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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
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
