Bad credit? Business loan options in Ireland

So your business has had a few missed payments and the business bank statements are showing referral charges? Not to worry. It’s difficult to manage your cash flow as a SME owner in the current economy. Unfortunately missed payments can begin to stack up quickly. If there are not too many, then unsecured business loans are still possible. Our partner credit teams generally review your accounts & bank statements and grade them A, B, C or D. Then you get a quote depending on what they think the risk is, usually from 6% to 12%. The more missed payments the more you’re pushing up the risk gradings. We can get you approval information quickly; usually in 24 hours. We never ask you for a fee so it costs nothing to find out. If you don’t like the quote you might want to consider alternatives.

4 ALTERNATIVE OPTIONS

1. Secured finance. If you have a good list of assets such as equipment, machines and vehicles a loan can be secured on them so missed payments are less of an issue due to the security on the assets. If the business owns land & buildings this can be used also but it only makes sense if you’re looking for amounts of €200k or more due to legal & other fees involved in this type of loan.

2. Invoice Finance. If you’re owed a lot on your book of debtors then invoice finance may work. There are one-off options & ongoing ‘line of credit’ arrangements based on how much you’re generally owed.

3. Merchant Cash Advance. If your business takes payment with a card machine, PayPal, Stripe etc. then this revenue can be taken in to account for a loan. Approval can be a little easier and can overlook a few missed payments because the lender is ensured to be paid from a small daily percentage of the income, all automatically.

4. Asset Finance. If you need a loan to get more equipment, machines, vehicles or anything that could help your business trade stronger, this option can work. It’s easier for approval because the lender usually retains ownership until the last payment is made. If the business struggles to keep up payments they can potentially take the asset back.

If you’re considering finance, we can help. Call the BusinessLoans.ie team for fast finance quotes on 01 55 636 55 or email hello@businessloans.ie. Always check with your accountant or business advisor if debt finance is the appropriate solution for the situation.

Top 5 asset finance quotes for Irish business in 2023

If you’ve been looking for a way to get new vehicles, machines or equipment you may have considered asset finance as a way to get them. It offers access to a high standard of equipment that a business might not be able to afford otherwise. BusinessLoans.ie is helping businesses get 1. equipment, 2. executive vehicles, 3. machinery, 4. vans, and 5. working capital by refinancing assets.

BENEFITS FOR YOUR BUSINESS

• Easier approval than traditional bank loans

• Low & fixed interest rates

• Manageable repayments over terms up to 7 years

KEY CRITERIA TO ACCESS FUNDING

• Your business is generally profitable

• Your business passes the credit check

• Assets are deemed financeable by credit team

If asset finance is of interest we’re ready to get your quotes organised. Get leasing and hire purchase on vehicles - from electric vehicle leasing, executive vehicles and vans, machinery & equipment at low rates. Talk to the Business Loans team today on 01 55 636 55 or email hello@businessloans.ie.

Recent deal: €90,000 business loan for pivoting supplies business

BusinessLoans.ie celebrates helping another Irish business with finance. It was a business that started from humble beginnings, supplying comsumables like coffee cups, with one man and a van. Then, because of the Pandemic, they pivoted to medical supplies; and this became the biggest revenue generator. Now, after spotting another gap in this market they’re expanding more into medical services.

To help with this expansion, BusinessLoans.ie organised a simple unsecured loan of €90,000 over a 3 year term with manageable monthly repayments. We have also set out a plan for financing another growth initiative later in the year. The business owner was happy and said, “hopefully this is the start of a great partnership for you and me!”

Does your business need a fast finance quote? Call the BusinessLoans.ie team on 01 55 636 55 or email hello@businessloans.ie.

New €50,000 fast business loan in Ireland, same day drawdown

If your business ever needs a fast fifty, now you can. Get same day drawdown on loans up to €50,000 with two documents. Sometimes businesses need funds fast. That could be a loan to take advantage of a discounted stock purchase, to meet payroll during a cash crunch or to handle any number of business loan requirements that arise in the day-to-day running of a business.

We’ve got you covered. Our partner credit teams can still offer fast turnaround times of 24 hours on bigger loans, up to €500,000 but if you have a very pressing requirement that can now be acommodated in a faster business loan quote, up to €50,000.

Talk to the BusinessLoans.ie team today on 01 55 636 55 or email hello@businessloans.ie

Bridging loan options for Irish businesses

BusinessLoans.ie often has calls from business owners in need of short-term business loans. The reasons can vary but the key theme is a cash flow problem that’s being solved in the coming months wtih a job being finished, debtor paying or sale of stock. The immediate stress is making payroll or meeting other obligations as they fall due. Cash flow forecasting is important here because as soon as business bank statements start showing referral charges for missed direct debits and standing orders, loan quote options narrow quickly. Here are options to bridge a shortfall in cash flow:

Simple unsecured loans

If the accounts are in profit and the bank statements don’t have too many missed payments a simple unsecured loan can overcome a short-term cash flow issue. Credit teams can quickly indicate if adesired amount is possible, with a few simple documents. If a business doesn’t have an up to date tax clearance certificate, solutions can still be available but at higher rates.

Asset refinancing

Sometimes losses on accounts or bank statement performance make unsecured loans too challenging for approval. Businesses that have assets of value, that are relatively new, are owned outright or with little finance outstanding, might be able to get a working capital loan through refinancing. A list of assets can be assessed to see how much can be achieved.

Property backed bridging loans

Businesses might own land or buildings that can be used as collateral for bridging loans. Such loans can be used for a variety of reasons, from solving a cash flow issue to freeing up capital for a renovation of another property or purchase at an auction. Loan size is key here. Lenders might release up to around 70% of the value of the business’s property, but because of expensive fees for due diligence in organising the loans you might be lucky to find a lender with a starting loan size of €250,000. In such cases, if it was 70% Loan-To-Value, the value of the collateral property would need to be €325,000.

One-off invoice finance

Invoice finance, through online applications and Open Banking, has become easier for one-off or on-demand services to help business owners whenever they need it rather than being tied into long-term contracts. If a business has reputable Irish limited company debtors this will be an easy process because lenders need to check online systems to see if they can get credit insurance on the debtor. Businesses can get a list of debtors checked to see what can be financed and to what limits.

Merchant cash advance

If a business uses a card machine or merchant account then short-term loans from 3 months are possible based on the volume of sales. This can be an easy choice with a quick turnaround time. Businesses also enjoy a flexible repayment that works with their cash flow cycle.

If your business needs a short-term loan, medium-term loan or long-term loan we’ve got you covered. Call the BusinessLoans.ie team for fast finance quotes on 01 55 636 55 or email hello@businessloans.ie.

Fast business loans under the Energy Efficiency Loan Scheme

A priority for many Irish businesses in 2023 is to become more energy efficient; a need accelerated by the energy crisis resulting from Russia’s war on Ukraine. The Energy Efficiency Loan Scheme (EELS) is there to help make it happen. Get green tech with low-cost loans & affordable repayments through the Strategic Banking Corporation of Ireland (SBCI) and the best alternative business lenders.

Features & Benefits

• Get SEAI approved energy efficient products for your business

• Get low-rate loans from €10,000 to €150,000

• Repay over terms up to 10 years

• Save money

• Save the planet

Does my business qualify?

The qualification rules for the scheme are a fit for most Irish businesses and a simple form on the SBCI’s website gives your business eligibility codes that lenders will need. The biggest challenge however, is to gain approval from the participating lender because underwriters can only support business’s green tech purchases, whose accounts and bank statements indicate affordability for repayments for the kit they desire. The good news is BusinessLoans.ie can arrange some quick initial feedback from the partner credit teams if approval is looking likely, as well as an indication of upper limit on likely maximum loan amount, to help with your planning. A simple documents request will be the starting point here.

BusinessLoans.ie organises fast finance quotes. Get started with EELS today. Email us at hello@businessloans.ie or call 01 55 636 55.

Recent deal: A pharmacy chain fits out it's latest location with a €200,000 loan

BusinessLoans.ie is celebrating helping our client get a €200,000 merchant cash advance facility to help their pharmacy chain fit out a new location. They will use the funds for fixtures, fittings and for general working capital to get their new location up & running. Our client was happy to be funded within days and continue with their expansion plans for 2023.

Does your business want a fast finance quote? Call the BusinessLoans.ie team today on 01 55 636 55 or email hello@businessloans.ie.

Business loan options in Ireland for 2023

The new year brings us new opportunities… and challenges. Towards the end of 2022 business owners were telling us of their finance requirements. A key concern for many was having enough working capital. Inflation eroded margins and the energy crisis exacerbated this. Many businesses had to write down bad debts from previous years. Banks were tightening up lending rules while raising interest rates and some applicants were waiting months for decisions.

It’s not all bad news. While some banks left the market, other non-bank lenders are filling the void. These alternative business lenders are often specialist, whether that’s unsecured lending, asset financing, invoice financing or merchant cash advance financing. Business owners we help are often delighted by the quick turnaround times, smoothness of online applications & open banking instead of frustration of emails & attachments, as well as knowledgeable credit teams who understand business owner’s industries.

If your business has plans to expand in 2023 that require financing, or just needs a simple working capital loan to ease cash flow concerns, we’ve got business loan quote options that can help. Email the BusinessLoans.ie team today on hello@businessloans.ie or call 01 55 636 55. We’re here to help, 7 days.

Business loans for working capital

As 2022 comes to a close we have been hearing the cash flow challenges of business owners in Ireland. Inflation is impacting business owners who can only absorb so much of the costs before raising prices. If cash flow pressures have been causing your working capital to deplete we have some loan quote options that might help.

Simple unsecured loans

If your last filed accounts were in profit and you have no recent missed payments evident in the bank statements, then a simple business loan quote can work. Your loan quote will include a fixed monthly payment that will be affordable to your cash flow cycle. During the loan term you can fix up the balance any time and save on interest. Ask us about quick initial feedback with recent accounts & 3 months bank statements.

Secured loans

If your last accounts were underperforming and unsecured loans are a challenge, but you have assets, invoices, card machine turnover etc. then a secured loan can work. Underwriters can often approve businesses when they have the comfort of some collateral. Talk to the Business Loans team today on 01 55 636 55 and see what financing options can work for your business.

Recent deal: A beautician gets a €20,000 business loan for renovations

BusinessLoans.ie is celebrating another happy client. A beautician called and said they needed to renovate the interior of their business because it was looking dated. The problem was, their recent accounts were showing small losses and they had declines from the bank and other lenders. When the Business Loans team reviewed it, we identified they were making steady sales with their card machine. We engaged our merchant cash advance partner who were happy to quote. The client got fast funds and could attend to their business renovation project.

Does your business want a fast finance quote? Call the BusinessLoans.ie team on 01 55 636 55 or email hello@businessloans.ie.