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.

Recent deal: A car valeting business gets a business expansion loan

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: 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 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.

Recent deal: Loan for expanding Covid-19 solutions company

BusinessLoans.ie is celebrating another successful loan client under the Covid-19 Credit Guarantee Scheme. Our client had a long-standing business in technical product sales and due to the pandemic, started in Covid air filtration solutions. They are selling to big companies and government departments in Ireland. Due to shipping issues they needed to make bigger orders from China and make more space in their warehouse. This warehouse renovation was going to run them close to €100k.

The partner credit team were able to approve them at a low rate and over a 3 year term. Best of all the directors didn’t have to sign a personal guarantee which gave them comfort after the tough trading period in the beginning of the pandemic had made them reluctant to take on debt. But with the deal in front of them they were happy to progress.

If your business needs finance get in touch today. Get fast finance quotes at hello@businessloans.ie or by calling 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.