Unsecured business loans in Cork

Use the LEO for your council area: Cork City for the city, which since 2019 includes Ballincollig, Douglas and Blarney; South Cork for places such as Carrigaline and Midleton; and Cork North & West for Mallow, Clonakilty and the west. Each can advise on grants and help with a Microfinance Ireland loan.

A lump sum lent to your company without a charge over property, vehicles or equipment. Your company repays it in fixed instalments, usually monthly, over an agreed term. Because there is no asset behind the loan, the lender relies on trading history, bank statements, filed accounts and, usually, a director's guarantee. Rates tend to be higher than secured lending to reflect that risk.

Yes, if your company trades steadily and can show it can afford the repayments. Non-bank lenders and the banks offer unsecured loans to limited companies with no charge over property or equipment. In place of collateral, lenders rely on bank statements, filed accounts, tax compliance and, usually, a director's guarantee. Expect a higher rate than secured lending and an amount limited by turnover.

Lenders work from affordability: your turnover, profit and the repayments the company can carry, based on its bank statements. Some non-bank lenders lend up to €500,000 unsecured, but many cap the loan at a share of annual turnover and take existing debts into account. Borrowing more than the purpose needs raises the cost and the risk, so start with a clear figure and what it will be spent on.

Usually, with non-bank lenders. With no asset to fall back on, most ask one or more directors to guarantee the loan, and terms vary: some guarantees cover the full balance plus costs, others are capped. Government-backed SBCI loans up to €500,000 generally have no personal guarantee. Read any guarantee as carefully as the loan agreement and take independent legal advice before signing.

It depends on the lender. Many non-bank term lenders want around two years of trading and accounts filed with the CRO, while some will consider about 12 months if bank statements show steady income. Start-ups registered as limited companies in Ireland can apply through Welcome Finance, although options may be fewer. The Local Enterprise Office and Microfinance Ireland are other places to look.

Some lenders say they can make a credit decision within 24 hours of a complete application, with funds following once the agreement is signed and checks are done. This is not guaranteed. Most delays come from missing paperwork, so have your accounts, six months of business bank statements and director ID ready before you apply.