Recent missed payments? Here are 3 alternative finance options that could work

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. Bills happen! Unfortunately they often come in floods. If you have only a couple of recent missed payments then you still have a chance of getting approval for unsecured finance. It’s worth a try to get you working capital on this basis first as some of our P2P partners can be understanding.

Here are 3 alternative options that could also work:

  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.

  2. Leasing. If you need a loan to get more equipment, machines or anything that could be leased then this option can be easier for approval.

  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.

If you’re considering finance we can help you get multiple alternative finance quotes easily. Get in touch on 01 55 636 55.

Achieve Your Business Goals in 2019

The New Year is just days away; however, the best time to set goals for 2019 is now. If you’re like many business owners, you may wish to create goals and growth targets for the year ahead to get to the ultimate goal of financial freedom. More than 75% of Irish business owners were expected to make strategic business plans for the year ahead in 2018 and this trend is sure to continue in to 2019.

Create business goals you’re sure to achieve

When we set business goals, it’s done with big expectations and strong intent. However, after a few months the early motivation has disappeared or things have just got so busy, many will find it hard to stay on track. What can be missing is a good plan of action to keep us on the journey to achieving our business goals. Here is a plan to keep you on track:

1. Identify what you want. We sometimes don’t reach our goals because they are not what we want but what others say we should want. For example, you might feel constrained by risk averse financial advice where your gut is telling you to move your business in to new territory. These persisting fears in Ireland are based on lessons learned about business funding during the recession and they will not be lightly cast away either.

“What the recession did to many small businesses was make them switch from expansion mode to one where every euro was held hostage. If you are in a mode where you don’t have access to capital, opportunities are lost and you are more risk averse,” says David O’Kelly, partner in KPMG’s corporate finance practice.

2. Assess your financial situation. Once you have set your priorities and know what you want to achieve this year, review your complete financial situation. Include your recent set of accounts, bank statements, cash flow forecast and other information you deem important. The objective is to obtain a complete understanding of your business income and expenses so you can create realistic financial goals.

3. Set SMART Goals. When creating your goals keep this acronym in mind:


Goal: Prepare for Brexit by moving into new markets. The business will move in to 8 new markets within 3 years. In 2019 it will move into the USA & Canada. We will commence planning now. In 3 months we will launch a marketing campaign and assign a business development manager we aim to get €200k in sales from this market in 2019.

Each goal states a specific and written monetary amounts and the time frame in which you plan to achieve the goal. The example above takes the process one step further specifying a milestone to achieve in the year in addition to the long-term goal.

4. Make a plan. Once you’ve specified your goal create a plan to make it a reality. Instead of trying to create the perfect plan, focus on defining the activities you will do to reach your goal. If your plan requires finance to execute it BUSINESSLOANS.IE can help by comparing alternative finance options and organising multiple quotes to get you the best deal.

What do you track to achieve your goals?

A budget. A budget will provide a visual representation of your spending activities, income and expenses.

Step 1: Add Up Your Income Sources

The first element of a good business budget is figuring out how much money you bring in on a monthly basis.

Start with your sales figures first and then go further by adding other income sources you use to run your business.

Step 2: Determine Fixed Costs

Fixed costs are expenses that are charged the same price each month. As you can imagine, incorporating these is by far the easiest part of creating your business budget.

Review your past bank statements or accounting software reports. You’ll easily be able to spot your fixed bills and the total amount they cost you each month.

Step 3: Include Variable Expenses

Items that don’t have a fixed price tag each month are called variable costs.

Many of these purchases can actually be scaled up or down depending on the state of your business, using your monthly profit. Your profit each month will be determined by the earnings you’re left with after paying all your costs.

So, if your business does better than you forecasted, you can use the extra funds to increase variable spending enabling you to grow faster.

Step 4: Predict One-Time Spends

A great perk of creating a budget is now you will be able to factor in one-time purchases better than ever before. While some of these items may come up unexpectedly, like the purchase of a laptop to replace the one that crashed, others can be budgeted for months in advance, like that business retreat you’ve been eyeing, to protect your business from financial burden.

Step 5: Pull It All Together

The first four steps of this post detail the elements of a good business budget, so the last step is simply pulling it all together. Take action by using this handy checklist with specific examples so you can create your budget without any hassle:


  • Hourly Earnings

  • Product Sales

  • Investment Income

  • Loans

  • Savings

  • Other


  • Rent/Mortgage

  • Utilities

  • Salaries

  • Internet

  • Government and bank fees

  • Mobile phone

  • Website hosting

  • Accounting Services

  • Legal Services

  • Insurance


  • Raw Materials

  • Contractor Wages

  • Commissions

  • Advertising

  • Other Marketing Costs

  • Transportation

  • Travel & events

  • Printing Services


  • Computer

  • Furniture

  • Software

  • Office Supplies

  • Gifts

Expenses. Closely tracking your expenses helps you commit to your budget and ensures you have extra money towards furthering your business growth. In this regard I can’t recommend highly enough reading the business classic The 80/20 Principle by Richard Koch. It will help you identify where your 20% of business efforts are resulting in 80% of your business income and brutally cutting down on wasted resources.

5. Defined steps of achievement. Create a specific plan with defined steps to achieve your goals.


Goal: Prepare for Brexit by moving into new markets. The business will apply the €3000 savings identified monthly towards the sales & marketing budget of the USA & Canada new market entry. We will also get finance pre-approval for a stocking loan through BUSINESSLOANS.IE that we have identified in our forecast will need to be drawn down in 2 tranches in March and July.

Experience a setback?

It’s normal to face challenges such as an unexpected expense or a big order getting put on hold. It’s tempting to retreat or give up on your plan. Instead of quitting, adjust the time frame in which you expect to reach your business goal. Alternatively explore some shorter term finance solutions. For example, if you have a lot of stock lying idle in the warehouse some secured finance can be arranged for up to 3 months. Or if you have a strong debtor, one-off invoice discounting is available. Or if you have a retail element to the business working capital can be advanced based on the volume of card transactions on the merchant statements. Talk to us. We can help you find a solution to stay on track.


Wealth Management Tips For Small Business Owners

You may have any number of aspirations, as a small business owner. Maybe you want to just stay small and lean, at the helm of a business that supports your lifestyle and nothing more. Or perhaps you see yourself on a mission to take your company from a small business to a major player in your space.

Regardless, everyone needs a little guidance and inspiration. Here we share our top tips for managing wealth as a small business owner.

1.   Surround Yourself With Positive Influences

If you own a business you have a need for experts in your life.  You hire accountants, lawyers, consultants, and bankers to help you with your business. And even if you're just starting out, it's essential to split up business and personal finances

2.    Plan Accordingly

In business, action and result are separated by the dimensions of distance and time. Very often, the cause of the action and its effect are not connected. 

Good strategy and planning reduce the risk of making uninformed decisions. It is about knowing what you do now in the context of what you are trying to achieve in the future.  If you have a clearly thought through intention, there is a better chance that you will achieve your desired results.

3.    Don't Hold Excess Capital In Your Business

Properly managing cash flow and working capital is essential for the success of any business. While larger companies may have access to more financial resources, small businesses’ resources are often limited. While holding as much cash as possible seems like a logical solution to potential cash flow problems keeping lots of excess cash on hand may actually be detrimental to your business. Smart business owners try to strike a balance between maintaining necessary cash reserves and hoarding too much cash.

 4.   Be Prepared For Rough Patches

Hitting a rough patch is something most business owners experience—it’s how you react that matters.You have to step up and keep your business afloat.

 5.    Recognize The Full Worth Of  The Unique Position Of Your Freedom To Build And Create And Pivot.

Focus on building efficient systems in your business. As the pilot of your rocket ship, you have the free reign and creative license to steer your mission and your crew towards new possibilities.

If your business could use some extra working capital to help grow call 01 55 636 55

Business loans & getting Brexit ready

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.

Getting Advice

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. 

Financial Supports

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:

  1. 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.

  2. 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. 

  3. Alternative financiers cater to mid-prime customers with clear terms and set monthly fees in a reasonable payback period.

    For more information, call us now on 01 55 636 55 or email

Business loans around tax time

It’s that time of the year again when your accountant is hard to reach. You have accounts to file and you’re trying hard to get all the information together so your tax is paid correctly and on time. Not everyone is on top of their finances and at this time of year working capital can be tight.

Most business owners don’t have the luxury of a generous bank overdraft they can call on when needed. The good news is there are a few options out there.

  1. Peer to peer finance is there for working capital. Whether you will be short on working capital when you pay your tax bill or you can’t get your tax clearance certificate up to date without the loan there is a solution for you.

  2. Merchant cash advance is available if your business uses card machine, Stripe or PayPal. It’s OK to use the facility to settle your tax bill.

  3. Asset refinance might be an option if you have assets that you own or have mostly paid off such as machines and vehicles. You could get a secured loan to help pay your tax bill.

If you need to come up with ideas to fix up with Revenue we might be able to help. Send us a message now with the web chat box below or call us on 01 55 636 55

Financing options for Irish business owners

As a small-business owner, you should understand the financing options available to you to help grow your company. Many new small business owners have difficulty accessing capital through traditional banks to start or grow their firms. Small business lending companies can help to provide financing even though they have challenged credit. There will be a premium charged through interest rates and other fees for access to capital but being granted necessary funding is most important to owners and lenders have to balance risk with reward. Many small businesses have begun seeking alternative finance to meet their smaller financing needs. Peer to peer lending is becoming more commonly used by small firms to finance projects that will help their companies grow.

So you may ask, why don’t I just use my cash flow to fund the business? When you fund a business yourself, it can be wonderful if things work out, but disastrous if they don’t. If you don’t get outside funding, those growth opportunities are limited by the size of your own funds and what your business produces in cash flow. Slow, steady organic growth may be fine for some businesses, but for others, particularly in fast-moving areas like technology, it can mean ceding the advantage to your competitors.

Bank lending is still tight. Research shows that for the first quarter of the year, gross new lending only increased 2.7 per cent over the previous 12 months, driven by primary industries (11 per cent) and hotels and restaurants (3.7 per cent), with declines in other sectors, according to SME market report from Central Bank.  According to the research conducted by the Red C 60% of SMEs were using personal funds to invest in growth in their business. 

It’s important to note that, while interest rates have fallen dramatically since 2008, the average revolving credit rate has actually risen. Alternative lenders have been able to leverage their superior operating efficiency to offer more attractive pricing to consumer and small business borrowers while also delivering a superior service experience.

Here are three major benefits of alternative financing that you need to know, and that banks simply can’t deliver:

  1. Banks take several weeks — or sometimes several months — to review loan applications.

  2. There are many other factors to consider, and credit scores are just one piece of the puzzle. That’s why we routinely approve borrowers who have impaired or bad credit.

  3. Alternative business loans fund quickly, which is one of their biggest advantages. In many cases, you’ll hear back from your lender within 24 hours, and get your loan funded within 48. This is an ideal solution if your business needs cash quickly to take advantage of a business opportunity or get over a short-term cash flow hump.

The flexible and affordable funding solution you want, need and deserve is via alternative finance. is here to help you navigate alternative finance to get the best finance deal for your business.

3 Things You Can Do to Improve Your Chances of Loan Approval

1. Act before your bank statements get too tight.

2. Keep a steady minimum level of cash in the account. Don't be caught out by the number of days a in a month that a direct debit would fail. Having a bank overdraft facility in place is not a bad thing because it can show more affordability to make loan repayments.

3. Directors; don't pay yourselves excessively. It sends out the wrong signal to your lenders.

Source: - WHAT WE DO.

If you're a business owner your usual port of call when you need finance is to look to your bank. Yet, even as we hear positive signals in the media about the Irish economy, the stock of SME credit available in Q1 2017 was down 8.2% compared with Q1 2016. Small and micro-sized companies are worst hit by the increased bank rejection. Even if the bank does approve you for finance, the process can be very time-consuming and stressful. You may endure requests for reams of documents and get eventual approval but subject to additional security such as signing over your family home.

So what can you do about it? The great news is that there are alternative finance options such as private financiers and P2P lending. Many of these options bypass the behemoth bank bureaucracy and replace it with a common-sense approach. You can expect a quick decision based on supplying a couple of easy-to-get documents. Generally you can go the unsecured route and not have to worry about paying penalties if you want to pay your business loan back early. is partnered with the best alternative finance options in Ireland today. If you have a business project in mind we will be happy to listen, answer any questions you have and connect you with the best finance deal to grow your business.