Four ways to finance your growing business

Many years ago, a small firm with aspirations to grow would head off to their local high street bank and have a chat with the manager about a loan. After a few questions about future plans and terms, the chances are that finance would be made available, providing a secure and reliable way for that business to achieve its growth ambitions, and boost the wider economy. Those days, however, are long gone. New lending to businesses – particularly SMEs – fell significantly during the financial crisis and has continued ever since, with many businesses reporting frustrations at a ‘computer says no’ approach that fails to adequately assess the merits or otherwise of lending to a particular company. The reality is that bank managers are no longer able to support entrepreneurs in the way they once did. But the market itself has responded with new ways for businesses to borrow. The following are all options for firms looking to finance their growing business in Ireland: