Six tips for getting business loans from banks in 2022

Speaking with your bank about business loans can be tough as we continue with pandemic issues in 2022. It’s best to get all your ducks in a row beforehand. In the words Abraham Lincoln; “Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” Here are some quick tips that may help:

1. Get expert advice. Your accountant or an experienced financial adviser will be useful here. If budget is a concern there are supports from your Local Enterprise Office, Enterprise Ireland & more.

2. Assess where your business is currently. Weigh up the strengths, weaknesses, opportunities and threats. Many businesses are pivoting completely or you may just need to focus on a particular area that’s working right now.

3. Be frank with your bank. When you speak with a bank in black & white terms, more focused on the facts & figures you should find them most receptive.

4 . Fail to plan; plan to fail. Write it down in a budget with a clear, concise plan of action detailing realistic forecasts & projections. If there are many variables in your forecasting consider presenting a best-case & worst-case scenario.

5. Hard talk. Be ready for your conversation with the bank & for difficult questions. Have your answers prepared.

6. Consider alternative options. If you have tried your best with the bank but they’re not on board there are alternative business finance options that may work.

The BusinessLoans.ie view is to engage with your accountant, advisers or government agencies & prepare. If the bank declines you don’t give up. Ireland has many alternative business finance options. We can assist with fast finance quotes & we’re here for you 7 days. Email hello@businessloans.ie or call 01 55 636 55.

Recent deal: A kitchen renovation company & a covid loan

BusinessLoans.ie is celebrating another successful deal. It was for a kitchen renovation company that specialises in respray and restoration of kitchens, baths, worktops and more. During the pandemic restrictions they took a considerable hit to their business. Now they were busy. Like many in construction related industries they were enjoying a renewed uplift in bookings. The business wanted to update the fleet of vehicles, machines and have some working capital left over. A requirement of €100,000 was identified. When they spoke with us, they had already engaged with their bank. They found the requests for reams of documents too much to deal with; especially business plans and detailed financial modelling when their accountant was so busy with pandemic issues and filing deadlines. They were looking at alternative finance options that were faster.

BusinessLoans.ie identifed a loan quote under the Covid-19 Credit Guarantee Scheme with a non-bank lender. Our client was happy to only have to provide minimal documentation such as recent accounts, bank statements and a tax clearance certificate. They were approved & funded in days at a low rate and didn’t have to worry about a personal guarantee or early repayment penalty. Does your business want a fast finance quote? Get in touch today. Email hello@businessloans.ie or call 01 55 636 55.

Recent deal: An agri machinery manufacturer gets a €250,000 Covid loan

BusinessLoans.ie is celebrating another successful loan client. It was an agricultural machinery manufacturer whose work was hurt by the pandemic. Their turnover was down due to Covid restrictions as well as the worldwide supply chain issues pushing up prices. They were frustrated with the level of information required for loan applications with their bank and asked us about alternative finance quotes.

BusinessLoans.ie identified a loan quote under the Covid-19 Credit Guarantee Scheme with a non-bank lender. They were able to get approved for their €250,000 quickly, at a low rate and without a personal guarantee or early settlement penalty, over a three year term. They were happy and were able to get on with their work. Does your business want a fast finance quote? Get in touch today. Email hello@businessloans.ie or call 01 55 636 55.

Recent deal: A pizza franchisee & a slice of working capital

BusinessLoans.ie is celebrating another successful deal. It was a pizza chain franchisee that wasn’t trading so long. They didn’t have a set of accounts filed with the Companies Registration Office yet and this ruled out most debt financing options. Their bank was unable to help.

BusinessLoans.ie identified a fast finance quote based on their significant card machine turnover. Our lending partner provided a merchant cash advance of €25,000 with a flexible repayment that fits with their cash flow cycle. The client got their working capital and they were happy. Does your business need a fast finance quote? Email us at hello@businessloans.ie or call 01 55 636 55.

Recent deal: A plant hire company buys older machinery with unsecured Covid loan

BusinessLoans.ie is celebrating another successful deal. Our client was a plant hire company who was used to getting machines with asset finance. They found it easier for approval because hire purchase enables the asset finance company to take away the machine if they fail to pay. However, asset finance companies are generally only interested in financing assets that are not too old. Our client wanted an older machine that was still in great condition and asked us for help.

Their business had been affected by the pandemic. Turnover was down after the series of lockdowns affecting the construction industry. We organised an unsecured loan quote, at a great rate and without a personal guarantee under the Covid-19 Credit Guarantee Scheme. They got their €80,000 for their machine in days and they were happy. Does your business need a loan? For fast finance quotes, email us at hello@businessloans.ie or call 01 55 636 55.

Construction finance for social & affordable housing in Ireland

BusinessLoans.ie is happy to announce a new social housing construction finance partnership. It has a quick turnaround and competitive rates. Property developers have a host of EU and Irish Government backed loan options available but many are finding the red tape too much. Our partner is keen to get funds out as quickly as possible and makes it easy. Here’s what you can expect:

• A base rate from 7%

• Deals below €3 million, 1.5% in and 1.5% out

• Deals above €3 million from 1% in and 1% out

• Deals from €1 million to €200 million

• Only pay interest when you draw down a tranche

• Recycle loan, keeping funding cost down

• A credit team that will value your site on what it’s worth today; not what you bought it for

• 75% Loan To Value

• 80% Loan To Cost

If you’re sitting on sites and want to develop in the social & affordable space talk to the Business Loans team today on 01 55 636 55. We’re here for you 7 days to get approval feedback.

Recent deal: A CCTV, access & alarms business secures working capital

BusinessLoans.ie helped our client get over €100,000 for working capital and business expansion funding. It was at a low-rate under the Covid-19 Credit Guarantee Scheme. The business was long-established and had a range of clients including domestic, commercial and government departments. During the pandemic their work was severely curtailed by restrictions. Their installers couldn’t finish jobs because of travel and access issues. This led to a dip in turnover for the year so they qualified for the covid loan. Now that pandemic restrictions had eased business was experiencing and overwhelming demand, not only from a backlog of orders but from companies realising the need for better access controls in their buildings. The business owner also noted an opportunity to buy another business and could have the capital at the ready.

BusinessLoans.ie got the funds organsied in days and the client was delighted not to have to sign personal guarantees for peace of mind. Does your business need a loan? Call us for fast finance quotes on 01 55 636 55 or email hello@businessloans.ie.

Recent deal: A tile retailer in need of stock

BusinessLoans.ie is celebrating helping another client. With the global issues in shipping, it’s put a strain on Irish businesses keeping enough stock in their warehouses. This was the same case for a tile retailer whose working capital was tied up in shipping containers in transit. They needed to make bigger orders and they didn’t have access to acceptable credit terms from their suppliers. While this business had some issues on their accounts as a result of the pandemic, they were enjoying better margins on their product with the general price increase in construction materials.

A finance quote opportunity was identified because they had a volume of retail card sales. Our lending partner secured over €40,000 in stocking finance for them with an option to top them up again in the coming months. They were happy. Does your business need a loan quote? Talk to us on 01 55 636 55 or email hello@businessloans.ie.

BusinessLoans.ie MD Rupert Hogan talks finance on iProperty Radio

Rupert Hogan, MD of BusinessLoans.ie spoke with Carol Tallon on iProperty Radio about all things construction finance and SMEs in Ireland. The show is on Dublin South FM from 6-7 pm every Tuesday and features all the news on the Irish property world. Here are the key points Rupert covered:

• Construction SMEs are finding support from non-bank lenders

• What’s hot right now is the Covid-19 Credit Guarantee Scheme

• For construction businesses affected so badly by restrictions, it’s available through many lenders and with many different types of finance

• If accounts are still showing profit, simple unsecured loans up to €250k are there

• If accounts are weaker consider secured lending, invoice finance & asset finance

• Bridging loans based on business-owned property start at €150k and go in to the multi-millions

• Development finance is readily available

• If construction companies are concerned about the viability of their business talk to their accountant or get free advice and support from the Local Enterprise Office

Recent deal: An expanding gym chain with an equipment & fit-out requirement

BusinessLoans.ie helped a business owner in the gym industry. They had been hit badly by pandemic restrictions but were now in a fortunate position of being located in the suburbs of Dublin. With the shift to work-from-home, business was booming. They needed €70,000 for equipment and a fit-out. They were initially speaking with their bank but the requests for business plans and detailed cash flow forecasts would have added time and expense. They had secured a construction company ready to get going and they didn’t want to lose them to another job due to delays.

When they engaged with BusinessLoans.ie a low-rate loan opportunity was identified under the Covid-19 Credit Guarantee Scheme. There would be no early repayment penalty within the 3 year term they were approved for; and best of all there was no personal guarantees for directors. The loan was approved and drawn down in days and they were happy.

Call the Business Loans team today on 01 55 636 55 for fast finance quotes. Or email us on hello@businessloans.ie.