You can’t get away from it. Brexit is in our faces every day; whether it’s newspapers, Internet, radio or TV. It doesn’t have to be all doom & gloom though. There are plenty of supports out there and you just need to engage with them. To get businesses stronger and Brexit ready, the Department of Business Enterprise and Innovation is currently working hand in hand with the Government and other business agencies and here we will talk about some things that might help.
Brexit Advice and Finance
To help businesses navigate its way through Brexit, enterprise agencies, regulatory bodies and the Government have a range of financial supports and advisory supports, and toolkits available such as the Brexit Loan Scheme and Events.
Once you’ve assessed your exposure there are a range of awareness sessions and Advisory Clinics being convened by Enterprise Ireland, InterTrade Ireland and your Local Enterprise Offices to provide information and support to companies all around the country on actions to take. The key focus of advisory clinics are Financial and Currency Management, Strategic Sourcing and Customs, Transport and Logistics.
The Department of Business, Enterprise and Innovation and the Department of Agriculture, Food and the Marine offers €300 million scheme. supported by the InnovFin SME Guarantee Facility, the scheme is aimed at businesses exporting and importing products, services and raw materials. Between €25,000 and €1.5 million loan amounts are available per qualified enterprise. Credit can be used for future working capital requirements or to fund modernization.
Other Business Supports
Government business loans are an excellent option for small business owners, but not every business owner can obtain one. New funding models ranging from loan- and equity-based crowdfunding to invoice finance offer an increasingly important alternative to conventional SME funding. The research found that alternative finance has grown by 36 per cent last year. The maturity of alternative finance has also begun to attract increasing volumes of institutional investment.
There are many reasons business owners should consider using alternative finance. Here are three good ones:
Many alternative lending firms have less stringent qualifications for small-business owners. Due to these less restrictive stipulations, alternative finance can be a rather attractive option for many small businesses.
Alternative finance remains a quick and fairly effortless process, especially when compared to the amount of work involved in acquiring a traditional loan. Most banks and credits employ numerous loan committees which can drag out loan applications for weeks and even months.
Alternative financiers cater to mid-prime customers with clear terms and set monthly fees in a reasonable payback period.