Small businesses account for huge part of the Irish economy both in terms of wealth created and in terms of employment. They are central to the real economy and operate in every corner of the country. Many of these businesses continue to be held back by unsustainable debt borrowed over a decade ago.
It is vital that these businesses are given the break they need.
At New Beginning, we have been working with businesses to refinance debt to take advantage of write downs offered by the funds and bank. However, we have found that obtaining refinance for debt below €1 million is very difficult.
This is now changing.
Recently we have been able to source reasonably priced refinancing at levels as low as €200,000. In some cases, we can secure finance above or at the value of the underlying securing where there is an underlying business showing an ability to make repayments from ongoing cash flow.
This is an important development.
A key to securing finance is in the presentation of a business plan. Many business owners do not have the skill set to present a plan sufficient to enable a new lender to make a quick decision around funding.
Some businesses wrongly assume that because of previous problems the credit market is closed to them. We can work with them in coming to an arrangement with the current lender, in creating a business plan, which will often involve corporate restructuring, which can enable access to new finance to enable the underlying business to move on from previous unsustainable debt and to grow and expand.
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