Yes – GRID understands there may be arrangements in place or some tax arrears at certain times of the year. If a tax clearance cert is not available you can provide Revenue screenshots or a letter from your accountant outlining the situation so we can understand the position and underwrite your loan. 

There is no formal security such as property required for the loans. In all instances we seek a personal guarantee from the signatories of the loan. For larger loans we may also seek a deed of assignment over the merchant/card/ transfer receivables or a debenture. More details are provided in our FAQ “What are the GRID product types and information requirements?”.

Yes, you can have more than one loan facility with GRID. The GRID Team will assess all existing facilities and debt before approving a new loan. If your current repayment levels are low we can fit an additional facility alongside your current loan(s). Depending on your current repayment levels with us, we may need to refinance your balance to ensure there is no pressure on your daily cashflow. In this case the further along you are repaying your loans the more finance that can be provided to you and the better value you secure from the finance. When you can reapply for next facilities is at the dicretion of GRID. 

The GRID product suitable for you will be determined on your business type, how you receive your income , sector, length of time trading, repayment capacity & credit criteria, monthly income and amount of loan you require.   

We have a high approval rate because our approval decisions are based on the strength of the revenue that you are receiving, your time trading as a business and the tax status of the business. If a tax clearance cert is not available, a letter from your accountant stating the tax status/ outstanding position or Screenshots from ROS (revenue) will also be accepted. (Instructions are available during the application process) 

When our team have a complete application, approval can be given within 24 hours. To complete the online loan documentation and to set up your flexible repayments, this may take 3 – 7 workings days, after which we will transfer your funds to your nominated bank account.

The application itself takes 3 minutes to complete online. At minimum, you will be asked to upload: 

1. 6 months up to date bank statements, (or a read only Open Banking Connection) 
2. Up to date tax clearance cert  (or you can provide the details of any gaps in taxes presently for assessment)  

For larger loans, we may also require audited financial accounts and management accounts. For more details please check our FAQ “What are the GRID product types and information requirements?”.

We know that your time is limited which is why we have made it easy for you to apply 24/7 from the comfort of your own office, premises or home. Apply online by completing some simple information about your business and uploading easy to access supporting up to date documents. This is best completed on your desktop computer for ease of uploading documents.

We understand that businesses can be structured in many ways. The GRID Team will aim to design a repayment structure to suit your business needs.

GRID business loans are designed to be short-medium term finance and are most suited for working capital purposes. The loans are designed to be a rolling credit facility over time and once onboarded you will be building up information and credit history with GRID to support further applications. Each individual loan(s) runs for up to 12 months but we can design funding solutions with multiple drawdowns over time (tranches).  Shorter term finance solutions may also be more suitable for your business i.e. to replenish your stock more frequently and your GRID facility will be repaid in time for when you want to complete a new stock order.

You can apply for additional facilities during the course of your GRID loan by simply accessing your GRID account, GRID will also contact you when you have repaid your current loan sufficiently to invite renewal applications.

Loans are available from €10,000. The amount you are eligible for will depend on how much revenue you are generating. For typical businesses, this would mean a minimum income amount of €10,000 per month.

We consider larger loans above €250,000, if you are a new customer to GRID you can commence an application here, if you are an existing GRID customer follow this link to login to your account, a member of the GRID team will be in touch to guide if required. 

Any business (limited company, sole trader, partnership) that takes some, a lot or all of their revenue through debit/credit card, by card machine or online using a payments processor. The business must be registered in the Republic of Ireland, trading for 9 months minimum (we can take account of previous trade as a sole trader). Your loan will be repaid by a small % of your income as you receive it.

Personal Loans
We only provide business loans to Irish registered businesses, if you are seeking a  personal loan please contact your Bank / Credit Union or other provider.

GRID will cover the cost of setting up the account on your behalf.
 
The ongoing cost will depend on the amount of activity in the account. Each transaction in or out costs 49 cents so if there was 1 lodgement received and 1 payment back to your current account then this would cost 98 cents for that day. For a typical customer with 1 terminal settling 5 days a week, this would cost €4.90 each week. It does not vary based on the value of the transactions simply the amount of activity. 

For a larger loan that had 3 terminals settling, if they were all from the same provider and lodgement received at the same time of the day this would cost €1.96 (3 lodgements in and 1 withdrawal out).

 No, depending on when they are received to us within the day they are typically received by you within half a business day to your own bank account. For example, if they are received by us before 9:30 you will receive them by c 2p.m. Between 9:30 and 1 o clock will be received by you before 5p.m the same day and anything received after 1 o’clock will be received by you by c 2p.m  the next day. You can use your GRID account to see all payments coming in and out and easily reconcile all your transactions on a live basis. 

Many customers keep the smart settlement account in place so that they can renew their loan, draw down further funds and continue to make flexible repayments. If you do not require further funds and do not wish to renew your loan, the smart settlement account can be changed with your merchant services provider  and your settlements will revert back to your own bank account.

GRID have partnered with Fire Financial Services to provide GRID customers with a smart settlement account. Fire is a digital payments processor that is regulated by the Central Bank of Ireland.”

We will provide you with a dedicated settlement account that will become your settlement account for the duration of your loan. We will provide you with what you need to instruct your merchant services provider to add your smart settlement account to their system.  We have a dedicated specialist to assist with this process and your onboarding.   Click here to see a visual version of how it works. 

 If you would like to make an official complaint you can email business@gridfinance.ie. Please read our Customer Complaints Policy before doing so, you can find it here  https://www.gridfinance.ie/help_centre/complaints_policy 

If none of the above suggestions address your query, please submit your query to the Support Team here.

To request a new password, look for the “Forgot your password” link under the password input on the login page.

Accessing your account for the first time? Submit your access request to our Support Team here.

The loans are designed to be flexible so that it will flex with your business cashflow and there are no fixed monthly amounts to be paid. If you have a quiet period in your business for 3 months then you are paying less in that period and the loan will catch up during your busier period. We simply charge an interest rate for the period at the outset of the loan based on the term for simplicity purposes. 

All GRID Products operate at a fixed cost of capital per month and are priced on risk so may vary slightly depending on the output of the underwriting assessment. For more details please check our FAQ “What are the GRID product types and information requirements?”.
 
 There are no hidden fees on a GRID business loan. The cost of your loan is made up of two items. 

The first item is the GRID Arrangement Fee, this is fixed at €5 per €100, for instance, a €10,000 loan would translate to a GRID Arrangement Fee of €500 (excl. VAT). This is only charged when you drawdown the facility and we will incorporate this into your loan so you receive the full €10,000 you have requested  

The second item is the Cost of Capital, this is determined by the term and amount of the loan. This typically ranges from 1.0% per month (12.0% for the year) 

Outside of the costs outlined in the FAQ “How much does the grid loan cost? ” each direct debit costs 49c. Bounced direct debit repayments also attract a surcharge which are noted in the terms and conditions of your loan 

Yes – if we see frequent intercompany transfers for example we will exclude this from our calculations. If you require certain other transactions excluded please let us know via the support page 

This is so we can calculate how busy or quiet your trade is and collect the set small % of average trading income. It will also allow your case to be re-assessed when you are seeking a new facility after the present one is mostly paid down. If the open banking connection is not maintained Grid will collect the average daily repayment +15% as standard to ensure repayment of the facility by the expected date.   

The following page will assist you in making the connection as part of your application journey if needed https://www.gridfinance.ie/open_banking_instructions

On your repayments dashboard you will see what payments have been exported for the next 3 business days based on your 5 business day rolling average. This rolling average smooths out the repayments from any “Spikey” receipts and repayments. 

Payments from your current account are taken by GRID via direct debit – it usually takes 5 business days for the payment to be confirmed as completed and funds to be received by GRID so it can be applied against your loan account.  Your repayments dashboard will show you the date of presentation from your current account and the date it was applied to your loan account. 

A small repayment will be taken , typically every business day .  This repayment is based off a small % of your trading income. This means there is no bulky repayments on specific day each month like there is with a term loan. When your business is quiet the repayments will reduce and leave spare funds for other costs, as it gets busy again it will increase and the loan will catch back up. 

There are no early repayment fees on our products the cost of the facility for the duration are set at the start and are simply repaid over the life of the facility. GRID also allow a 7 day cooling off period if you decide subsequently you do not require the loan funds.  Please refer to Clause 13.4 & 13.6 for further details – https://www.gridfinance.ie/help_centre/terms_conditions  

You can request changes to your repayment levels by emailing your account manager or via the support page  and we will review your case. 

1. We review your last 6/12 months of income and set the % based on that. If we expect seasonality we apply an additional % (Buffer%) to ensure that the loan is repaid on time. A buffer % may also be applied if the case is deemed higher risk. 
 
 2. The loan is designed to be flexible so at different times of the year the loan may be behind target and at other times it may be ahead but we are okay with that as we set the overall % to ensure the loan is repaid on time. 

Repayments will begin the same day that the funds are transferred to your nominated bank account.

The advantage of the GRID loan is that your repayments are flexible and are made using a small portion of your trading income as it is received. These small portion repayments are collected from either: 
a) your debit card / credit card/ online sales/ platform income if available OR 
b) your current account if you only receive your income from customers via bank transfer.  

You can find further details on option A in FAQ section ” Repayments – Cash Advance Loan (Your business receives trading income from debit card , credit card, online or other platform sales)”  OR 
option B in FAQ section ” Repayments – Flexible Repayment Loan – (Your business receives trading income via bank transfer to your current account from your customers)”