Natural disaster business finance and loans to replace damaged assets may be sourced and approved quickly through specialist finance brokers Business.Finance. We provide prompt service and professional support for businesses across Australia that have been impacted by events such as the recent bushfires in Tasmania and Victoria, rain and flood events in Queensland and northern NSW, and from Cyclone Zelia in the Pilbara district of WA.
Fast loan approval is available for finance to replace assets – cars, trucks, equipment, machinery, which written-off or unserviceable, and for overdrafts and loans to support cash flow and purchase stock, materials and other supplies. Our brokers handle sourcing, negotiating and settling loans so operators can focus their attention on the clean-up and getting the business back up and running.
Unserviceable Assets - What to Do First
When business assets such as machinery, trucks and other vehicles have been rendered unworkable due to damage from fire, flood or cyclone, operators can start the process of replacing the assets by first lodging an insurance claim. Contact the insurer and lodge the claim online or by phone. In order to receive a payout, the asset will need to be officially written off by the insurance assessor. How long a claim takes to be processed will depend on the insurer and quickly they have assessors in the area.
For damaged assets under finance, operators should also contact their lender. If cash flow is impacted, they may request that their payments be paused. Note that if a pause is granted, the commitment will still need to be paid, and interest will still accrue on the loan. Whether the asset is workable or not, the borrower is still obligated to meet finance commitments unless consideration is given by the lender.
While speaking with the lender, ask for the pay-out due on the loan. This figure can be useful when budgeting to take on new finance for replacements and seeing if insurance will cover the full amount due.
Government assistance is usually available for both businesses and individuals impacted by these types of disasters. Disaster Assist can be a useful resource to access what is available to you.
Business operators do not need to wait until their insurer finalises their claim in order to acquire replacement assets with loans. They can connect with us online or by phone to have our brokers start sourcing a new loan for the replacement goods. Applications can be made before assets are selected or ordered to expedite the replacement process.
Natural Disaster Business Finance Options – Asset Loans
We provide the full range of asset finance facilities for motor vehicles, trucks, plant, machinery and equipment. Equipment loans encompass financing for all types of assets used by and in a commercial enterprise. This can include farm machinery, construction and mining machines, business equipment, retail and other store fixtures, IT, devices and other assets.
Asset loans are available with Chattel Mortgage, Leasing. Rent-to-Own and Commercial Hire Purchase. Businesses may select the same loan type used for the goods being replaced for financing the new goods or a different product. We can source the loan through the same lender if preferred or source the best offer available through our large lender selection.
Applications will be assessed based on the credit profile and financial position of the business at the current time, with interest rate offers based on current market rates. The rate and loan terms and conditions may differ from what was approved with the loan on the goods being replaced.
Where the insurer has not finalised the claim on the written-off assets and the loan liability still appears in the business financials, our brokers will explain the circumstances to our lenders to ensure this does not affect any new finance offer. If several machines or multiple items of equipment need to be acquired, the entire acquisition may be approved in one loan, subject to individual lender approvals.
Cash Flow Support – Natural Disaster Business Finance
As specialists in commercial credit, we provide a range of loans to support cash flow and to purchase non-asset requirements for all sized businesses including SMEs and sole traders. Loans to restock supplies and materials, cover wages, rent and other expenses while the enterprise is getting back into full operation.
Financing is available as Lender Overdrafts and Secured and Unsecured Loans. Our brokers can give you quick quotes and direction on which may be the most workable solution for your individual requirements.
Fast Loan Approval – 24 hours
We fully appreciate the urgency of securing support and assets to replace damaged equipment and other requirements. As your broker, we focus purely on your interests and respond promptly to requests, work directly with lenders, and handle the entire loan process on your behalf. While communications may be down in your area, as soon as you can connect with us online or by phone, we can start your loan application.
Where documents to support the application are not easily accessed, we will work with you and our lenders towards getting your loan approved regardless. For personal support, individual service and assistance, connect with us to get your finance requirements handled and your business operational as soon as possible.
For natural disaster finance support and asset loans, contact Business.Finance on 1300 000 033 for competitive rate loans.
DISCLAIMER: THE SPECIFIC PURPOSE IN PROVIDING THIS ARTICLE IS FOR GENERAL INFORMATION ONLY. IT IS NOT INTENDED AS THE SOLE SOURCE OF FINANCIAL INFORMATION ON WHICH TO MAKE BUSINESS FINANCE DECISIONS. BUSINESS OWNERS WHO REQUIRE ADVICE OR GUIDANCE AROUND THEIR SPECIFIC FINANCIAL CIRCUMSTANCES ARE RECOMMENDED TO CONSULT WITH AN ADVISOR OR ACCOUNTANT. NO LIABILITY IS ACCEPTED IN REGARD TO ANY MISREPRESENTATIONS OR ANY ERRORS RE ANY DATA, SPECIFICS, POLICIES AND OTHER INFORMATION AS SOURCED FROM OTHERS.
