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SME’s getting the Best Loan out there

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Having recently gone through the process of finding the best business loan on the Irish market I understand there is  a lot of information out there – which makes it very hard to know which bank to approach.

In Ireland there is definitely a feeling that you are lucky if your business gets approved for a loan and that you should take whatever terms the bank offer – but why should you pay more than you have to?

Below is a comparison of the business loans available to SME’s in Ireland.

Provider Product Name Information Interest Rate
Bank of Ireland Secured Small Business Loan Up to €300,000, available to new and existing customers 5.74%
Bank of Ireland Unsecured Small Business Loan Up to €300,000, available to new and existing customers 6.74%
AIB Standard Business Loan   6.50%
Ulster Bank Secured Small Business Loan All Loans are subject to a 1% arrangement Fee of the Loan Limit payable when loan is drawn down 5.76%
Ulster Bank Unsecured Small Business Loan All Loans are subject to a 1% arrangement Fee of the Loan Limit payable when loan is drawn down 8.76%
MicroFinance Ireland Directly Unsecured Micro Enterprise Loan Business must employ less than 10 staff & have  Turnover of less than €2m 8.80%
MicroFinance Ireland through local enterprise office Unsecured Micro Enterprise Loan Business must employ less than 10 staff & have  Turnover of  less than €2m 7.80%
Permanent TSB Term Loan Up to €250,000, available to new and existing customers 6.50%
SBCI SBCI Loan SBCI Loans are offered through on lending partners AIB,BOI & Ulster Bank at a discounted rate to the Banks standard rates if you meet certain qualifying criteria. 4.50%