Are you running a business in Ireland and looking to explore more growth opportunities? However, it demands steady funding to maintain the growth. How will you arrange that sort of funding? A small business loan can bring the financial thrust you need.
At Gobigbucks, we have covered almost all the features to offer with these quick small business loans. We provide both secured and unsecured loans with easy-to-qualify eligibility requirements. Come to us through a simple online process that ensures the fastest and best deal.
Small business loans for start-ups or established ventures are financing options that allow them to borrow funds from traditional and online lenders. These loans are beneficial in covering maximum expenses, which may include:
These are quite different from personal loans, as you borrow funds specifically for commercial purposes. Therefore, we have tailored our loans to offer flexible repayment terms.
An Example of a Small Business Loan
| Loan amount | Repayment Term | Representative APR | Monthly Instalment | Total Loan Cost |
|---|---|---|---|---|
| €10,000 | 36 Months | 8% | €313 | €11,268 |
| €25,000 | 60 Months | 7.5% | €500 | €30,000 |
| €50,000 | 84 Months | 6.8% | €750 | €63,000 |
There is no doubt that Irish small businesses are a significant strength of the economy. Still, they often struggle with insufficient working capital. It prevents them from growing and competing effectively in the market. In such situations, a start-up loan for a new business can help.
Here are the possible reasons why new or small businesses need a loan:
Starting a new company: Loans can help fund the initial expenses related to registration, licensing, and rent for the occupied space.
Expanding business operations: You likely need to scale up your business operations, such as opening more branches and acquiring vehicles and equipment.
Cash flow management: Business loans for start-ups are highly effective in managing cash flow, including utility bills, supplier payments, and covering payroll.
Technological investment: You need to upgrade your IT infrastructure or enhance online marketing or advertising campaigns. This project requires funding, which can be obtained through these easy-to-access loans.
There are several options available to fund small businesses. They are the most common ones, but their qualifying criteria will differ according to individual profile and capacity.
| Loan Type | Description | Best Uses |
|---|---|---|
| Business Term Loans | You will borrow a fixed lump sum and make regular payments till the term ends. | Larger investments for longer durations, such as expanding the venture and acquiring equipment. |
| Working Capital Loans | These loans are used to finance regular business expenses. | Rental payment, payroll, and paying utility bills. |
| Asset Finance | These are secured business loans that utilise business equipment or machinery as collateral. | Ideal for purchasing expensive machinery or equipment. |
| Invoice Financing | These are business funding tools that provide advance cash against pending invoices. | Apply when you are doing business dealings with slow-paying clients. |
| Merchant Cash Advance | Under these loans, repayments are tied to future debit/credit card sales. | Ideal for seasonal businesses with irregular sales patterns. |
Small business start-up loans can be beneficial in many aspects. However, it is vital to borrow only affordable funds, which you can repay without default. Here are the most common loan benefits:
Chances of quick funding
You apply online with minimal paperwork. The application requires only a few minutes to complete. Once approved, we can release the money within 24-48 hours. Every so often, you can get the amount on the same day if you have a clean profile.
Flexible repayment terms
We offer loans with variable repayment options, including 3, 5, or 7 years. You can select the terms that align with your business cycle. You should be careful in choosing the loan term, as regular payments are required.
Ownership remains intact
As the loans are offered based on the applicant's affordability, the lender does not take equity in your company. It is unlike investors, who usually do not do this. It means you keep the full ownership of the business despite borrowing funds.
Enhancement in the cash flow
Small businesses often struggle to sustain their cash flow. They have regular or irregular expenses, which sometimes halt their cash flow. In such circumstances, these loans help keep operations running with minimal hassle.
Credit score improvement
The advantage of flexible repayment further helps you make regular payments without any misses. Your timely repayments will strengthen your credit score and recover your business credit profile. It means you will get more funding opportunities in the future.
Every lender has its own criteria, but Gobigbucks has the standard requirements to be eligible for business funding for startups. We generally require the following:
Applying for an online business loan has become easier than before, thanks to online lenders. You only require following these easy steps and get quick funding for your start-up:
Traditional lenders often keep strict eligibility standards for small businesses to obtain a loan. In contrast, online lenders follow a soft approach. Still, it does not guarantee loan approval. You need to work on specific aspects to increase your approval chances. These include:
We provide you with an easy online platform to apply for start-up business loans in Ireland. It will be without excessive documentation. With us, you can borrow funds by saving both time and effort. We bring more features especially for you, such as:
You can connect with us directly, without the need for intermediaries. It means your loan application can be reviewed quickly with same-day approval.
Unlike traditional lenders, we offer tailored repayment plans and a more flexible approach towards businesses with limited credit histories, resulting in higher approval rates.
We are clear on our loan terms, and you will pay what you see. No hidden fees will be there, and you keep complete control over your business finances.