You own a bakery, cafe, medical practice, construction company, accounting Practice in Canberra. But you need a business loan to get started.
You may also need a business line of credit. You think small business loans are your best option. But you know that a traditional bank won’t give you one. Your credit isn’t in great standing.
However, you’ve heard about certain institutions that offer flexible lending terms despite bad credit history.
But where should you start?
You can choose between a merchant cash advance or a business instalment loan. If you’re a startup, you must have a business plan in place so lenders can assess the profile of your business.
More established businesses stand a better chance of getting business funding. Businesses with bad credit may have to pay higher interest rates and/or pledge additional collateral.
This article will show you the ins and outs of qualifying for small business loans. Read on if you wish to know more.
If you’re wondering how to fund my business in Canberra as a startup, you can get an alternative small business loan. When it comes to bank lending, bankers tend to stay away from startups. This is especially true if you’re starting a business in the first year. Lenders want to see cashflow that will allow you to repay the loan in the future.
Regardless of the setbacks, you can still get small business funding as a startup. To get the necessary funding, you need to possess several qualifications:
As a startup, you may need to pledge heavy collateral to get the funding you need. You can pledge your house as collateral. Or, you could pledge any type of collateral that would satisfy lenders.
You could also get funding if you impress potential lenders with your business idea or product. Moreover, you can connect with investors who typically offer business loans to startups. Borrowers can also convince investors or lenders with a compelling business plan and financial statements.
Additionally, your product or service may already be successful in the market. You stand a better chance of loan approval if your product or service is a proven business model.
When it comes to income, you could get a small business loan if you have a good income. You may not have business income as a startup, but good personal income could suffice with some lenders.
You can also increase your chances of getting a loan as a startup if you have a suitable credit rating.
The type of funding needed depends on your desired terms. Two primary business loans in Australia include:
For small business loans, the terms and instalment plans depend on the lender’s standards. However, some institutions offer a daily payment plan that helps businesses manage finances more efficiently. Moreover, a daily plan prevents borrowers from making heavy payments each month.
A small business loan is the right solution if you need to purchase new equipment or wish to improve your overall cash flow. You can qualify for a business loan if:
More importantly, you must demonstrate the ability to repay the loan regularly.
When it comes to paperwork, lenders often require minimal paperwork to apply. For example, you don’t have to provide tax returns or financial statements for loans that are below $75,000 in some cases.
And, certain institutions don’t require security obligations to qualify for business funding. In most cases, the funding amount starts from $5,000 to $300,000.
A merchant cash advance program offers the same funding ranges and terms. Additionally, it offers the same limited paperwork as the business loan program.
Like business loans, many merchant cash advances are unsecured loans. An unsecured loan doesn’t require you to pledge collateral or physical assets to secure the loan.
You could qualify for a merchant cash advance under the following circumstances:
A merchant cash advance is also ideal if your business sales tend to fluctuate. Moreover, it allows you to make flexible payments regardless of your sales pipeline.
Capify offers flexible loan options for small businesses. We serve the needs of businesses that cannot get financing or loans through banks or lending institutions. Due to strict lending standards, many Australian business owners cannot get the loans they need to sustain their businesses.
But Capify works with business owners of all stripes. With minimal paperwork, Capify can approve borrowers in 24 hours. Business owners can get business loans needed to hire additional staff or pay bills on time.
And, Capify doesn’t charge fees for applications. Best of all, Capify doesn’t charge interest rates for the loans.
The best small business loans are short-term business loans or merchant cash advances. A business-term loan usually lasts up to a year and provides a monthly or daily plan. Merchant cash advances offer the same limits, but lenders deduct a percentage from a merchant’s card transactions.
Regardless, daily deductions allow businesses to manage finances and avoid hefty monthly payments.
Want to learn more about business loans? Click here to learn how Capify can help you.
Once approved, the funds will be deposited in your account within 24 hours, not weeks or months.
Is your business seasonal? No problem. Our loans can help adjust to the highs and lows of your business cash flow.
Call us on 1300 760 930 and discuss your business loan requirements and loan amount.
Capify provides fast small business loans and merchant cash advances for working capital to retailers, restaurants, cafes, automotive, transport industries, construction and builders, grocery stores, health services, real estate, beauty shops across Queensland.
It doesn’t matter if you’re a small business from Brisbane Tweed, Sunshine Coast, Gold Coast, Cairns, Townsville, Tenentifield, Inverell, Port Douglas, etc. We can get your business loan approved in 24 hours. Grow your business with a very fast application process or loan application. Capify does not have interest rates and there are no fees and charges for an application. A quick quote is completely obligation-free. Instead of a variable rate, Capify uses a fixed rate so businesses can manage their cash flow effectively and budget. Because Capify looks at a business’s application on a case to case basis it doesn’t matter if you have a bad credit score, Capify will assist you through the process and you may still qualify to receive finance. Terms and conditions apply.
Capify also works with Canstar, Australia’s largest comparison site for business loans who are located in Brisbane, Queensland. They research and rate thousands of products and from over 730 brands across 30+ different categories including business loans, merchant cash advances, finance, banking, insurance, and super funds. Capify value their business loan comparison partnerships and have just launched a business affiliate partner portal.
Capify has business development managers all across Australia. A business owner may feel like they need to talk face to face with an advisor about Capify’s unsecured business loans, cash flow options, working capital, interest rates in order to grow the business. That’s why Capify has just hired a business development manager Dino Pacella who works in Brisbane, Queensland and in Perth, Western Australia who can assist with any small business loan inquiries.
With Dino Pacella being up in Brisbane Queensland, Capify can attend more FBAA business broker events to show what small fast business loan products Capify has to offer. FBAA (Finance Brokers Association of Australia) events are great for brokers to understand more about unsecured business loans, how we are different from the big banks and the fast application process to provide business owners with working capital without the high-interest rate. Dino has recently joined the Capify Australia team is a big supporter of the state of origin winners Queensland rugby league team the Maroons and looks forward to their next win.
Capify is Australia’s first small business alternative lender since 2008, we have built and maintained a google review of 4.5/5 or TrustPilot.
Speak to a lending specialist today on 1300 760 930 to get funds in 24 hours or start your application and apply now.
We don’t use interest rates for our funding solutions.
Instead Capify offers an agreed total payback amount. The payback amount depends on the type of business you operate and the term you require the business finance for. This way your business knows up front the total costs, making managing your cash flow easy.
Capify is a fin-tech and purely operates online. We do not have a physical branch. However, our office is in Parramatta.