BusinessLoans.ie is celebrating another successful deal. We helped a car wash & valeting business with a €35,000 unsecured loan. They had an opportunity to expand the business. A new location was available and they required equipment, new hires and a marketing budget. When they engaged BusinessLoans.ie they had been frustrated with the level of information required from their bank for a loan application. They felt they had a simple business and didn’t want to put together detailed business plans & financial modelling. They had a set of profitable accounts filed with the Companies Registration Office, a tax clearance certificate and healthy bank statements. This was enough information for our lending partner’s underwriting team to produce a fast finance quote. They were approved in days and were happy. Does your business need a loan? Call the Business Loans team on 01 55 636 55 or email hello@businessloans.ie today.
Recent Deal: €250,000 Funding for Agri Machinery Manufacturer
BusinessLoans.ie recently arranged €250,000 in funding for an Irish agricultural machinery manufacturer.
The business had experienced a period of margin pressure due to rising input costs and supply chain delays. While turnover remained solid, working capital had tightened as stock costs increased and customer payment cycles stretched.
They were frustrated by the volume of documentation and delays involved in a traditional bank application and wanted to explore faster, more flexible alternatives.
We sourced a competitive funding solution with a non-bank lender structured over three years. The facility was approved quickly, offered a strong rate relative to risk, and was structured without a personal guarantee or early settlement penalty.
The funding provided breathing space, stabilised working capital and allowed the business to focus on production and order fulfilment rather than funding concerns.
If your business is experiencing cash flow pressure, margin squeeze or growth-related funding needs, it is worth exploring what options are available.
For a fast, no-obligation finance quote, contact the BusinessLoans.ie team:
Email hello@businessloans.ie
Call 01 55 636 55
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.
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.
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.
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: 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.
10 things to know about the Covid-19 Credit Guarantee Scheme
The Irish Government, through the Strategic Banking Corporation of Ireland (SBCI) has given lenders access to cheaper funds to pass on to Irish business borrowers. The State is taking on 80% of the risk and the lender only 20%.
Generally no personal guarantees need to be signed by company directors for peace of mind.
Unsecured loans can be from €10,000 to €250,000.
Secured loans can be up to €1 million.
Terms up to 5 and a half years are available.
It’s not just banks who have access to the scheme. Agile alternative lenders do too.
Businesses can get new or used vehicles, machines and equipment on asset finance.
Businesses can use existing assets as collateral for a working capital loan.
Key eligibility criteria is a hit of at least 15% in turnover or profit due to covid.
There was €2 billion allocated and it’s due to end when the funds run out or at the end of 2021, whichever comes first.
BusinessLoans.ie has access to pillar bank quotes and non-bank quotes so you have more choice and the best deals.
BusinessLoans.ie can get your quotes organised. It costs nothing to get your quote built and see if your business is approved and at what rate. Often we can get you multiple quotes to compare with your accountant or financial advisor. Or if you’re still planning your finance requirements the Local Enterprise Office can arrange a free mentor. For bigger companies Enterprise Ireland has a Covid 19 Business Financial Planning Grant worth €5,000. We’re here for you 7 days on 01 55 636 55.
Recent deal: A funeral home with a working capital requirement
BusinessLoans.ie helped a funeral home get a finance facility. They had outlaid a lot on capital expenditure and the bank account was too low on working capital. A requirement of €100,000 over the next 24 months was identified. This would ensure they had steady cash flow and could safely build up their reserves again.
BusinessLoans.ie identfied an opportunity to get a loan under Covid-19 Credit Guarantee Scheme. This gave the business owner an excellent rate & comfort that he wouldn’t have to sign a personal guarantee. The financial controller had been considering a 12 month term but on hearing there was no early repayment penalty decided to go with a 24 month term and have the option to settle the balance of the loan during term to save on remaining interest if cash reserves are deemed sufficient upon review. They are confident in their forward planning now that they have secured financing.
If your business needs funds for working capital, expansion or capital expenditure talk to us. The Credit Guarantee Scheme is still available until the end of the year, or when the funds are gone. We’re here to help 7 days. Email us at hello@businessloans.ie or call 01 55 636 55.