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We’re now in the countdown to 2021/22 Federal Budget to be delivered by the Treasurer on 11 May and business owners will be watching, waiting and wanting a good outcome. Facing a massive COVID-induced deficit, there was conjecture over whether the Morrison Government would hold fast to the traditional ‘no deficit’ approach or put that aside and continue to spend to support the economy. Prior to making his official pre-budget speech on 29 April, the Treasurer, Josh Frydenberg, was quick to confirm that this would not be an austerity budget. The Government would take the approach that repairing the economy to repair the budget. More info. With the 2020/21 delayed budget effectively only 6 months into its duration, businesses are still taking advantage of many of the key measures introduced. From a lender’s point of interest, we single out the accelerated asset depreciation. The Instant Asset Write-off and temporary full expensing are available through 2021/22 for eligible businesses and offer... Read More
Finance support for both sides of the balance sheet
. 5 min read
When balancing the books on a weekly, monthly, quarterly or annual basis, many businesses focus primarily on sorting out issues from their side of the balance sheet, their perspective. Allocating the existing bank balance to cover individual outgoings due including bills, supplier invoices, rent and wages. Many seek loans and finance to cover short term shortfalls rather than taking a holistic approach and looking at both sides of the balance sheet. We’re talking about the difference between seeking a cure so to speak rather than simply treating the symptoms. Follow us on this one as Business Finance provides commercial loan solutions which address multiple requirements for all types of businesses. Business loan interest rates vary across different finance facilities and selecting the specific loan product for that specific purpose may deliver a better outcome. Especially when that interest rate is the cheapest available. This brings in the second point to this article –lender selection. Interest rates not only vary for... Read More
RBA holds interest rates for now, but what of the future?
. 5 min read
It's fairly common knowledge that interest rates are currently at historic low levels. Great for borrowers, not so great for those dependent on interest from savings and investment accounts. Interest rates across all areas of lending have been at low levels for some time, but the actual rates vary across different loan areas - homes, vehicles, equipment, personal loans v business finance and across the different types of commercial finance available to business. The low interest rate scenario has presented opportunities for businesses to invest in assets through securing extremely cost-effective finance deals. Business Finance secures commercial finance at fixed interest rates so our customers have the confidence and assurance that their repayments will remain constant for the full length of their finance term. View our business loan interest rates here. So what is happening now and possibly ahead for interest rates? In Australia, the RBA is responsible for setting the official cash rate which is essentially the rate at... Read More
Securing Truck Finance that doesn’t Overload Your Business
. 6 min read
There are two parts or components to a truck finance deal and both can incur unnecessary cost imposts to your business depending on how you decide to approach them. There is the actual loan itself and there is the process by which you acquire that loan. Most likely just like the truck make and model you’re considering purchasing, these two components have variants. Different options vary in regards to cost-benefit analysis. For one, the choices are quite cut and dried and decided primarily on a technical basis. For the other, it can be a more personal choice but with consequences. Intrigued? We elaborate to enlighten you on how you can secure a cheap truck via a process that won’t overburden your capacity. Truck Loan Options Businesses have the choice of a number of finance products for the purchase of trucks. Cost savings and tax benefits can be realised by selecting the right loan product and by ensuring the interest rate... Read More
While sourcing cheap business loans are critical to business asset acquisitions, businesses also have many other factors to assess when considering a major purchase. One major consideration for businesses is deciding when is the ideal timing to purchase new assets - finance for equipment, truck financing for businesses, and other vehicle loans. Are economic conditions suited to business investment? What’s happening with lending rates? What tax and other measures can be realised? Are just some of the questions that business owners may be asking. Investment in business equipment and other assets can be made in order to increase productivity, expand output, open new markets and generally improve profitability. In purchasing assets, businesses will typically have an expectation of the ROI they will achieve. So considering a range of factors is required. While business owners may usually have a good handle on their business prospects, the added complication at the moment is COVID-19. The pandemic has had an impact on the economy... Read More
The December 2020 Report from the Australian Small Business and Family Enterprise Ombudsmen (ASBFEO), highlights the significance of small business to the Australian economy and some of the key challenges faced by the sector. Challenges that may be met with easier access to affordable finance solutions. The report qualifies its statements by stating that it is based on statistics gathered prior to the devastating impacts of the 2019/20 bush fire season and the coronavirus pandemic. The Australian Bureau of Statistics (ABS) definition of a small business is one that employs less than 20 people or has a turnover of less than $10 million. There are over 2 million small businesses in Australia, employ nearly 5 million, and account for 41% of the workforce. The report quotes statistics from the 2016-2018 period which show that while income for SMEs increased, the net income of these businesses remained quite flat. This indicates significant cost pressures. It also states that the survival rate... Read More
Commercial Finance: Preventative not just Curative
. 5 min read
Business finance can be seen by many owners and operators primarily as a cure. When a business faces hardship, financial problems, snags in their plans, they look to taking out some form of a loan. The wide use of the term financial solutions, which yes we also use consistently, can be partly to blame. 'Solutions' conveys the impression that you only apply for finance when you have a problem. But that is really only one way to view business loans. Commercial finance can be designed and structured to work as a prevention for many scenarios. More than a back-stop or backup, it can be the intervention or tool that actually prevents that bad stuff and the associated problems from occurring. Let’s look at specific commercial finance products from that preventative point of view to illustrate our point and how business financing works with business owners to shore-up their operations with structured finance. Business Overdraft Many businesses operate continuously with a... Read More
It's great to receive advisement from an organisation which clearly states 'no action is required on your part', in regard to some type of business activity. Phew, nothing for me to spend my time with that one, great! But in this blog, we are strongly suggesting that action is required on your part to address the issues we’re covering here. Action that yes will take up some of your time but with potential benefits which could be significant, substantial, and sustainable over a long time period for your business. Specifically, we’re talking EOFY - end of the financial year, tax time, 30 June. We’re now into the final quarter of the current financial year and a time when business owners suddenly realise that they only have a relatively short time to enact strategies, acquire assets and put measures in place to be eligible for certain tax benefits. All that at a time which can be quite busy in some sectors.... Read More
The purchase of motor vehicles is one of the most popular purposes for businesses to seek finance. Loans are available for a wide range of vehicles from quite a few sources. The motor vehicle lending market is extensive and competitive, which means there are deals and cheap loans available. Business owners can save significantly by understanding the market and knowing where to apply for cheap business car loans for business use We’ll bring you up to speed on the business vehicle lending scene so you have the information you need to source the most suitable finance deal for your business, at the best pricing. Types of Vehicles Business finance is for vehicles that will be used primarily by and in the purchasing business. Private individuals purchasing cars for their own use are not eligible for business loans. All categories of vehicles are included: cab chassis, utes, SUVs, sedans, passenger cars, wagons, hatches, sports models, wagons and commercial vans. The ATO... Read More
The financial services sector may be seen as having a language all its own, at least to some extent. The terminology and abbreviations used by lenders and finance brokers can leave some business customers flummoxed. Sourcing commercial loans is not a process that all business operators undertake on a regular basis. So fully understanding every detail of loan products is simply not a priority, until you need to apply. Adding to any potential confusion is the range of different commercial finance products available, each with varying names for seemingly the same concept. A balloon is one such term that raises questions. We’re providing this explainer to clarify what a balloon is, how it applies in business loans and how you can utilise a balloon to structure your loans to suit your cash flow and repayment expectations. Explaining Balloon Payment The term balloon relates to Chattel Mortgage and Commercial Hire Purchase finance facilities. With Leasing, essentially the same concept is called the... Read More
