Tuesday 06 July, 2021
So you’re a business owner. Maybe you want help managing your cash flow, or you’re looking to fund your growth, or you want to buy equipment for your business. But to do it, you’ll need some extra funds.
Excellent. Let’s go and ask for some money!
Wrong.
Just like your first relationship, poor planning and preparation will lead to rejection and heartbreak when it comes to commercial loans. To maximise your chances of being approved for your business loan, make sure you take note of the following.
Your lender will want to understand your financial situation and business goals – and make sure they are achievable. You may think you’ll make a billion dollars within a year, but your business plan will probably say otherwise. Having a comprehensive business plan will help the application process.
As well as having a business plan, you’ll also need to provide additional background information about your business – including financial records, cash flow projections, assets and liabilities, and a business case for your loan.
Find out what is required for your application here.
It’s easy to be overwhelmed by the number of commercial loan products available. Speak to a finance professional to make sure you are applying for the right type of loan for your needs. They can help you to navigate: secured or unsecured loans, fixed or variable interest rates, potential costs, interest payments, hidden charges or terms, different tax and GST implications for each loan type – and more.
Use a loan repayment calculator to give you an understanding of what you can afford to repay – but don’t take this as the final word. It’s highly recommended that you also consult a finance professional to provide objective and data-based advice about your financial situation.
We’d love to help you out – and no loan is too complex for our team to consider. Contact our brokers to chat about how we can help you achieve your business financial goals.
When you consider a ‘hike’, what is the first thing that springs to mind? A walk through the bush or a sharp rise? The RBA lifted the official cash rate by 25 points to .35 percent last week – the first rise in 11 years. While we understand that a rate rise is never a good thing, interest rates are still at historic lows and we wonder if the use of the word ‘hike’ is a necessary one!
Self-managed super funds (SMSF) are a different way of saving for retirement. A SMSF gives flexibility and control over where your retirement funds are invested, including the opportunity to invest in residential and commercial property.
If you missed the 2022-23 budget announcements this week, you may have missed the incentives announced for home buyers. While most are not new, the government have increased the number of spaces available for eligible home buyers through their Home Guarantee Scheme.
We are often asked if you need pre-approval before looking for your dream home. Pre-approval is not essential but it is one way to ensure you don't miss out!