Obtaining a business Loan in Ireland

Posted by on 13th May 2022


Looking for loans for small businesses in Ireland?

Banks and other financial institutions offer a wide range of options for small business owners seeking financing. However, the process of securing a loan can be complex and time-consuming.

We’ve put together this guide to help you navigate the process of obtaining a loan for your small business in Ireland. We’ll cover the different types of loans available, how to qualify for a loan, and what you need to do to get started.

What kind of loan can I get for a small business in Ireland?

There are several types of loans that small businesses in Ireland can apply for. The most common type of loan is a term loan, which is typically used for large purchases or investments. Term loans are repaid over a set period, usually between one and five years.

Another common type of loan is a cash advance, which can be used for working capital or other purposes. In March 2022 Linked Finance introduced a new source of finance called the  Merchant Cash Advance

 This new source of finance is perfect for businesses in Ireland that use credit/debit card machines or online payments. The key difference from a term loan is that the repayments are made daily via the credit/debit card machine instead of a large monthly payment.

Qualifying for a Business Loan In Ireland

To qualify for a loan, Ireland’s small businesses need a strong business plan and good credit. Businesses will also need to provide collateral, such as property or equipment, to secure the loan, particularly with traditional lenders. 

At Linked Finance it is much easier to qualify for a business loan. We just need 3 documents to review your application. To apply for a business loan with us we need

  • 12 Month Bank Statements
  • Tax Certificate
  • CRO Number

Don’t have bank statements? No problem! Linked Finance now use Open Banking which removes the need to send PDF copies of your bank statement

What is the interest rate for business loans in Ireland?

 The interest rate for business loans in Ireland will vary depending on the type of loan, the amount of money being borrowed, and the length of the loan. Interest rates can range up to 15%.  Linked Finance interest rates start at 6% for term loans and 4% for Merchant Cash Advance which is the cheapest in Ireland.

What are the repayment terms for business loans in Ireland?

The repayment terms for business loans in Ireland will also vary depending on the type of loan and the amount of money being borrowed. However, most loans have a repayment period of between one and five years.  Linked Finance offers repayment periods of 6 months to 5 years.

What is the application process for business loans in Ireland?

The application process for business loans in Ireland can vary depending on the lender. However, most lenders will require a complete business plan, financial statements, and personal guarantees from the borrowing business owner.  Linked Finance has a simple online application form that takes just 2 minutes to complete.

Applying for a Business Loan.

The first step in applying for a business loan is to develop a strong business plan. This plan should include financial projections for your business and a detailed description of your product or service. It should also describe your target market and how you plan to reach them. Once you have developed a strong business plan, you can begin contacting lenders to discuss your financing options. When you contact a lender, be sure to have all of the required paperwork, such as financial statements and tax returns, ready to go. The more prepared you are, the better your chances of securing financing.

How hard is it to get a company loan?

The difficulty of securing a company loan will vary depending on the type of loan, the amount of money being borrowed, and the length of the loan.  The application process for business loans in Ireland can vary depending on the lender. However, most lenders will require you to have your complete business plan, financial statements, and personal guarantees from the borrowing business owner.

Can You get a Business Loan in 24 Hrs?

At Linked Finance, we offer a fast and easy online application process. We aim to provide a decision on your loan within 24 hours of receiving your application. If you are approved for a loan, the money can be in your account within just a few days.

Can you obtain an unsecured business loan for a small business?

Unsecured business loans are typically reserved for established businesses with strong credit scores. However, at Linked Finance, we offer unsecured loans to small businesses. We understand that when you’re a small business, it can be difficult to access traditional financing forms. That’s why we offer unsecured loans. If you have a solid business plan and the ability to repay the loan, we will be able to help you get the financing you need.

Top 5 Things to Consider with a small business loan in Ireland

There are several things to consider when it comes to financing your venture. Here are the top 5 things to consider when taking out a loan for your small business:

  1. The amount of money you need to borrow: Start by determining how much money you need to borrow. This will help you narrow down your options and find a loan that best suits your needs.
  2. The type of loan you need: There are many different types of loans available, so it’s important to find one that best suits your needs. If you’re not sure what type of loan you need, our team can help guide you in the right direction.
  3. The repayment schedule: Make sure you are aware of the repayment schedule and terms before you agree to a loan. You don’t want to get stuck with a loan that has a high-interest rate or unrealistic repayment terms.
  4. The fees: Be sure to ask about any fees or charges associated with the loan. Some lenders may charge origination fees, prepayment penalties, or late payment fees.
  5. Your credit score: Your credit score will play a role in determining whether you qualify for a loan and what interest rate you will pay. If you have good credit, you may be able to qualify for a lower interest rate. However, if you have bad credit, you may still be able to qualify for a loan, but you may have to pay a higher interest rate.

Who are the best loan Companies in Ireland?

There are some great companies out there but Linked Finance is known for its leadership in the industry. We are Ireland’s leading P2P lending platform and have helped over 3,000 businesses to date.

We offer a fast and easy online application process with a decision on your loan within 24 hours. If you are approved for a loan, the money can be in your account within just a few days.

We also offer competitive rates, with interest rates starting at just 4%. And because we are a peer-to-peer platform, there are no hidden fees or charges. So, if you’re looking for a business loan in Ireland, Linked Finance is a great option to consider. To learn more call 01 906 0300.

 

Keep your business moving forward

With fast and flexible financing from Linked Finance.

Business Loans but Different

A Better Way to Borrow for Your Business

Linked Finance connects great local businesses who need loans with thousands of individual lenders. This is about using technology to bring business lending back to basics; real people with savings lending to great local businesses at attractive interest rates. Businesses get the funds they need to grow, lenders make a fair return. Everybody wins!

If you need a loan to grow your business, talk to Linked Finance

  • You get a same-day credit decision.
  • You can borrow up to €500,000.
  • No early repayment penalties.
  • A friendly, no-hassle approach.
  • Promote your business.
  • Win new customers as part of the process.

 

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