The Business Loans team have a lot to celebrate today. In the past year we have helped female entrepreneurs with loans to help their businesses grow. The most memorable loan was for a uniform supplier whose hospitality debtors left her on the hook for a lot of money during the pandemic but she pivoted to medical and protective equipment and needed finance to get stock in from China. Her business performed well due to her level-headed business decision to adapt to the situation. So today it’s hats off to all the great female entrepreneurs in Ireland. The Local Enterprise Office is a great resource for business owners in Ireland and you can see more of what the day is about here.
Recent deal: Van finance for a specialist motor factors
We help with everyday small business finance situations too. Our client got a low-rate hire purchase deal for a used van. It was under €10,000 plus VAT. He had a couple of tough years, like many business owners and budget was a concern. Our lending partner was able to offer repayments up to 5 years to have minimal impact on cash flow. He got pre-approval for up to €20,000 and then went out reviewing offerings from dealers in the South & the North. He found a bargain and wasted no time in getting the lender to pay out so he could pick up his new motor.
If you’re considering getting new assets there are some great deals for hire purchase & leasing at the moment. The Covid-19 Credit Guarantee Scheme is available until the 31st of December. The enables you to get new or used assets up to €1 million. There are no personal guarantees and you can get cash flow friendly 5 year terms. Talk to the Business Loans team today. Email hello@businessloans.ie or call 01 55 636 55.
4 finance options for small Irish contruction projects
Property development financing for smaller construction projects continues to be a challenge in Ireland. Banks seem interested in bigger projects in the multi-millions but most builders are microbusinesses that work on everyday renovations & flips. There seems to be a lack of options but here are four worth considering:
You can ask us about a pre-approval for unsecured finance up to €250k. This can help you plan your finances and be ready to jump on the next opportunity.
You can ask us about asset refinancing up to €1 million. If you’ve bought a lot of expensive machinery unlock value to use on projects.
You can ask us about bridging loans starting at €150k. This can let you release working capital from rental properties and commerical buildings.
You can ask us about development finance from €250k and upwards. If you have a site and other collateral there are options for smaller deals.
Whether you’re a seasoned property developer or a builder with a side-project we’ve got you covered. Our alternative lending partners can execute your finance in a faster turnaround than a typical bank. Get in touch today. Email hello@businessloans.ie or call 01 55 636 55.
Recent client: Vehicle testing centre and a Covid loan
BusinessLoans.ie is celebrating another happy client. He got a loan under the Covid-19 Credit Guarantee Scheme. This gave him a low-rate and he didn’t have to sign a personal guarantee. In our initial call he had a concern over previous credit history. From the last recession he was still getting letters in relation to Bank of Scotland (Ireland) for an alleged unpaid debt and this had been a big stress in engaging with lenders. We were able to reassure him that we have helped many business owners with legacy issues. Of key importance to lenders we work with is current operation of the bank statements. It’s usually things like recent referral charges for unpaid standing orders & direct debits that are a big concern.
We were able to get the quote produced without any issues. Our client complimented us on the experience he had with us. In the past he had a personal relationship with his bank manager. If he needed finance he could sit down and speak with them. They understood his situation and he felt listened to. In recent years he could only get someone on the phone. It was a regional manager in a call centre who didn't know him and the person on the end of the phone changed often. He didn't feel heard and didn't want to deal with his bank anymore. But he said the experience he now got with us and the non-bank lender was more like it used to be. The lender and our team were readily available to discuss his situation and go through the loan agreement and answer any questions he had and he was happy.
Does your business need a loan? For fast finance quotes, get in touch today at hello@businessloans.ie or call 01 55 636 55.
Recent deal: Loan for expanding Covid-19 solutions company
BusinessLoans.ie is celebrating another successful loan client under the Covid-19 Credit Guarantee Scheme. Our client had a long-standing business in technical product sales and due to the pandemic, started in Covid air filtration solutions. They are selling to big companies and government departments in Ireland. Due to shipping issues they needed to make bigger orders from China and make more space in their warehouse. This warehouse renovation was going to run them close to €100k.
The partner credit team were able to approve them at a low rate and over a 3 year term. Best of all the directors didn’t have to sign a personal guarantee which gave them comfort after the tough trading period in the beginning of the pandemic had made them reluctant to take on debt. But with the deal in front of them they were happy to progress.
If your business needs finance get in touch today. Get fast finance quotes at hello@businessloans.ie or by calling 01 55 636 55.
Ireland's fastest business loans
In recent years banks have upped their game & improved their approvals processes. Generally they will say on advertisements, your business loan can be approved in 24 hours; but they mark it with an asterix, directing you to read the fine print. So a lot of the time you can get indicative rates quickly but to get it to approval & draw down stages you have to submit their full list of documents. With banks that can include items you won’t typically have lying around. This can range from business plans to detailed financial modelling and short, medium and long-term cash flow forecasts. All this takes time and money.
Accountants are currently battling backlogs and are time-poor. They need to prioritise pandemic & Revenue issues over client’s requests from banks. So what can a business owner do if they want a fast finance quote without the fuss? The short answer is to look at options from Ireland’s booming FinTech sector. Many of their advertisements offering decisions in 24 hours are more credible. The reason for this is an online focused application process and using the latest underwriting techniques and data points.
Pre-pandemic, the trade-off for using alternative finance was paying a slightly higher rate. FinTechs simply don’t have access to money as cheaply as the banks. Even then, the difference to the monthly repayment on a typical microbusiness short-term loan could be €30 a month. However, the time and money saved on attending to bank loans makes it worth it.
What’s even better is that many Fintechs have access to government-backed SBCI funds. This now makes them competitive on rates with the banks. Some of these options such as the Covid-19 Credit Guarantee Scheme are due to end on the 31st of December so the time to act is now if you want working capital or assets with the peace of mind of no personal guarantees!
BusinessLoans.ie makes it even faster by getting you multiple business loan quotes from the best alternative lenders in Ireland. We have an in depth understanding of the approvals processes, great relationships with the credit teams and can get your approval information fast. Best of all we will never ask you for a fee. Talk to us today. Email hello@businessloans.ie or call 01 55 636 55.
Recent deal: €2 million invoice finance to service a government contract
BusinessLoans.ie helped a sustainable building & retrofit contractor who won a lucrative Sustainable Energy Authority of Ireland (SEAI) contract. When we first spoke they had already tried their bank for a standard bank loan so they could have enough working capital for expenses while they waited to get paid. They said the SEAI can take a couple of months to pay and the impact on cash flow would be too severe on them.
It seemed that invoice finance could be a great solution but it wasn’t straightforward with the SEAI. Work had to be signed off and sometimes alterations were required. Traditional bank invoice finance couldn’t deal with this complication. BusinessLoans.ie used an alternative lender who found a workaround for this. On the rare occasion an alteration was required some information from the SEAI system would suffice. Our client was offered favourable terms and a €2 million limit facility that was more than enough to satisfy their need.
There are a number of invoice finance options on the market. There are one-off or ad hoc solutions enabling you to release working capital from invoices whenever you choose. Generally there is a portal where you upload the invoice. You get a quick decision if they accept it and get funds fast. Then there are ongoing solutions that give you peace of mind knowing you have a limit and a financier who will support you through thick and thin. BusinessLoans.ie can get you fast invoice finance quotes. Email us at hello@businessloans.ie or call 01 55 636 55.
Construction loans for small developments in Ireland
We often hear from smaller construction companies looking for loan quotes for working capital to finish off a project, buy a fixer-upper to flip or buy a site for a small development. There is a gap in the market for financing everyday builders whose deal size falls short from what many lenders are willng to finance. Most lenders ideal entry-level client is looking for €500k to €1 million, as well as having a development in a town with a population over 10,000. One reason is due to the set fees for professionals such as lawyers, who can charge the same for a €200k deal as they would a €2 million deal, making small deals unattractive and so have a lower rate of offer acceptance. Another issue is protection from shocks to the economy. The more rural the development the more likely a chance of a significant drop in value, potentially leaving the lender exposed to losses.
Other times we hear from builders who have been self-financing a project but run out of cash. The collateral so, is an unfinished build and this can be challenging for lenders to want to use to lend against, in case they are left on the hook if the project runs in to problems affecting repayment. So what options are there for construction companies financing lower end deals?
Simple unsecured loans
One option, if the company is generally profitable and the bank statements can show affordability for repayments is an unsecured loan up to €250k with a non-bank lender. Because it’s unsecured the lender is not as concerned with the project and collateral. They’re really relying on your track record and operation of the bank account.
Bridging loans
While in the example above with a builder wishing to use an unfinished or rural site as collateral to get development finance, often when you dig a little deeper this project might not be the only collateral available. It’s easier to use collateral of more attractive rental properties and get a bridging loan. Deals from €150k and upwards can work. These funds can then be used for the riskier project then lender otherwise would not have financed.
Invoice finance
If you’re working on commercial projects with reputable companies and due stage payments there are flexible invoice finance options that enable you to access most of the working capital on raising your invoice. You then get a final settlement with the debtor pays.
If you’re a property developer and need financing we have a wide range of contacts in pillar banks, non-banks and even high net worths who may be able to finance your project. BusinessLoans.ie is here to help 7 days. Email us at hello@businessloans.ie or call 01 55 636 55.
Recent deal: Loan success with imperfect accounts
BusinessLoans.ie helped a long-established eCommerce business who required working capital to get past a rough patch. It left their accounts showing a loss and they were finding it difficult to get support from their bank. When we reviewed the information an angle was identified because they had healthy turnover on their merchant account and they were coming in to a busier time of year. A specialist merchant cash advance lender was able to quickly give indicative figures for their desired amount and within days the funds were in their account. The client was happy and they have comfort that the lender indicated they would be willing to support them again as cash flow improves in the coming months.
Does your business need working capital, funds to expand, renovations or for anything else? Call the BusinessLoans.ie team today on 01 55 636 55 or email at hello@businessloans.ie.
Beauty industry business loans in Ireland
If you’re a business owner in the beauty industry, to stay ahead you need the latest equipment to serve your clients. You need a premises that looks inviting and you need the best staff. But what if your working capital has been depleted by the pandemic and everything seems out of reach? Then read on for some financing options that could help!
Simple working capital loans
If your business has been around a couple of years and your accounts are in profit then a simple unsecured loan could work. We can get you quick feedback on the maximum loan approval looking likely. Or if your accounts are not looking as good or you haven’t been in business too long but you use a card machine then a finance facility based on the volume of sales you do on your merchant account could work. This will give you flexibile & affordable finance to grow your business.
Asset finance
Your business could need some new kit whether that’s the latest hair, beauty, skincare, Covid air filtration or whatever, we have partners who can organise leasing fast. This gives you low monthly payments over a number of years with the option to hand it back and get an upgrade at end of term. It’s also possible to get you a master lease agreement. This means you can be pre-approved for an annual limit for leasing spend. If something goes kaput you have peace of mind to know you can get it replaced quickly.
BusinessLoans.ie is here for you 7 days. Email us at hello@businessloans.ie or call 01 55 636 55