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NI business loans, explained
The simplest explanation of what an NI business loan actually is, is in the name.
Put simply, it is a loan provided to a business. It’s often used to cover operational expenses or invest in growth opportunities.
According to The Department for the Economy, small businesses account for around 89% of all businesses in Northern Ireland. SMEs employ more people in the country than large companies and the public sector combined.
With SMEs playing such a crucial role in the Northern Irish economy, it’s easy to see why this country is a fast-growing hub of innovation in sectors like:
- Technology
- Engineering
- Financial services
In particular, the fintech industry in Northern Ireland is thriving. Read on to find out how loans in Northern Ireland could help take your business forward. When you’re ready, follow our simple online application process to start your funding journey with Fleximize.
What are the benefits of business loans in Northern Ireland?
The benefits of an NI business loan can underpin your business' growth, ensuring long-term sustainability and resilience in the face of change.
One of the main benefits of a business loan is its role as a safety blanket against unforeseen cash flow issues or payments, which is a lifeline for many small businesses.
Loans in Northern Ireland can be used for a range of purposes, from purchasing or refurbishing equipment to relocating or expanding into new premises.
Whether you want to kickstart a new marketing campaign or grow your workforce, we’ve got you covered.
Am I eligible for business loans in Northern Ireland?
You could apply for up to £250,000 in less than five minutes with Fleximize if:
- You’re a limited company or an LLP
- Your business is based in the UK
- You’ve been trading for at least six months
- You have a minimum monthly turnover of £5,000
- You’re a sole trader or non-limited partnership with less than four partners. If so, we can lend a minimum of £25,000.
We don’t apply the same strict lending criteria as banks. Instead, we take a holistic approach to assessing loan applications. We look at both the company's merits and the strength of its directors, so don't let a less-than-perfect personal credit history deter you from applying.
If you can show how you’ve turned around an inconsistent track record of repaying debt, and have evidence of sustained revenue growth, you might be eligible for a NI business loan.
Will I need a personal guarantee for a NI business loan?
It’s common for lenders to ask for a personal guarantee. This is a written promise from a business owner or executive that guarantees repayment of the loan if the business is unable to repay.
With unsecured finance, a personal guarantee is not tied to a specific asset.
- If your business is a limited company (Ltd) or a limited liability partnership (LLP), most lenders will expect you to provide a personal guarantee alongside company collateral.
- Directors or shareholders with a minimum of around 25% share in a limited company will also likely be asked to provide a personal guarantee.
- Sole traders and partnerships with unlimited liability are always personally liable.
Since every lender has a different approach to decision-making, be sure to look closely at each lender’s terms.
Keep in mind that if you refuse to provide a personal guarantee, this might reflect poorly on your application and intention to pay back the money.
At Fleximize, we ask for a personal guarantee from at least one director or shareholder in your business for our NI business loans.
NI business loans from Fleximize
Fleximize is an innovative alternative lender offering flexible business loans on an unsecured basis of between £5,000 and £250,000 – repayable over three months to 36 months.
Our relationship managers work closely with you to create funding packages tailored to the unique needs of your business.
Apply online in just a few minutes, and money can be deposited in as little as 24 hours.
Here are the key features of our financing options for SMEs based in Northern Ireland:
- Northern Ireland unsecured business loans of up to £250,000
- Approval and deposit in as little as 24 hours
- No hidden fees or early repayment penalties
- Competitive interest rates starting from 0.9% per month
- Interest is charged on a reducing balance, not the total loan amount
- Repayment holidays and top-ups are available with all loans
- Exclusive discounts on industry-leading business services
You can find out more about our products by visiting our services page.
How to apply for business loans in Northern Ireland
Fleximize has helped many businesses gain access to loans in Northern Ireland for a range of purposes.
Whether you're looking to expand to new premises, renovate facilities, or purchase more stock, you could secure an NI business loan in as little as 24 hours.
To get started, complete this online application form with a few basic details. If you pass our initial checks, one of our friendly relationship managers will be in touch to help you complete the final stages of the process.
If you want to know more about how we can support your business, give our friendly team a call and you'll get straight through to someone who can help, like Sarah. Or, if you're ready to apply, get started by clicking the button below.
0207
100 0110
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