We accept loan applications from Irish limited companies that have been in operation for at least 12 months. We do not accept applications from sole traders and partnerships at this time. You must be over 18 and the company needs to be registered in Ireland. There also must not be any judgments against the applicant/ company. Some or all of the business revenue must be taken by credit/ debit cards in person, online or through a payment processor.
- 6 months bank statements
- 1 month merchant statements
- Valid tax clearance cert (or letter from your accountant if no tax cert is available)
Once we have a completed application form and all relevant documents received, our decision time is 24 hours.
Borrowers can avail of loans of €10,000 to €500,000.
Once we have the complete application and documents, our decision turnaround time is 24 hours. A loan package will be sent to you with documents to sign and you will be asked to upload KYC documentation. Getting this to us without delay will greatly speed up the time to drawdown. Account set-up for loan repayments must also be set up in advance of drawdown. How long this takes will depend on your merchant provider. It may take 3-7 business days before all is set up so we can transfer your funds.
Merchant advance loans are business loans where the repayments of the loan are a percentage of your daily card sales instead of a monthly lump sum. This means that there are no lump sums coming out of your account monthly regardless of how much revenue the business generated that month. Instead, merchant advance loans are flexible loans. Repayments are automated, seamless and take into consideration seasonal fluctuations. When the business is earning more, it will pay more. When it is earning less, it pays less.
Approval for merchant advance loans is based on business performance.
Businesses where some or all of their revenue from card sales in person, online or through a payment processor qualify for a merchant advance loan.
In addition to this requirement, we only accept loan applications from limited companies that have been in operation for at least 12 months. We do not accept applications from sole traders and partnerships at this time. You must be over 18 and the company needs to be registered in Ireland. There also must not be any judgments against the applicant/ company.
You can sign up by clicking on the 'apply now' button to apply for a loan. This will bring you to a portal where you can first register for an account with us. Once registered, log back in and fill out a 5 minute application form
Repayment of our merchant advance loans will take place in a digital settlement account. This will be set up prior to you receiving your funds. Your daily revenue will be redirected from your merchant account to your smart settlement account temporarily. Here the percentage split will happen of the amount owed back in repayment and the remainder of the funds. The remainder of the funds will then be released back to your merchant account. This process will only take a number of hours.
Repayments of our term loans will take place by direct debit monthly.
We use open banking to check borrower eligibility criteria by viewing your business income and outgoings. We essentially access your payment and transaction data through the use of an API via our borrower portal. APIs help software to speak to each other. It’s a secure and more efficient process than carrying out traditional checks. This means that we can approve your loan more quickly.
You are in control and can choose whether you’d like to use Open Banking or not, you can also choose to manually upload the documentation instead.
All you will need to do is have your online banking login information to hand and follow the instructions on screen.
Should you have any issues with this, please contact us at +353 1 576 6810 or info@santiagosme.ie
Open banking is regulated in Ireland. It is backed by financial legislation, The Payment Services Regulations 2017, which is designed to provide you with safety and security.
You are in control and can choose whether you’d like to use Open Banking or not, you can also choose to manually upload the documentation instead.
We use the open banking provider, Yapily in order to assess the transactions for the past 365 days of your business. The connection stays valid for 90 days during which we have the ability to refresh the data.
We have partnered with NoFrixion to provide you with a digital settlement account. The repayments of your loan will take place in your dedicated digital settlement account.
There are no costs associated with your digital settlement account.
We lend to small and medium enterprises registered in Ireland. These can be from a variety of industries such as professional services, hospitality, health and wellness, retail, trades and franchises. You must generate revenue from credit/debit card sales to be eligible for a loan.
A loan from Santiago SME Finance can be used to finance a variety of business needs including: cash flow, purchasing new equipment, renovations, marketing, tax bills, investing in new staff and purchasing new stock.
You can choose to repay the remainder of the loan early at any time. We have no penalties for early repayment.
There are no penalties for early repayment of the loan.
We are transparent in how we collect, use, exchange and protect your sensitive information. We have also implemented encryption software to ensure that your personal and financial information is kept safe.
We are required to comply with all anti-money-laundering (AML) and know your customer (KYC) legislative guidelines.
