SME Finance

Fundraising for SMEs

*THIS PRODUCT OR SERVICE IS UNREGULATED*

If you are an SME or a micro-enterprise (less than 10 employees), and need new funding (or a review of existing bank funding) we can assist. With our backgrounds in banking and in more recent times, ‘hands on’ consultancy with Government agencies on SMEs we have unique expertise in this area, getting real results for our clients and accessing funding appropriate for their needs:

• We are experts in SME lending
• We assist with business plan report writing, cashflow modelling and professional funding requests to multi-finance providers
• We are contractually engaged financial consultants for the Credit Review Office (since 2010), Microfinance Ireland (since 2012), and the Strategic Banking Corporation of Ireland (since 2016)
• We negotiate term lending for SMEs with AIB, Bank of Ireland and Permanent TSB Bank delivering optimum credit in terms of price, security and loan terms
• We hold agency agreements with alternative lenders also
• We are on the mentor panel for Limerick City Local Enterprise Office, Clare Local Enterprise Office and South County Dublin Local Enterprise Office advising SMEs and micro-enterprises on optimum fund-raising
• We tendered for, and completed a review of the Credit Guarantee Scheme for the Department of Jobs Enterprise and Innovation – all our recommendations were accepted as proposed
• We have successfully completed projects with the Strategic Banking Corporation of Ireland (SBCI) and Enterprise Ireland which were won on a competitive tender basis
• If you do plan to borrow money it is a good idea to secure your credit history in advance – go to www.centralcreditregister.ie to get a copy of your history which will inform you and any lender of your credibility

Products available are:

Fixed term business loans:

• • €20,000 to €500,000
  • 1 to 5 years
  • Fixed monthly payments for a set period
  • Minimum application requirements
  • This type of finance is best suited to more established (3 years+) profitable businesses who need quick and easy access to finance with minimal red-tape

Small business loans:

• • €2,000 to €25,000
  • 1 to 5 years
  • We are external loan assessors for Microfinance Ireland (www.microfinanceireland.ie) so can assist with your finance application and cashflow
  • This type of project is best managed via the Mentor Programme in our Local Enterprise Office https://www.localenterprise.ie/Limerick/Training-Events/Mentoring/ who can cover the cost of our input on request
  • This type of finance is available for start-up and early stage businesses, but you need to be able to identify some future sales / cashflow to repay debt

Invoice Finance:

• • Release up to 90% of your debtor invoices immediately & confidentially for an agreed fee / cost
  • First Choice hold agency agreements with a number of Invoice Finance (also called debtor finance) providers and can negotiate the optimum arrangement to suit you and your business
  • This type of finance works really well for growing business’ who need cashflow to sustain growth

Truck, Van & Asset Finance:

• • Finance is available to purchase an asset and/or release cash from existing assets into your business
  • Term of borrowing is normally aligned to the asset lifespan
  • Assets include (but are not limited to) Vans, Buses, Machinery & equipment
  • This type of finance works really well for those businesses who are expanding or who need to maintain a high quality of asset for their trade

Merchant Card Advance (MCA):

• • A MCA facility provides an advance of funds repaid via your businesses future debt and credit card sales
  • MCA best suits retail and hospitality businesses (shops, restaurants & cafes) which have a steady volume of debit and credit card sales in-store (Elavon, BOIPA, AIBMS) and online (Stripe etc.)
  • This type of finance works really well for working capital, business expansion and/or stocking needs and can be used by any company that collects payments via debit and/or credit card

For additional information on any aspect of the above, please contact one of the team below.