Specialist Lending Services for SME Small Business Loans

Yes. Sole traders and self-employed operators are eligible to apply for credit as a small operator. A number of set-up structures are included in the definition of small enterprises. These include self-employed, micro operations, partnerships, sole traders and companies.

The same selection of credit products is available for small and medium enterprises as for all commercial operators. These include asset acquisition options of Chattel Mortgage, Leasing, Rent to Own and Commercial Hire Purchase; as well as secured and unsecured options.

No. The interest rate offered on all commercial credit applications is based on an individual lender assessment of the inclusions in the application. The rate will be determined by the credit rating, financials, strength of cash flow and turnover, amount requested, industry, amongst other factors. Where a small operator has a good credit profile, strong financials and trading history, a lower, competitive interest rate is a realistic possibility.

Yes. Partnerships would be considered as a small-medium enterprise. Trucks can be acquired with the choice of Chattel Mortgage, Rent to Own, Leasing or Commercial Hire Purchase.

New motor vehicles including cars, vans, utes etc may be purchased with the operator’s choice of credit product. These include Vehicle Lease, Chattel Mortgage and Hire Purchase. Operators are encouraged to speak with their accountant as to which product is most suitable for their operation.

The interest rate on credit products for small and medium enterprises is determined by an assessment of the application by lenders. Rates will vary depending on the credit profile, strength of financials and other factors. Competitive rates are achievable for many small operators. Operators may use lender advertised rates as a guide for planning purposes.

When applying for commercial credit, lenders request a range of documentation around the status and trading history of the operation. Where an enterprise has not been operating long enough to acquire the full documentation, Low Doc and No Doc options may be sought. Some lenders may also assess applications for some products based primarily on turnover for as little as the past 6 months.

Yes. Once approved for a particular credit product, small enterprises may be entitled to realise the applicable tax benefits. Subject to meeting ATO criteria. The benefits vary with credit products in regard to what outlays are tax deductible.

The credit term approved for small enterprises is based on lender assessment of the application. The decision may include consideration of the age and condition of the goods, the amount requested, the lender’s individual guidelines and other factors. For some commercial credit products, terms of up to 7 years or 84 months are achievable.

Yes. Pre-approved motor vehicle credit is available through most banks and lenders. The application is submitted, or quote requested, based on an estimate of the amount required and an indication of the vehicle being purchased. Rates and conditions may vary with used versus new vehicles. So it is important to give an indication of what car is intended to be purchased.

Approval times of applications for small and medium enterprise credit may vary across the lender market. Banks and lenders will have their own procedures for approvals and these may entail varying timeframes. Some brokers and lenders can get approvals within 24 hours. Once approved, the final paperwork needs to be completed for settlement. This may also only take a few days. If requiring fast turnaround, this should be mentioned on submitting the application.

Yes. When approved for credit, small operators are entitled to all the features of that credit product. That includes a balloon for Chattel Mortgage and residual for Leasing. The amount of the balloon is subject to individual lender approval.