Business loans: How much can I get?

We speak with a lot of business owners and usually they will ask how much of a loan can they get. The short answer is, it depends on the affordability for repayments showing in the recent bank statements. So if you were looking for €100,000 over 3 years the repayment could be around the €3000 a month mark. If, looking at the bank statements, a direct debit for €3000 looks like it would bounce a lot then the credit team might not pass it.

But it’s more complicated as we exit this series of lockdowns. Some credit teams will take a look at financials from when your business was trading normally pre-pandemic and factor this in to their lending decision; especially if you’re in an industry expecting a boost in trade.

If your accounts are showing a loss the chances of approval for a simple unsecured loan are lower. In this situation other loans can work. If you’re in hospitality and take a lot of card payments your merchant account data could get you an advance equivalent to around a month’s turnover. If you are in manufacturing or an agribusiness and have machinery they can be refinanced to release working capital. If you’ve a book of debtors invoice finance can work.

There are a number of finance solutions on the market and BusinessLoans.ie organises quotes. We never ask you for a fee and we’re happy to talk, find multiple quotes for you to compare and if the deal is right, get you funded fast. Email us at hello@businessloans.ie or call 01 55 636 55.

Recent client. butcher with covid safety renovations

This week BusinessLoans.ie assisted a long-established family business with a need to renovate some of their butcher shops to make them safer for their customers. They took in to account the Health Service Executive guidelines on ventilation and social distancing. This led them to realise they needed some alterations involving construction, as well as new equipment for their three locations. In total, they needed €60,000. Unfortunately their bank seemed to be giving them the “slow no”. They spoke with us and got a fast finance quote in 24 hours and had the funds in their account in days.

Does your business need finance? We’re here for you 7 days to organise your quote. Enjoy low rates & no personal guarantees under the Covid-19 Credit Guarantee Scheme. Email us on hello@businessloans.ie or call 01 55 636 55.

BusinessLoans.ie Interview on Dublin City FM 'You & Your Business' Show

Rupert Hogan, Managing Director of BusinessLoans.ie was invited to discuss business financing in Ireland during the pandemic with Alec Drew, The Business Expert, on his ‘You & Your Business’ show on Dublin City FM. Each week he invites an expert from the world of business to share their knowledge, insights & tips to help with business challenges.

Rupert Hogan appeared on the show back in 2019 and this interview covers the best financing options available through the pandemic; from government-backed loans, invoice financing, trade finance, crowdfunding and more. Listen back.

Business Loans for Wholesale & Retail in Ireland

Recently we helped a wholesaler who sells a commodity. They had plenty of space in their warehouse and an opportunity to buy at a great rate, hold the stock for a few months then sell at a premium, locking in a tidy profit. They had been speaking with their bank for a long time and didn’t seem to be getting anywhere. They needed €150k with some urgency. A great deal had become available. We were able to get them the €150k approved and in their bank account in days.

Before they said yes to the loan offer, they had some concerns. The interest rate from the alternative business lender was a little higher. When their CFO did the calculations, the difference in price per month in the shorter term was insignificant. Especially with the sizable profit margin they would realise from the opportunity they had in front of them.

In this case we organised a simple stocking loan. Other times we can help you trade more smoothly by conserving your working capital with trade finance. This enables you, for example, to use someone else’s money (the trade financier) to provide funding for your goods from your shipping container coming from overseas. This stops your working capital being tied up for weeks while it’s in ports and on the high seas. Then when you have got your stock and it’s with your customers, you may be waiting a while to be paid, depending on the terms you provide to your debtors. Using invoice finance you can release up to 90% of the value of the invoice right away and then get a final settlement when paid.

Trade finance together with invoice finance lets you keep your working capital for day-today expenses as they arise. If you’re considering business loans call us 7 days on 01 55 636 55. We’re here to help & get you fast finance quotes.

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.

BusinessLoans.ie April 12th Hospitality Grants and Loans Update

As of Monday April 12th it’s okay for bars & restaurants to serve takeaway alcohol to customers. While takeaway pints were never against the law most businesses complied with the government request. As Micheál Martin poetically said “forget about takeaway pints”. However, now that people can travel freely within their county, or 20km from home if crossing county borders restaurateurs & publicans will see increased trade. Under licensing laws, there is a requirement for the sale of takeaway alcohol that it must be consumed a minimum of 100 metres from the premises where the drink was originally purchased.

The Outdoor Dining Enhancement Scheme

To combat the effects of Ireland’s mixed weather on your business, you could benefit from a grant up to €4000. It is for shelter & outdoor dining infrastructure and you can be prepared for full reopening & ending of the 100 metre rule. You can get this government grant only if you have a business that serves food. The scheme gives you 75% ex VAT of the cost of equipment purchased / installed, up to €4,000 per applicant. Only items purchased after June 1st, 2020 & up to September 30th, 2021 are eligible. Local Authorities administer it so you would need to reach out to them to claim this, or get more information from your Local Enterprise Office.

Loans

BusinessLoans.ie will be able to assist businesses with loan quotes as your trade improves. We are monitoring the situation with alternative lenders and their appetite for lending. The rule of thumb has been if the business is not currently trading they’re reluctant to quote. The first finance option likely to be available is based on your card machine. The partner credit teams will see how you were trading before the pandemic and look at the trade you’re doing when you reopen and hopefully make an offer. Then all going well, will top up the finance facility as turnover increases as lockdowns further ease.

There are other loans that will become more available as trade increases, from simple unsecured loans to asset finance for perhaps a food truck. We’re hearing Local Authorities are more open to offering places to pitch and this could be an important revenue stream to pivoting hospitality businesses this summer.

Talk to us about your situation. We’re here for you to organise loan quotes on hello@businessloans.ie or call 01 55 636 55.

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.

BusinessLoans.ie - Intern Wanted

BusinessLoans.ie needs a student intern.

• This role is for someone seeking experience & you will work closely with the MD and learn about alternative finance in Ireland.

• Remote, flexible hours & full training provided - but ideally you're a marketing student with an interest in fintechs & startups in Ireland.

• You will learn about marketing finance to SMEs & using marketing tools such as HubSpot CRM

• Use multiple social media platforms, LinkedIn, Twitter, Facebook, Instagram, Pinterest, Google Business and more.

• Apply with your CV and a note to hello@businessloans.ie

• Or call 7 days on 015563655 to speak with Rupert

BusinessLoans.ie - Recent Retail Client Spotlight

We wanted to share the finance journey we’re having with one of our clients, a rural agri-retailer. They began as a startup loan enquiry & our contact in Bank of Ireland was initially able to help them out to get going. Then after six months in business; and transacting a lot using a card machine they had access to another loan based on the volume of sales they were doing. In the next year they got a top-up facility on that. More recently they had filed their second year of accounts with the Companies Registration Office. This milestone with profitable history gave access to a simple unsecured loan at a better rate and they took €50k to develop the business further. We expect to help them with loan quotes again later in 2021.

No matter what stage you’re at, pre-trading, early-stage trading or in business many years, we are happy to assist you with fast finance quotes. The rule of thumb is that rates can be higher when you’re early stage but in time, as you develop the business risk decreases. Depending on your industry there are niche loan quote options that can work too. Talk to us today on 01 55 636 55 or email hello@businessloans.ie

Working Capital Loans for Wholesalers

BusinessLoans.ie recently assisted a wholesale business who needed working capital for their business to take advantage of seasonally low rates. They had plenty of warehouse space that they were not taking using due to lack of funds. If they could buy and hold they could sell at the right price later in the year. Their bank was unable to lend them the amount they needed so they engaged with us. We work with the best alternative finance companies in Ireland and got them a simple unsecured loan quote in 24 hours. They got low rates and boosted their margins. Later in the year they intend to get a top-up loan for their next trade.

If your business needs finance talk to us on 01 55 636 55 or email hello@businessloans.ie