Small Business Loans
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A small business loan is a type of loan specifically designed for small businesses that need to borrow money to finance their operations or expansion.
Why do Businesses require a Small Business Loan in Australia?
If we look around these days, most of the businesses in Australia are Small-to-Medium-sized Enterprises ( SMEs). Approximately 90% of SMEs consider SBA and business loans continuously during the business lifecycle in Australia. To fill in their cashflow need, it takes a lot of paperwork to meet the complex bank criteria. So private lending companies help them to fulfill their cash flow need with the same-day approval facility.
Various lenders offer business loans in Australia, and every kind of loan will have its unique feature and purpose. You can apply for a business loan anytime.
What is a Small Business Loan?
It’s a loan offered to small business owners to meet their cash flow needs in Australia. There are loads of private lenders offering such types of business loans and other products. However, the popular business loans in Australia are term loans, i.e., short-term, long-term and SBA loans. The short-term business loan is usually borrowed by businesses and individuals for a tenure of 3-24 months and is repaid over a set term.
Small business loans require businesses to be at least six months old and have a minimum monthly revenue generation capacity of $5,000 to qualify.
Further, the best part is that any business can get small business loans approved for up to $150,000 and get the funds on the same day to their nominated account by only providing a few documents.
Benefits of Small Business Finance and Usage
There are various kinds of business loans available. Every type has its advantages and disadvantages.
- Offer quick access to funds for SMEs.
- Businesses can use small business loans to invest in business opportunities.
- You can get a small business loan from private lenders to settle your cash flow needs.
- You can apply for a business loan and get it approved by private lenders within 24 hours.
- Small Business loans are available without any complex paperwork requirements and can be drawn by filling online application.
- The majority of startup business loans are available for relatively new businesses. Around 80% of businesses are availing of these new business loans with variable interest rates.
Types of Small Business Loans
The small business loan comes in two different forms, which are as follows:
- Secured: Your property and business asset are typically used as a loan guarantee since it’s a security for this type of loan. Lenders offer low-interest rates on it.
- Unsecured: You do not need to offer any guarantee and security for this type of loan. But since the risk is high for a lender to overcome that part, it is offered with slightly high interest.
Similar to various finance types, a Secured loan will crack you a great deal with lower fees, less interest, and flexibility. The primary reason behind it is that lenders provide loans against minimal risk factors.
Traditionally secured loans are backed with collateral like business assets and residential property equivalent to the loan’s value. If you stay caught up, your payment lender can sell and recover its money.
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Case Study: Small Business Funding in Victoria
One of our clients in Victoria needed small business finance to purchase equipment for their business expansion. Being rejected by banks for a small business loan, she approached us for finance. We connected her with a suitable private lender. The lender offered them an unsecured loan with little high-interest rates (as it was a risk for the lender). She agreed to the terms. We took care of the documentation. She received her applied amount of loan within 48 hours.
Frequently Asked Questions (FAQs)
How Does a Business Qualify For a Small Business Loan?
Is it Mandatory to Provide Bank Statements?
What is The Primary Distinction Between a Small Business Loan from a Private Lender and a Bank?
The process is the primary difference in securing a small business loan from a private lender. It consists of approval and requirement; usually, private lenders arrange approval and fund transfer within 24-48 hours. Besides, banks have complex paperwork requirements and take much longer, even weeks and months sometimes, and chances are they turn down the application in the end.
How much is The Average Interest on a Business Loan?
What amount of Deposit is Required For a Small Business Loan?
Can I Secure a Small Business Loan if I Have a Bad Credit History?
How Long Do I need to Wait for Loan Approval?
Can a Small Business Loan be Offered as Unsecured?
Can I make early Payments against my Small Business Loans?
Does The Bank Offer Startup Business Loans to a New Business? If not, do Any Alternate Options For Getting a Loan to exist?
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