Business loans at a glance
We can help with your financial requirements and support your plans to grow or diversify your business. We offer:
- Loans from €1,000 to €120,000
- Unsecured loan variable rate of 6.95%2
- Secured loan variable rate of 5.95%
- Unsecured loan terms of up to 7 years
- No arrangement fee
All applicants will be contacted within 24 hours excluding weekends and bank holidays
Business Loan Calculator
How to Apply
It’s never been easier to apply for a Bank of Ireland small business loan. Apply online in minutes and
we’ll get back to you within 24 hours.
Tips For Approval
When we assess your business application, we want to see that you can pay the loan back comfortably.
Examples of lending criteria we take into consideration:
- That there are regular payments into your account and stable/growing turnover
- Be accurate when giving the turnover of your business, we will review your business account to check that it is consistent with the actual turnover of your business
- If your business has an overdraft, that the business account is regularly in credit and for at least 30 days in the year
- Whether your business keeps up-to-date with payments to the Revenue or other suppliers, as well as with repayments on any credit cards/borrowings your business may have
- That enough money is retained in the business account to meet cheques and direct debits
- If you have a personal account with us, we’ll review that too. For Sole Traders this will include any personal accounts you may have with Bank of Ireland in your name or jointly with someone else. For Limited Company accounts this may include personal accounts of the Directors and Owners of the business that are held with Bank of Ireland
Documentation we will need you to provide:
Existing Bank of Ireland Customers
If you’re an existing Bank of Ireland customer we require a completed application, and in the case that we need any more documents or information, we’ll let you know.
New Bank of Ireland Customers
If you’re a new business customer, we require the following:
- A completed application (Not required for amounts up to €120,000 completed online or by phone).
- The business’ last 3 years’ certified accounts
- 6 months business bank statement
- 6 months personal bank statements (if your personal account is also not already with Bank of Ireland). For Sole Traders this will include any personal accounts you may have in your name or jointly with someone else. For Limited Company accounts this may include personal accounts of the Directors and Owners of the business
Business Start Ups
If your business is a start-up, in addition to a completed application form (Not required for amounts up to €120,000 completed online or by phone) and bank statements, where relevant, as outlined above, we require the following:
- Business Plan
- Statement of Affairs for you as the business owner. Where there is more than 1 Owner/Director we may require a Statement of Affairs for these also. We’ll send you a Statement of Affairs template, you can use your own Business Plan.
A business loan of €120,000 at an unsecured rate of 6.95% over a 7 year term will require 84 monthly payments of €1,808.19. The cost of credit is €31,887.96. The total amount repayable is €151,887.96.
A business loan of €120,000 at a secured rate of 5.95% over a 7 year term will require 84 monthly payments of €1,748.47. The cost of credit is €26,871.48. The total amount repayable is €146,871.48.