Six tips for getting business loans from banks in 2022

Speaking with your bank about business loans can be tough as we continue with pandemic issues in 2022. It’s best to get all your ducks in a row beforehand. In the words Abraham Lincoln; “Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” Here are some quick tips that may help:

1. Get expert advice. Your accountant or an experienced financial adviser will be useful here. If budget is a concern there are supports from your Local Enterprise Office, Enterprise Ireland & more.

2. Assess where your business is currently. Weigh up the strengths, weaknesses, opportunities and threats. Many businesses are pivoting completely or you may just need to focus on a particular area that’s working right now.

3. Be frank with your bank. When you speak with a bank in black & white terms, more focused on the facts & figures you should find them most receptive.

4 . Fail to plan; plan to fail. Write it down in a budget with a clear, concise plan of action detailing realistic forecasts & projections. If there are many variables in your forecasting consider presenting a best-case & worst-case scenario.

5. Hard talk. Be ready for your conversation with the bank & for difficult questions. Have your answers prepared.

6. Consider alternative options. If you have tried your best with the bank but they’re not on board there are alternative business finance options that may work.

The BusinessLoans.ie view is to engage with your accountant, advisers or government agencies & prepare. If the bank declines you don’t give up. Ireland has many alternative business finance options. We can assist with fast finance quotes & we’re here for you 7 days. Email hello@businessloans.ie or call 01 55 636 55.

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 pizza franchisee & a slice of working capital

BusinessLoans.ie is celebrating another successful deal. It was a pizza chain franchisee that wasn’t trading so long. They didn’t have a set of accounts filed with the Companies Registration Office yet and this ruled out most debt financing options. Their bank was unable to help.

BusinessLoans.ie identified a fast finance quote based on their significant card machine turnover. Our lending partner provided a merchant cash advance of €25,000 with a flexible repayment that fits with their cash flow cycle. The client got their working capital and they were happy. Does your business need a fast finance quote? Email us at hello@businessloans.ie or call 01 55 636 55.

Recent deal: A plant hire company buys older machinery with unsecured Covid loan

BusinessLoans.ie is celebrating another successful deal. Our client was a plant hire company who was used to getting machines with asset finance. They found it easier for approval because hire purchase enables the asset finance company to take away the machine if they fail to pay. However, asset finance companies are generally only interested in financing assets that are not too old. Our client wanted an older machine that was still in great condition and asked us for help.

Their business had been affected by the pandemic. Turnover was down after the series of lockdowns affecting the construction industry. We organised an unsecured loan quote, at a great rate and without a personal guarantee under the Covid-19 Credit Guarantee Scheme. They got their €80,000 for their machine in days and they were happy. Does your business need a loan? For fast finance quotes, email us at 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.

BusinessLoans.ie MD Rupert Hogan talks finance on iProperty Radio

Rupert Hogan, MD of BusinessLoans.ie spoke with Carol Tallon on iProperty Radio about all things construction finance and SMEs in Ireland. The show is on Dublin South FM from 6-7 pm every Tuesday and features all the news on the Irish property world. Here are the key points Rupert covered:

• Construction SMEs are finding support from non-bank lenders

• What’s hot right now is the Covid-19 Credit Guarantee Scheme

• For construction businesses affected so badly by restrictions, it’s available through many lenders and with many different types of finance

• If accounts are still showing profit, simple unsecured loans up to €250k are there

• If accounts are weaker consider secured lending, invoice finance & asset finance

• Bridging loans based on business-owned property start at €150k and go in to the multi-millions

• Development finance is readily available

• If construction companies are concerned about the viability of their business talk to their accountant or get free advice and support from the Local Enterprise Office

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 deal: Van finance for a specialist motor factors

We help with everyday small business finance situations too. Our client got a low-rate hire purchase deal for a used van. It was under €10,000 plus VAT. He had a couple of tough years, like many business owners and budget was a concern. Our lending partner was able to offer repayments up to 5 years to have minimal impact on cash flow. He got pre-approval for up to €20,000 and then went out reviewing offerings from dealers in the South & the North. He found a bargain and wasted no time in getting the lender to pay out so he could pick up his new motor.

If you’re considering getting new assets there are some great deals for hire purchase & leasing at the moment. The Covid-19 Credit Guarantee Scheme is available until the 31st of December. The enables you to get new or used assets up to €1 million. There are no personal guarantees and you can get cash flow friendly 5 year terms. Talk to the Business Loans team today. Email hello@businessloans.ie or call 01 55 636 55.

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.