It’s important to remember that Irish SME businesses have many alternatives to the banks at the moment to finance their growth and expansion. I want to mention 2 alternatives at the moment that are making a difference!
For start up businesses there is the ability to get up to 25k through Micro Finance Ireland. You apply for this through your local enterprise board http://microfinanceireland.ie
Last year Micro Finance Ireland helped over 500 local businesses who had been turned down by their banks!.
For established businesses of 2 years plus, there is LinkedFinance.com who facilitate loans by a new method in Ireland, called ‘Crowd Funding’.
Please watch the video on our website www.linkedfinance.com and also take a look at the ‘Marketplace’ for an idea on the other types of businesses they have helped across every business sector and every county.
Through the Linked Finance platform, creditworthy companies/soletraders with a minimum of 2 years good trading accounts can raise between €5-50k for loans over 36 months to help their businesses.
You can get these loans faster than through the banks, at a lower interest rate and with less personal guarantees and collateral. It can also increase your customer base and loyalty while you raise finance to grow your business.
As several of the banks continue not to lend to Irish Businesses, it is important that business owners embrace all the alternatives out there.
Anyone know of other avenues for SMEs and financing their growth?