Where Can I Find The Best Business Loan?
If you run a business, you will know cash flow is everything. Even if you are trading profitably a Business Loan allows you to keep your cash in your business. This is your buffer to any turbulent times.
We have access to 22 different lenders and can source you a great Business Loan from one of the big Banks, or other lenders. We have relationships with the right departments who will help make your Business Loan application nice and easy.
When we speak on the phone we will ask a series of questions to work out which lender will have a Business Loan that best suits your needs. We will also consider the lending criteria and tell you which Business Loan application process is easier.
What Types Of Business Loans Do You Offer?
As finance brokers we have access to a wide range of Business Loan products from multiple sources. These range from overdraft accounts, working capital and the purchase of plant and equipment including vehicles.
We can find you a great Business Loan for almost any business purpose.
Can I Get A Business Loan To Start A Business?
If you are looking for a Business Loan to start a business, we may be able to assist. The Banks will require an alternative income stream from your new business until your business has been trading for one or two years. This means if you are considering leaving employment to start your own business, you may consider securing the Business Loan before you leave your current employment, not after. It can sometimes be a good idea to go part time, keep some income coming in and then transition into your new venture.
If you have either a business partner or personal partner/spouse, we will show you ways your lending capacity may be increased.
Can I Get A Business Loan With No Financial Statements?
We have access to lenders who provide Low Doc Loans. See our page dedicated to . These are Business Loans where instead of providing financial statements, you simply sign a statutory declaration confirming your income. During the Business Loan application the Bank will not do any checks on your income. They will simply accept the amount you have declared.
These Business Loans are particularly of value when a business owner has been too busy to do their tax returns yet. Securing a Business Loan this way will be easier if you are asset backed. This means if you have a property (even with a loan on it) or other assets to support your Business Loan application.
Call a LoanBay Lending Specialist on 1300 11 70 30 to see if you are eligible.
Do I Need An ABN To Get A Business Loan?
To secure a Business Loan you need to have a business registered in Australia. The ABN, or Australian Business Number, is a number that identifies you and your business for tax purposes. You will need an ABN to secure a Business Loan.
What Does The Business Loan Application Involve?
Applying for a Business Loan is the same as applying for any other loan. The Bank will want to make sure your Business Loan is affordable and does not place in you in any financial difficulties. During the Business Loan application process you will be asked for your income, any current debts or obligation, your assets and liabilities. Your LoanBay Lending Specialist will guide you though this process over the phone. You do not need to know the exact figures during the application process.
How Long Does A Business Loan Application Take?
We can take a Business Loan application over the phone in under 15 minutes. There are parts we can do behind the scenes like do business registration searches. This saves you time.
You will be sent a privacy form to sign and return and may be asked for other supporting documents including Bank statements and a photo of your drivers licence. It is very important to send this information to us urgently so it does not delay your Business Loan application.
When Would My Business Loan Get Funded?
The Business Loan application process is quick and easy. As long as you send us the information we request straight away, expect to have your Business Loan funded within days. If there is anything that comes up during the Business Loan application process that we need to discuss with you, we will act quickly, honestly and try our best to get your Business Loan approved.
Does My Credit Rating Matter?
Most Business Loan applications involve a credit check. As long as the check comes back with no adverse credit, your Business Loan application will proceed smoothly. If your credit check comes back with any issues we need to work through, we will work through them together.
Why Choose LoanBay For A Business Loan?
We not only have access to 22 different lenders, but many of our staff have worked in Business Banking at the big Banks. We understand business. We understand Business Loans. We know what to ask you for upfront. We will put our best foot forward to secure you the best Business Loan deal, fast.
Our team are professional and passionate. Expect to experience efficient, friendly service. We will take care of your Business Loan application leaving you more time to do the things you should be doing – like running a business.
Call us on 1300 11 70 30 to speak with a LoanBay Lending Specialist about a Business Loan.