Business Borrowing

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GregnGra

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Has anyone had any recent experiences in attempting to borrow for business. I've just set up a company but will require about €60k to fund the business and just wondering have restrictions eased at all with the re-capitalisation starting to feed through. I'm doing my banking with BOI and was also wondering if they or someone else would be the best to approach. Thanks
 
Hi, yes we were successful with BOI, they started an excellent new business package last year. Once you have a good business plan, and cashflow report then go for it. I would suggest approaching your local county enterprise board in advance who may help with planning the approach.
 
I attended the Dublin City Enterprise Board's Enterprise Day at the Town Hall in November and spoke to the BoI rep there, who said that they are still lending to new businesses, so certainly worth having that conversation.

Also, take a look at the Dublin City Enterprise Board web-site at www.dceb.ie, or your local enterprise board, if the business is based outside Dublin. They offer various grants and other types of funding, which your business may qualify for, as well as lots of valuable advice and info on courses and workshops.

Other forms of assistance you may want to investigate (info picked up at Enterprise Day):

Innovation Vouchers of up to €5k through Enterprise Ireland - www.enterprise-ireland.com/innovationvouchers

First Step Finance - Microfinance for new businesses of up to €25k - www.first-step.ie
 
I got a 10k temporary overdraft from BOI in December and I'm in construction so that should be encouraging for any other business.
 
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