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The floods which are currently affecting vast areas across the east coast and inland regions of the country have caused extensive damage to business assets, machinery, and equipment. The situation is dire for many business owners that are seeking to get back on the feet and back to business as quickly as possible. A situation that highlights the importance of being able to access the finance required to purchase equipment – quickly and efficiently. Quickly, but while at the best business loan interest rates available and without paying a premium for expedited loan approval and application processing services. Business Finance can provide such a service and is ready to assist both businesses impacted by the current flood situation and other businesses that require ‘fast finance’. Others may include those that have taken on new projects and need special machinery to handle the job; received a welcome but unexpected large customer order and need to upscale production rapidly; have experience failures or... Read More
An area of potential confusion in business finance exists around bad credit business loans and low docs and no docs commercial finance. The possible misconception is that they are one and the same. In reality, that is not the case. To clarify the issue, we're providing this explainer around the differentiation of bad credit and low docs loans, their features, and how businesses may still achieve cost-effective commercial loans with a bad credit rating. Similarities and Differences First up, let’s look at the actual definition of the terms. Bad credit business loans and low doc business loans are common terms used across the lending sector, including by Business Finance. But ‘bad credit’ and ‘low docs’ are essentially application categories rather than specific loans as such. When a consumer applies for business finance they are defined by the lender as having a bad credit rating or if they don’t have all the financial records as required by most banks, as a... Read More
Starting a new business can be equally exciting and deflating. The prospect of branching out on your own, doing your own thing, presenting your own products and services to customers, and being your own boss is a very attractive option for many people. In fact, new start-ups are increasing as more and more individuals look to alternative ways to derive an income, opt-out of full-time income, turn hobby businesses and interests into formal businesses, or just want a change. But the downside can come when you start seeking finance to fund your venture. Most start up businesses will require some type of equipment, machinery, and/or cars and work vehicles. You may need a delivery vehicle to pick up supplies and make customer deliveries. Tradies will need tools and equipment and a vehicle. Engineering and manufacturing concerns will need machinery. Retail outlets and general businesses will likely need finance to fit out the office or shop space. Those setting up cafes,... Read More
Cash flow is key in business. Ensuring a business has the funds available to meet its commitments in a timely manner can be critical on several fronts. Not being in a position to pay suppliers can leave a business in a precarious position for sourcing the essentials needed to produce their goods and services. If a supplier refuses to deliver based on a bad payment record, the business may have to source less attractive and possibly more expensive alternatives. The supplier, especially if a utilities provider, may report a credit default to the credit reporting agencies, which has the potential to create ongoing credit issues. Not having the funds to meet staff obligations – wages, PAYG, and superannuation – can lead to losing staff and serious legal implications. For small businesses especially, cash flow shortfalls can lead business owners unable to pay themselves and meet their own personal financial commitments and that can flow-on to their own credit profile issues.... Read More
One of the most commonly asked question in regard to business finance products is "is it tax deductible?" Business operators typically want to know that by entering into a business loan they are not only securing a solution for that acquisition or cost purpose but that the finance arrangement will deliver benefits to their bottom line. Tax deductions reduce the taxable income and tax payable by a business which can represent a significant cost saving. More information here. Selecting the commercial loan product which delivers the optimum outcome for your business in regard to taxation benefits is an important stage of the finance process. We operate across the full portfolio of commercial lending and our team are experts in sourcing and structuring finance deals for asset acquisitions, property finance, lines of credit and general funding purposes. When it comes to the specific taxation arrangements of our customers we highly recommend referring to your accountant for advice. On your approval, your... Read More
The idea of unsecured business loans may conjure thoughts of a desperate situation. A loan of last resort. A business with no business. Exorbitant interest rates and unfeasible repayments. Something to be sought only when you've run out of all other options. The reality is, while some of those worst-case scenarios may apply for some businesses applying for an unsecured loan, in many cases, there is plenty of positives that accompany this type of loan. Unsecured business loans are a very important product in the commercial loan sectors and used by businesses of all sizes for a wide range of purposes. Many businesses use unsecured finance on a regular basis with an ongoing line of credit or loans for commonly occurring operational expenses. e. Some utilise this type of loan to capture and capitalise on opportunities, foster ground-breaking ideas, and products and deliver innovative new products to market. There are sure to be great business success stories that have grown... Read More
February in 2021 is a very different start to the business year for many as it signals a return not only to work post-holidays but a return to the workplace post-COVID-19. Many small businesses in CBD locations will no doubt be extremely relieved as high density office locations have suffered significantly over the past 12 months with many workers ordered to work from home. On reflection, 2020 may have been a year of polar opposites in the small business sector. Many simply could not survive the economic impacts of Coronavirus (COVID-19) case numbers and statistics and had to close permanently. Others thrived or at least survived, primarily as a direct result of receiving government support on a number of fronts. Some were fortunate to be presented with opportunities to implement their own innovations and pivot into the delivery of new services. But as 2021 rolls on and much of the COVID-19 support is rolled back, small business operators will want,... Read More
When requiring finance, businesses are faced with a range of options in regard to the type of loan and which lender to go with. The business finance sector includes multiple lenders and a large selection of different commercial loan products. With some loans running over lengthy finance terms and with interest rates varying across different finance products, decisions around selecting the right business loan can have significant impacts on the business moving forward. Referring to your accountant or financial advisor is always an astute move but having a solid, general knowledge of commercial loans yourself can be extremely valuable. To assist business owners in making decisions around which is the right business loan for their specific needs, we’ve provided this general guide to better understanding business finance. Business Finance by Function When sourcing finance most business owners will ask ‘what is the right business loan option for me?’ While not extremely informative, the correct answer is simple – the loan that... Read More
Most business owners engage the services of an accountant to handle their annual accounts, tax obligations and other regulatory commitments so they can get on with doing what they enjoy, what they're trained for and what brings in the money - running their business. While accounting is a specialist profession and many aspects best left to the experts, it can be extremely worthwhile for business owners and decision-makers to have a good understanding of the basics. This is particularly significant when it comes to deciding which type of business loan is best suited to an organisation. Different commercial finance facilities are suited to the different accounting methods. Understanding why and how the finance type selected can work to deliver taxation and other benefits to your business may be extremely useful and advantageous in managing your business. To assist you to build your knowledge bank, we’re covering off the basics of the different accounting methods and how each works with the... Read More
When acquiring assets for your business you have the choice of a number of loan products to finance the purchase. We offer the full range of commercial finance facilities through our lenders which include both banks and non-bank lenders. But it is up to the business to advise their finance broker or lender which particular loan product they are seeking. That decision is best made in consultation with your accountant as the choice of finance depends on the accounting method you use and your financial goals. Specifically, how your business treats the different aspects of taxation. The main types of finance products for business include: Chattel Mortgage Asset Leasing Rent to Own for Businesses Commercial Hire Purchase The most commonly used are leasing and Chattel Mortgage. All finance types can be used for the purchase of a wide range of commercial assets including cars, heavy vehicle finance, all types of truck finance, plant and machinery and an extensive selection of... Read More
