Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Small business loan. Online retailer

Options
  • 15-05-2015 11:24am
    #1
    bacon?
    Registered Users Posts: 782 ✭✭✭


    Hi guys.

    I'm an online retailer, Irish, but living abroad/traveling.

    I'm trying to scale my business but I'm always running into the same problem, not having enough capital to grow...

    Are there any small business loans available to online merchants?

    I even tried to apply for a credit card with my bank in Ireland. They asked for wage slips/earnings. I've no problem showing them all my earnings over the past year, but they said I had to be an Irish tax resident.

    I have plenty of customers waiting to buy, it's so frustrating not being able to fulfil these orders.

    Banks seem stuck in the past, they can't understand that a lot of business is done globally, online. I can't even transfer funds from my Irish account internationally without being present in the bank!

    Are there any options for an online merchant, like myself?

    I found this, but only available to folk in the US, https://www.lendingclub.com

    Any feedback much appreciated


Comments

  • Options
    #2
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    There are other similar loaning sites out there (Grid Fianance& Linked Finance are two of the better known). An Irish bank is going to be reluctant to lend to you if you don't have a presence here as it will become a lot harder for them to chase a bad debt if you are abroad. Can we assume going to a local bank is a total non-starter? I would imagine you are going to run into the same issues with the consumer to business loan platforms due to not being based in Ireland.


  • Options
    #3
    duploelabs
    Registered Users Posts: 11,403 ✭✭✭✭duploelabs


    MFI via your local enterprise board gives very good rates


  • Options
    #4
    bacon?
    Registered Users Posts: 782 ✭✭✭bacon?


    jimmii wrote: »
    There are other similar loaning sites out there (Grid Fianance& Linked Finance are two of the better known). An Irish bank is going to be reluctant to lend to you if you don't have a presence here as it will become a lot harder for them to chase a bad debt if you are abroad. Can we assume going to a local bank is a total non-starter? I would imagine you are going to run into the same issues with the consumer to business loan platforms due to not being based in Ireland.

    Awesome, thanks, I trawled online and never found these options.

    I'll give them a shot.


Advertisement