Business loan brokers act as intermediaries between business finance providers and businesses. They understand the funding requirements of your business to identify a suitable lender and finance option for you.
Whether you want to purchase new equipment or you want to branch out to a new market, a broker can utilise their expertise in finding a good deal. The greatest benefit of choosing a broker is that you do not have to apply to multiple lenders individually within a short space of time.
The role of a broker is to connect you with potential lenders on their panel and assist with the application process.
Comparing lenders independently can be time-consuming and tedious, especially if you want to arrange loans for business in Ireland quickly. A business broker can help in several ways:
Access to multiple lenders
Brokers have a wide network of lenders. Instead of applying to lenders one by one, you submit only one application to a broker who connects you with lenders whose criteria you meet.
This makes comparison based on interest rates, APRs and loan terms easier.
Tailored loan products
There is no one-size-fits-all business loan. For instance, start-up business loans in Ireland are aimed at recent start-ups, not established companies. Brokers have the expertise to choose a financing solution that aligns with your business needs.
Expert guidance
If you are not familiar with business loan products, brokers can explain everything clearly. They can also help you understand jargon and terminology in loan agreements.
Exclusive deals
Since brokers bring lenders a significant number of clients, they can help you access exclusive deals that lenders do not offer to direct borrowers. Brokers can negotiate interest rates and repayment terms for businesses with good credit histories.
Ongoing support
The role of brokers is not limited to the approval stage. They continue to assist even after your loan is secured. For instance, you can gain advice on refinancing, credit history improvement, increasing chances of approval, and securing additional funds for your business growth.
| Aspects | Brokers | Direct lenders |
|---|---|---|
| Loan choices | Multiple lenders and products | Only their own products |
| Approval chances | Higher due to tailored applications | Lower |
| Rates and terms | Negotiated interest rates | Standard interest rates |
| Turnaround | Faster (one application and multiple lenders) | Slower (separate applications to each lender are submitted) |
| Support | Ongoing advice | Limited |
Whether you need small business loans or new business loans, from application to approval, the entire process is straightforward.
Speak with usWe will understand your goals and funding requirements before forwarding your application to partner lenders to review.
If you are looking to launch a new venture, you will need business start-up loans in Ireland, or if you need money to cover day-to-day operational overheads, you will need business capital loans.
Once we know your purpose of borrowing, we will match you with the right type of loan and lender.
We will evaluate your credit eligibility application to ensure that you meet the acceptance criteria of the lenders. We assess your application based on the following factors without damaging your credit history:
This reduces your chances of being rejected.
After receiving potential offers, compare them. Important factors to consider are interest rates, repayment terms, and loan amount. A business loan calculator can help determine the total cost of borrowing.
Once you have compared deals, we will formally submit your application to the lender you choose. At this stage, documents will also be submitted, such as your bank statement, income statement, business plan, and the like.
At this stage, your lender will run affordability checks to determine your repayment capacity. They will consider factors like trading history, turnover, existing commitments, credit history, and affordability.
If your application is approved, you will have to sign a loan agreement. This will consist of details such as:
It is vital to read the fine print before signing the agreement.
After signing the loan agreement, funds will be transferred to your account.
It is vital to note that no broker can guarantee approval. It is lenders who make the final decision.
There is no borrowing limit. Each lender has their own criteria to determine your repayment capacity, which serves as the basis for the lending decision.
They consider the following factors to make the decision:
Whether you are applying for flexible business loans for a new company or an established one, it is worth considering your needs and purpose.
Prepare a clear budget to avoid struggling with repayments. Additional borrowing can strain cash flow. Your day-to-day business operations should not be affected due to borrowing.
You should also have a backup plan to make repayments in case profitability drops.
When selecting a broker, you should look for: