- 25 March 2020
- Posted by: Lucinda
- Categories: Business Finance, cash flow, Covid-19, Irish SME owners
Fast Access to Business Finance to help SMEs during Covid-19 crisis
Access to business finance is crucial for many Irish SMEs right now. Most Business Owners are facing severe challenges on many levels, as a result of coronavirus. Having access to sufficient funding is vital, so Business Owners can deal with the immediate working capital issues and make sound decisions.
The Banks are proactively supporting their business customers with a range of options including moratoriums, increased overdrafts etc. The Alternative Lenders are also helping their customers with a range of supports.
During these uncertain times, however, many Lenders are changing their attitude to risk, and this can make it more difficult for SMEs to access finance. In this fast-evolving marketplace, it’s even more important now that Business Owners are fully aware of all their funding options.
Thankfully, along with what’s available from the Banks, some Alternative Lenders are offering agile funding options that can quickly deliver business finance to SMEs. These include:
- Flexible Cashflow Loans – 3 months deferred payments
- Invoice Finance – Single debtors, one-off invoices. Funding up to 180 days, case by case
- Supplier Finance – Off balance sheet. Pay key suppliers Funding up to 120 days
These facilities can be put in place quickly and the application process is straightforward. Generally, approval is within 48 hours, and funds are available within 2-3 days.
For Business Owners who are dealing with many challenges these days, it’s reassuring to know that many Lenders are supporting Irish SMEs during this crisis, and that there is a wide range of funding options available.
You can find out more about Business Funding options for Irish SMEs at www.clancybusinessfinance.ie