GRID Finance is an Irish owned company who is transforming banking and financial services in Ireland. We work with Irish SME’s across all industries. GRID make it very simple for SME’s to be able to access finance and funding for their business.
GRID tailor and customise bespoke finance solutions based on the client’s needs. We manage loan repayments and related processes for the entire term of the loan. GRID Finance acts as the intermediary between you and the capital providers therefore, the legal contract will be between you and the capital providers.
Any business (limited company, sole trader, partnership) is eligible to apply for a loan. The business must be registered in the Republic of Ireland, trading for 6 months minimum and tax compliant with a tax clearance certificate.
Commercial lending is not a regulated activity in Ireland and neither our lenders, nor GRID Finance, are subject to the Central Bank of Ireland’s (“CBI”) codes of conduct on “Business Lending to Small and Medium Enterprises”. These codes of conduct are applicable to regulated entities only. Credit Unions’ commercial lending activities are also not subject to these codes of conduct.
GRID has retained the services of a third-party loan book management company called Intertrust. In the unlikely event GRID gets into commercial difficulty, Intertrust will immediately take on the responsibility and continue the management of your loan right through to term. Your contract and repayment schedule will not be impacted, nor will additional fees will be incurred. For more information about this company, please visit: https://www.intertrustgroup.com/
You can borrow from €10,000 to €500,000.
Term Loan: 3 months – 36 months
Cash Advance Max: 3 months – 12 months
Cash Advance GRID Express: 6 months – 9 months
The cash advance is designed as a short term working capital product which has a maximum term of 12 months. However, many of our clients return to top up their facility once 70% has been paid down.
On receipt of a full application, our Credit Team will respond within 24 hours. Following an application approval and offer from our lenders, funds can be transferred as quickly as the same day or within 10 working days (dependent on the type of facility applied for).
Before making an application, our team will be available to discuss your requirements and funding need, to understand whether your business is currently eligible for funding with GRID. This initial eligibility discussion will allow the team to better guide you on the potential success of your application if you were to submit one.
Yes, you can have more than one loan facility with GRID. With an additional application, our Credit Team will assess all existing facilities and debt before approving a new loan.
The total cost of capital will include the GRID arrangement fee which is between 5% – 6% of the loan amount. This will be deducted from your loan prior to draw down. You will receive an invoice for the 5% – 6% + VAT. This fee does not include the lender interest.
This is the cost of capital offered by the capital providers and is dependent on the type of finance product you apply for, the approved loan amount, the repayment term length and the financial health of your business.
There are no early repayment fees on our products. However, some cash advance products allow up for up to 2 months rebate on your interest.
The application itself takes 3 minutes to fill out and the supporting documents required will depend on the finance product that you are applying for. This can include some or all of the following:
To find out what is required for each finance product on the GRID go to:
This is dependent on the product you are eligible for:
Cash advance repayments will begin immediately starting the day that the funds are drawn down and made daily thereafter.
Your first repayment on a term loan is one month from the drawdown date and are monthly thereafter.
The type of security required will be considered on a case by case basis. Our friendly Business Relationship Managers are available to discuss your unique finance requirements and the potential security that may be attached.
You will receive the funds directly into your nominated bank account.
Your repayments are calculated based on the loan type, loan size and term length.
If you miss a repayment, we will contact you directly to understand why. You will get the option to pay by bank transfer or credit card straight away. If we need to represent the direct debit, there will be a fee of €99.
If you can’t afford to repay the loan or you expect that you will not be able to make the next repayment, then you should contact our Collections Team immediately on firstname.lastname@example.org or call 01 524 1615.
Yes, late repayments will be recorded on your credit file. They may also be reported to credit reference agencies such as the Irish Credit Bureau, Experian or Vision-Net.
No, your arrangement with your merchant services provider will not be impacted in any way. GRID will provide you with a Fire account and IBAN which will allow GRID to manage the daily splitting of settlements.
Fire Financial Services is a regulated payments provider. You will be provided with a dedicated Fire Account and IBAN number which is where your daily settlements will be directed. Here, your daily settlement is automatically split with a small, pre-agreed percentage of your daily takings which is used as repayment against your loan, with the large balance being transferred directly to your nominated business bank account.
Your merchant service provider fees will continue to be paid as per your existing contract and will in no way be impacted by your arrangement with GRID.
Your settlements will come to your Fire account on the same schedule as your current merchant provider. However, some delays will be experienced based on your banking provider. Depending on who your bank is and who your merchant provider is, there could be a delay of a few hours, up to 24 hours. For more information please speak to your Business Relationship Manager – click here.
We understand that businesses can be structured in many ways. The GRID Team will aim to design a funding solution and repayment structure to suit your own situation.
GRID Finance has developed a finance solution which helps businesses distinguish their overall financial health of their organisation. The business risk rating is generated following a rigorous assessment of the business’ most recent performance. Data for this is sourced from recent management and financial accounts, external credit ratings, bank statements and, where applicable, merchant statements.
A robust set of credit assessment parameters are applied, using the GRID’s proprietary credit model and performed by our experienced Credit Team.
A minimum GRID Score of 50/100 is required to gain access to the GRID.
If you do not get the required score needed for approval, GRID’s Credit Team will be more than happy to extend feedback. They will also outline what you would need to do to improve the overall financial health and credit score of the business for an approved application going forward.
On our P2P platform our lenders will look at the GRID Score of your business. From there they will decided if they want to invest, taking into consideration your GRID Score.
|Business Risk |
|GRID Score||85-100||80-84||75-79||70-74||65-69||50-64||Not credit rated|