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.

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:

1. Bank taking too long.

2. Bank requesting too much information.

3. They have some missed payments.

4. They have a seasonal business and they need an understanding credit team.

5. 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 Retail Businesses in Ireland

There are a number of loan options on the market for businesses that are reopening after lockdowns. You can potentially get loan quotes from pillar banks or alternative business lenders under the Credit Guarantee Scheme for working capital, stock or other needs. But what if your business accounts and bank statements are now imperfect after all these lockdowns and you don’t qualify? The good news is there are business finance options if you’re currently transacting on your card machine.

BENEFITS FOR YOUR BUSINESS

• Fast decision based on your volume of sales by card

• Easy application process

• Flexible repayments that work with your cash flow

KEY CRITERIA TO ACCESS FUNDING

• Your business is transacting from €4000 a month by card

• You have at least 6 months merchant statement history

• Your business passes the credit check

If you’re in retail or any shop, hairdresser, barber, hardware store or takeaway restaurant talk to us about organising a finance quote today. Even if the bank has said no and you don’t feel confident, we can often assist. So long as you’re currently trading, the partner credit team are understanding & can even top up your facility as your cash flow improves. We’re here for you 7 days on 01 55 636 55 or email us on hello@businessloans.ie.

Low Paperwork Business Loans

If you’re a business owner who has had to deal with the bank for loans you may have seen nice advertisements about loans for brave people, help from friendly bank managers who have excess time to go through your application and make sure it’s done right, while benefiting from quick turnaround times. In my experience this utopia doesn’t exist. Sure, fast turnaround times are possible but that’s the exception rather than the rule. We deal with many business owners who have been getting the “slow no” or the runaround in some shape, way or form and they decide to see what other options are out there.

Alternative lenders are generally not going to make you go to the expense of doing up business plans and medium and long-term projections. Now that many have access to the government’s Covid-19 Credit Guarantee Scheme in some cases rates are on par or lower than banks. Mostly though, like anything in life if you want speed & convenience the trade off is a higher rate. But paradoxically, if you pay 1% or so higher, the cost per month in interest is minimal for short-term loans; and when you factor in all the hassle, time & expense you could have gone through for the bank loan application, all-in alternative finance can be cheaper even when you pay a higher interest rate.

Talk to us today about organising your next loan quote on 01 55 636 55. We’re here for you 7 days.

Business Loans & Recurring Revenue in Ireland

Did you know that you can release cash flow from future recurring revenue? There is a new finance solution that enables Irish businesses to get working capital from upcoming revenue & on a revolving basis. You can release up to 70% in advance, month after month.

BENEFITS FOR YOUR BUSINESS

• Create a recurring revenue stream

• No personal guarantees

• The cost is agreed in advance

CRITERIA TO ACCESS FUNDING

• Your business is trading at least a year

• You have a minimum annual turnover of €1m

• You have an average monthly turnover of €100k

If recurring revenue finance is of interest we’re here to guide you through the process. You can be onboarded in 48 hours & have peace of mind to release working capital automatically every month. Talk to the business loans team today on 01 55 636 55 or web chat via the portal in the bottom right of this screen now. We’re here to help, 7 days.