Stuck in a quiet period or just starting your business? Then talk to the Finance Technicians here at Loantec about a small business loan. Whether it’s to help cover start-up costs, finance for a fleet of vans, or you just need a little bit to help cover wages for the month, Loantec has a finance solution to suit your needs.
Our team here at Loantec has more than 30 years of combined experience in finance and problem solving, and we have helped businesses across Australia get the small business financing they need. Fill in our pre-qualification form and one of our Finance Technicians will contact you to discuss all of your factual finance options.
Cash Flow Small Business Loan
One of the primary reasons small businesses get a loan is to help with cash flow. Certain times of the year can be a struggle for some businesses. During these periods, a small business loan could be the solution to your cash flow problems.
These loans can come in a variety of different types and it’ll come down to the lender, and how much you need as to which is best for your needs. In some cases, you may even be able to delay the repayment start date to suit the cash flow of your business better.
Line of Credit Financing
If you’re an established business, some banks and lenders may be willing to offer you a line of credit. This is similar to a credit card, where you can draw down on this credit to borrow money for a set period. Your interest rate and repayments may vary depending on how much of your credit you have drawn down.
This is a particularly good option if you need multiple small infusions of cash into your business, but don’t want to have to keep applying for loans and financing constantly.
Business Credit Cards
A bit of a no brainer, business credit cards are an easy solution to short-term cash flow issues. Similar to standard credit cards, business ones generally just have larger limits, better interest rates and more flexible repayment terms.
These are ideal for small businesses that need to buy products and stock from retailers that prefer card, or when cash flow is low, but not due to seasonal reasons.
Unsecured Small Business Loan
Generally, what most will consider when looking for a small business loan, unsecured loans are funds you receive from lenders that aren’t secured by an asset. Because there isn’t any security, unsecured loans generally have a higher interest rate and shorter loan term. Although, if your business has a good credit history and can prove your financial stability, you might be able to get a better rate.
When you’re applying for an unsecured loan, you’ll usually need to provide some basic documents:
- ID
- Financial history of the business
- Your businesses profit & loss statements
- Projected earnings
- Your business plan
Of course, not all lenders will require these, and some may ask for additional documents as well.
But what if you don’t have these documents available?
Low or No Doc Loans
Whether you’re a start-up, have only been operating for a short time, or just don’t have them on hand, not every small business has the documents normally required for a loan. This is where a Loantec low or no doc small business loan comes in.
Our Finance Technicians have 40+ years of experience and can help you secure the financing you need for your small business. Without the hassle of supplying every bit of paperwork traditional lenders demand.
Knowing your factual options is the first step. From there you can make an informed decision around whether a no or low doc loan is the right choice for your small business. Fill in our pre-qualification form and let our Finance Technicians help you today.
Secured Business Loan
If you want to reduce your interest and monthly repayments, then a secured business loan might be the right choice for you. As the name suggests, secured loans are funds borrowed against an asset. The value of the asset will be a major factor in your interest rate, as the more of the loan the asset covers, the better the rate you will get.
Most vehicle and equipment loans will be considered secured, as the vehicle or equipment will be used as collateral in the event you can’t pay off the loan.
Secured business loans are a great option if you are looking to expand your fleet of vehicles or have equipment you can use as collateral to lower the cost.
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Loantec Small Business Loan Options
Here at Loantec, we have a complete range of small business loans to suit any situation. Whether you’re looking for a quick boost to your cash flow, need ongoing finance for business expansion, or you’re a startup looking for a boost to get up and running, the Finance Technicians at Loantec are here to help.
We have a panel of more than 40 different lenders across Australia, giving us access to a complete range of small business loan products at extremely competitive rates. We can even help you access a portion of the SME recovery loan scheme as well.
If you want to know your factual finance options, fill in our simple pre-qualification form and one of our Finance Technicians will be in touch to discuss how we can help you with a small business loan today.