percentage of sales is deducted daily from the merchant account such as business card machine totals, Stripe or PayPal.
Sale & leaseback
Sale & leaseback can work for businesses that have assets but can’t get approved for unsecured finance or they can achieve the amount they need. Many businesses prefer to buy machines and vehicles. in some cases they may use up too much of their rainy day fund and now find they have their working capital locked up in their assets. This option lets them access working capital while continuing to benefit from the use of the assets.
Bridging loans
Bridging loans are focused on property assets that a business or business owner has. If there is equity in business offices, units, investment properties and more then there can be an opportunity to get some short-term finance. Amounts from 150,000 are possible but due to set legal fees, the bigger the loans the more they make financial sense.
We’re here for you 7 days to organise fast finance quotes. It’s always a good idea to review quotes with your accountant and assess if they will be the right solution. We also have professionals in our network such as virtual CFOs who can offer your business a health check. Email us at hello@businessloans.ie or call 01 55 636 55.
Top 5 reasons why Irish business owners use alternative finance
Ireland is quickly becoming one of the top Fintech centres of the world. The prime example is Stripe who are building their workforce here. Non-bank lenders are fast. They are not stuck with old processes & legacy systems that can slow down lending decisions. They also use different data points and Artificial Intelligence in some cases to help automate a lot of their work. Business owners are sick of getting the runaround from banks & the painful “slow no”. SMEs are exiting the pandemic with depleted working capital and immediate requirements that can’t wait. The good news is that many alternative lenders can have you approved in 24 hours.
Here are the top 5 reasons for using alternative finance:
Bank taking too long.
Bank requesting too much information.
They have some missed payments.
They have a seasonal business and they need an understanding credit team.
They have a particular amount they require and they only got partially approved.
BusinessLoans.ie can help you get multiple business loan quotes to compare so all you have to do is choose the best deal. We’ve built our relationships with all the credit teams and can attend to their approval processes to get your quotes fast. Get in touch today. Email us at hello@businessloans.ie or call 01 55 636 55.
Business loans for reopening pubs in Ireland
If you’re a pub owner reopening we raise a glass to you. After up to 500 days closed you can serve once more. If you need finance, BusinessLoans.ie has access to stocking loans & restart loans. If your bank is not on board, our lending partners understand that they may need to look at old trading history from when you were trading as normal pre-Covid times. Decisions can be made in days. Other lenders look at your merchant account from all the transactions you’re doing on the card machine and can give you an advance with a flexible repayment.
Whether you need working capital for stock, wages, renovations or Covid safety equipment, we’ve got you covered. Call us today for fast finance quotes on 01 55 636 55.