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Got big plans? Get flexible funding
When you need to take your business to the next level, be it with more inventory, hiring staff, or taking on new competitors, it’s likely (and safer) to use long-term liabilities to achieve long-term goals. Amortising (paying off in instalments) your liabilities with an unsecured business loan can free up cash flow for the day-to-day and help your business excel. With a specialised business consultant helping you through the process, you and your business can find flexible funding from over 25 of Australia’s leading business lenders without a security or existing assets.
Save time and money
When it comes to unsecured loans for small business, banks often say no; or they make you jump through hoop after hoop to get approval. With a Savvy business consultant on your side, you can gain approval faster. This means you can pounce on a new opportunity or get cash flowing immediately.
We offer overdrafts, lines of credit, cash flow loans, invoice financing, traditional unsecured business loans, and much more. In many cases, your business loan can be approved in as little as 24 hours.
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Your helpful guides to unsecured business finance
Know even more with our guides to unsecured business finance
The two kinds of invoice financing
Invoice financing is a flexible funding option available to business. A bank or lender pays out close to the full amount due on an invoice, which means a business has working capital instantly instead of waiting for payment from a third party (which can extend out to 90 days or more in some cases.) Lenders can pay on a contract basis or “pay as you go.” Some contracts may lock you in for 12 or more months. Other “pay as you go” providers may take a greater percentage of the final amount. Either way, they do help cash flow faster.
Why borrow? Follow the “OPM” rule
If your business is starting out or looking to expand, you should refrain from using your own short-term profits to buy long-term assets. According to the ACCC, this is the most common reason for small business failure. The best way to increase your own profits is to use the “OPM” rule – “other people’s money.” Getting investors in the private sector is difficult, and you may have to sell shares of your business to attract the funding. A loan does not require you to give up shares, and you pay off a loan over time at a fixed cost, that also lets you plan ahead.
What do I need to be approved?
We live in a digital age and in many cases, we can use our accounting software such as MYOB, Xero, and others to gain approval for unsecured business loans. If your business doesn’t use cloud accounting, you may have to submit financial statements, balance sheets, or profit and loss statements the old-fashioned way. In some cases, unsecured business loan products are restricted to new businesses. Businesses that are fewer than six months old will find it hard to gain approval for business loans and lines of credit. New businesses may be eligible for chattel mortgages or hire purchases, as they are a type of secured loan.
Overdrafts, lines of credit, and more
To free up working capital to ride out short-term cash flow problems or seize flash opportunities, a business can apply for overdrafts or lines of credit. An overdraft is attached to your business transaction account. The overdraft comes into effect if your balance goes into negatives. This way you can keep spending to cover wages, sudden expenses, etc. A line of credit is not linked to your account, and can be accessed at any time. Both require your business to pay interest on your borrowed amounts, however.