Been knocked back? We understand that business loans can be challenging, and we can help.
Cashflow can make or break a business. We’ve worked with many small businesses over the years and we know that finding suitable business finance to fuel growth, can be a real challenge. It’s important that a business loan aligns with both your short and long-term needs but we know that sifting through the many different loan options and lenders can be exhausting.
Cue Loan Gallery Finance. Our experienced brokers ensure you secure the best possible finance solution so that it works for you and your business. Running a business comes with its fair share of challenges and stresses but thanks to our experts, finding suitable finance has never been easier.
There are many different types of loans — below, we take a closer look at some of the loans that are most popular with our customers.
Getting cashflow into your business while purchasing the equipment you need to thrive, shouldn’t be difficult. After all, assets and equipment can generate immediate income, present potential tax advantages, preserve working capital and so on.
So what can be financed?
Any asset, plant or equipment that can generate income for your business has the potential to be financed. Examples include: motor/commercial vehicles, plant and machinery agricultural and solar power equipment, computers, phone systems, medical/dental equipment, office equipment, internal fit-outs and other business equipment.
Looking to buy commercial real estate or an existing business or franchise? Consider taking out a term loan. Generally speaking, this type of loan can be used for two purposes: business or property. While business purposes can include buying a new start-up or even expanding an existing business, the types of property a term loan can be used to buy are wide-ranging. They can include vacant or to be developed land, specialised property such as aged care facilities or hotels and so on. If you’re in doubt about what you can use a term loan to purchase, it’s best to speak with a broker.
If your business needs access to extra funds fast, an unsecured business loan may be the best option. The key benefit is that accessing cash fast is made easy thanks to the relatively simple application process, which is great if your business needs a quick injection of money.
Unsecured business loans are a highly competitive market in Australia and loan amounts can vary from anywhere between $5,000 to $250,000. Given there is greater risk to the lender, interest rates are usually higher while loan terms can be shorter.
Having fast access to cash is great and can be useful for businesses but it’s always important to weigh up all of the pros and cons. Loan Gallery Finance helps you to make sense of business lending and will present you with the finance options that best benefit your business in both the short and long-term.
When you need a business loan to help with any immediate or day-to-day costs, Working Capital Finance is a great solution. Whether you need to pay your suppliers, cover wages, add inventory or make an investment towards your business’s growth, this type of financing is a solid option.
In some cases, the savings in your superannuation fund can be used to make investments across a range of asset classes. When you transfer your super to a new or established Self-Managed Superannuation Fund (SMSF), you may be able to use gearing to purchase property. This sees lenders using your SMSF as a deposit and loans start at just $100,000 to purchase property. The income generated from the rental can then help meet your repayments.
In terms of commercial properties, you may be able to use your SMSF to purchase a property that will be occupied by your business, providing the rent is at market rates.
It’s important to note that many rules and regulations govern your SMSF so always seek advice from a financial professional (your accountant or financial planner for example) to ensure you’re making the right choices for you.