Introducing Line of Credit – a ‘Market First’ new Funding Solution for Irish Businesses

InvoiceFair becomes the first business lender in Ireland to offer Line of Credit, meeting the growing demand for faster, flexible business finance solutions.

InvoiceFair has announced the launch of Line of Credit – a whole new type of ‘On Demand’ funding for businesses in Ireland. Line of Credit is an automated, pre-approved working capital solution, based on advancing up to 20% of your annual turnover, with a limit of €250,000.

According to CEO Helen Cahill, Line of Credit is a well-timed innovation.

“Line of Credit is new to Ireland but has been available in other markets like the USA for some time. We feel that Line of Credit answers a very specific short term funding requirement for businesses in Ireland – an instantly accessible, pre-approved funding line for those unexpected cashflow demands that can arise without much notice. Virtually every funding option open to businesses takes so long to arrange that it causes businesses to lose out on major opportunities to grow quicker.”

Cahill explains further:

“Our mission is to give companies control of their own growth through access to innovative funding solutions at speed. Knowing they can draw down up to €250,000 instantly gives companies the confidence to invest in themselves, fund new business orders or capitalise on business opportunities”.

How does it work?

Being able to automate the entire application and onboarding process is what allows us to provide this unique solution. It means that we can make faster credit decisions and speed up how quickly businesses can get funded. Rather than the weeks or months it takes to secure traditional funding, Line of Credit funding can be in a customers bank account inside a single working week.

Once funding has been approved and paid to your nominated bank account, you have the flexibility to repay and redraw during the facility term, thereby putting you in control of your cashflow and the cost of funds. Uniquely, your bank account does not need to be in credit in order to draw down funds.

Each facility is provided for a 12-month period, at which stage the balance outstanding is repaid over a further 3-month period, unless the facility is renewed for a further 12-month period.

Pricing is transparent and consists of a monthly facility fee and interest payable on the balance outstanding which is collected at the end of the month via direct debit from your nominated bank account.

Our limits are also flexible, so if your business continues to grow during the period of the facility you can apply for an increased limit. It’s the ultimate in fast, flexible funding that’s always there when you need it – funding at your fingertips.

Funding in 6 Easy Steps

There are 6 easy steps to Line of Credit funding:

Step 1

Complete an online application form

Step 2

Connect your Online Banking & Accounting Software (read-only access)

Step 3

Within 24 hours, you’ll receive an indicative offer

Step 4

If you accept the offer, our team will onboard you onto the platform

Step 5

Once credit approved, we issue a facility letter & security documentation

Step 6

When your facility is in place, funds will be transferred within 24 hours

Who is eligible?

The eligibility criteria is pretty straightforward. Your business is eligible if it:

• Is based & operating in the Republic of Ireland
• Is trading for at least 12 months
• Has an annual turnover of €250,000+
• Has a current Tax Clearance Certificate
• Can provide Open Banking & Accounting Software connectivity
• Has an unencumbered Debtor Book
• Can provide security on your Debtor Book and Bank Account

Based on the principle of Mutual Trust

Line of Credit is a highly innovative funding solution, that is based on a degree of mutual trust. You trust us with the financial & banking information you share with us. We trust you to manage debtor collections and cashflow yourself.

Unlike other funders, we don’t ask for Personal Guarantees as we base our funding decisions on the quality of the information you supply to us. We don’t interfere with your collection process or ask you to alert your customers about a change in bank account details, so it is a very discreet solution.

In return, all we ask for you to sign a short form debenture via DocuSign, giving us security over your Debtor Book and the Bank Accounts into which debtor receipts are collected.

This has absolutely no material impact on your business but gives us the comfort we need to provide you with access to an innovative ‘always-on’ source of funding to grow your business.

What are the benefits?

Fast Online process: Seamless and quick fully automated process.

Flexible: You decide how much of the facility to draw down and when. Also, you can draw down funds even if your account is not in credit.

Control: You control the cost of funds by deciding the drawdown amounts and for how long you need them.

Discreet: Repayments are via Direct Debit, there is no cntact with your customers and no change of bank account required

No Personal Guarantees: Unlike with other providers, you’re not personally liable

Peace of mind: You get certainty of funding for 12-month terms

Fast Funding: Once in place, drawdowns transferred within 24 hours

Multi-Currency: More than 20 different currencies

Like to find out more?

If you think Line of Credit is something that your business could benefit from, there are a number of things you can do:

Go to the Line of Credit page here

Call our team now on +35315252486

Email us at busdev@invoicefair.com

Arrange a meeting with one of our team here

Apply for Line of Credit Funding

Think you’ve heard enough and are ready to make an application? Click here to start the application process, it takes less than 5 minutes to apply.