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  • Small Business Finance - Information and guidance on how to finance your business.
    Business Managing Finances Home develop business overseas credit insurance Credit Insurance Credit insurance covers exporters against a range of trading related risks Credit Insurance Credit insurance covers exporters against a range of trading related risks including insolvency bankruptcy of the importer non acceptance of the goods or delayed payment by the importer Although credit insurance may be available for domestic trade it is more likely to be used by exporters because of the additional political and currency risk involved in trading with businesses in other countries Credit insurance is usually offered either on a single buyer basis for key accounts or on a portfolio multi buyer basis Policies may also be offered over a range of terms short term which are usually between 30 and 180 days but may be up to one year medium term for purchases up to three years and which could include capital goods such as mcahinery and long term which may be used for makor infrastructural projects Companies that offer credit insurance generally also provide collections and credit management services For a list of businesses offering credit insurance please visit the website of the Irish Institute of Credit Management here Overview New Opportunities Overview Equity

    Original URL path: http://www.smallbusinessfinance.ie/develop-business-overseas/category/credit-insurance (2016-02-16)
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  • Small Business Finance - Information and guidance on how to finance your business.
    more about cookies and how we use them please read our privacy policy here Small Business Finance About Us Contact Us FAQs Tools Downloads Business Start Ups Day to Day Needs Invest Grow Innovate Grow International Business Managing Finances Home managing your finances Overview Managing Cash Managing Payments Managing Credit Overview Bank Credit Applying for Credit Government Credit Initiatives Agri Finance Social Finance Managing Credit Policy Financial Planning Dealing with

    Original URL path: http://www.smallbusinessfinance.ie/managing-your-finances (2016-02-16)
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  • Small Business Finance - Information and guidance on how to finance your business.
    Your Payments Every business needs to be able to make payments to suppliers and receive payments from customers While every business should have a business current account many businesses will have more sophisticated payment needs These range from offering customers a range of convenience payments options such as direct debit or payment card through using business or commercial credit cards to manage your staff s expenses and business purchases to

    Original URL path: http://www.smallbusinessfinance.ie/managing-your-finances/category/managing-payments (2016-02-16)
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  • Small Business Finance - Information and guidance on how to finance your business.
    information on a regular basis Inviting the bank s relationship manager to visit the business premises so that they can see how it operates Seeking advice and information from the bank especially if the business has or could have cashflow or repayment problems or if the business is at risk of going over its agreed limit If the business does go over its agreed limit it may incur increased charges and it may also affect the business s credit rating Sticking to the terms of any lending agreement Regulation For a complete listing of credit institutions and retail credit firms regulated by the Central Bank of Ireland please visit the Central Bank s Registers Banks must follow a code set out by the Central Bank in relation to lending called the Code of Conduct for Business Lending to Small and Medium Enterprises SME Code The Code addresses a range of issues related to bank lending including applying for credit security or collateral requirements credit declines withdrawals compliants and financial difficulties The Code was recently updated by the Central Bank with additional provisions regarding small businesses in financial difficulties This revised Code will take effect from January 2012 Please visit the Central Bank s website here to see the current and revised Codes Banks must also follow the Central Bank s Code of Conduct on the Switching of Current Accounts with Credit Institutions This applies to both personal consumers and small businesses with turnover of up to 3 million Who provides credit Banks and non banks provide a range of credit options for businesses For a complete listing of credit institutions and retail credit firms regulated by the Central Bank of Ireland please visit the Central Bank s website For a listing of credit intermediaries including non bank providers of asset

    Original URL path: http://www.smallbusinessfinance.ie/managing-your-finances/category/managing-credit (2016-02-16)
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  • Small Business Finance - Information and guidance on how to finance your business.
    on the remaining balance may be charged Invoice Discounting Businesses often have significant sums tied up in debtors money due from customers for goods or services provided and for which the business has issued an invoice for payment A bank may agree to immediately advance up to 80 of the value of approved outstanding invoices Invoice discounting allows a business to get cash from its sales invoices earlier than it would otherwise be able to It works by giving you access to a pre determined percentage of invoiced debt Factoring Enterprises with unsatisfactory or inadequate internal credit management and administration systems may choose to sell off a portion of their debtors at a discount to a financial institution or company in return for a one off payment The factoring company plays a more direct role in collecting outstanding debts than with invoice discounting Medium term Finance Medium term finance covering periods up to seven years is usually used to pay for purchases of or access to plant and machinery or motor vehicles research and development or expansion into new markets but it may also be used as working capital Term Loan A term loan is usually associated with the purchase of a major asset such as a motor vehicle or plant and machinery or with a major business expansion although businesses can also use term loans for a range of other purposes Leasing Finance Lease For businesses that cannot afford to buy a business asset such as a motor vehicle or machinery leasing may be an attractive option This enables the business the lessee to lease or rent the asset from a financial institution the lessor in return for regular payments over a fixed period of time The lessor retains ownership of the leased asset Leasing Contract Hire Operating Lease

    Original URL path: http://www.smallbusinessfinance.ie/managing-your-finances/category/bank-credit (2016-02-16)
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  • Small Business Finance - Information and guidance on how to finance your business.
    Scheme supports viable SMEs that do not have sufficient security or whose sector business model or target market is considered to be high risk The Government guarantees 75 of each loan provided under the scheme for up to three years To be eligible for the scheme SMEs must apply to a participating bank for credit in the normal manner Three banks currently participate in the scheme AIB Bank of Ireland and Ulster Bank The facility is provided by the lender using its own capital and subject to its own commercial terms and pricing for the particular lending product provided A premium of 2 is payable to the Government More details on the Credit Guarantee Scheme are available from the Department of Jobs Enterprise and Innovation DJEI website here Microenterprise Loan Fund Scheme The Microenterprise Loan Fund Scheme was launched in September 2012 The Fund provides loans of up to 25 000 to start up newly established or growing microenterprises employing fewer than ten people with commercially viable proposals that do not meet the conventional risk criteria applied by banks Loans are available for start up costs business expansion and working capital To be eligible for a loan persons must have a business plan have a commercially viable proposal confirm that they have been refused credit from a bank and have the capacity to repay the loan The Fund is managed by the Social Finance Foundation SFF on behalf of the Minister for Jobs Enterprise and Innovation through a subsidiary called Microfinance Ireland SFF was established in 2007 by the Minister for Finance with financial support from the banking sector through the Irish Banking Federation as a not for profit company to act as a wholesale supplier of funding for social finance under the Social Finance Initiative Microfinance Ireland assesses loan

    Original URL path: http://www.smallbusinessfinance.ie/managing-your-finances/category/government-credit-initiatives (2016-02-16)
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  • Small Business Finance - Information and guidance on how to finance your business.
    number of characteristics which may be different from other small businesses mainly Farming is usually a family business with the farmer working on a self employed basis rather than as a company Farming businesses have access to more security as they have a relatively high level of fixed capital in terms of land and farm buildings Farm income has two elements payment for their produce which tend to fluctuate with market conditions and a fixed element in the form of direct payments from the government Farmers need to provide different information to the bank when seeking credit Farm accounts for the past two years and a current list of stock on the farm A farm plan setting out cash flow projections preferably with a financial professional A number of organisations provide assistance and templates to farmers in preparing financial statements including Teagasc and the Irish Farm Accounts Co operative Society Limited IFAC A letter from the Department of Agriculture Food and the Marine outlining the total Direct Payments to the farmer An indication of family living expenses Information about any off farm income of the farmer and spouse A Tax Clearance Certificate or a statement from an accountant confirming that your tax affairs are up to date Information regarding other credit sources used such as leasing companies or merchant co op credit As with other businesses farms would be expected to provide Details of the purpose of the loan Adequate security A business s existing bank will generally have adequate security in the form of a registered legal charge Businesses seeking credit from a different bank could use the same statement of security as used for the existing bank If applying to a new bank businesses will likely be required to provide bank statements for the previous six months For

    Original URL path: http://www.smallbusinessfinance.ie/managing-your-finances/category/agri-finance (2016-02-16)
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  • Small Business Finance - Information and guidance on how to finance your business.
    at affordable rates to community based projects and local development initia Social Finance Social finance involves the provision of repayable loan finance at affordable rates to community based projects and local development initiatives including individual and community micro enterprise which yield a social and financial return Who Provides it The Social Finance Foundation SFF was launched in 2007 with seed capital funding of 25 million provided by the banking sector through its representative body Banking Payments Federation Ireland BPFI Participating financial institutions approved a loan agreement with SFF through which they would make 72 million available in loans over the next 12 years at competitive interest rates appropriate for social finance SFF had approved more than 28 million in loans for community based projects and micro enterprises by the end of 2010 How Does it Work The SFF uses a wholesale finance model This means that it does not lend directly to social finance projects Instead it provide wholesale lending to social lending organisations SLOs These lenders in turn receive and assess applications from borrowers for social finance The SLOs aso decide the terms and conditions of the loans including the interest rate How to Apply For more details about

    Original URL path: http://www.smallbusinessfinance.ie/managing-your-finances/category/social-finance (2016-02-16)
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