How to get a business and commercial loan
Getting a business or commercial loan can be a very daunting process. However, don’t be overwhelmed. As local finance brokers in Perth, we can sorted out everything you need to know for an application to have the best success. Please read through our tips so we can prepare your application with confidence.
What you need to consider before applying for a business loan:
You need to think about a number of things before we submit your business loan application. We need to understand exactly what type of loan your business needs including the funding purpose, how much you need to borrow, the duration of the loan, how you plan to repay the loan and what security are you able to provide when applying for the loan.
How you access the loan funds will depend on the type of loan we apply for. For example, you may need access to the loan funds regularly, like to help with your business’s cash flow. In this case, an overdraft or line of credit might work best.
But if your business loan is for a specific purpose, such as renovating your business premises or buying new computers, you’ll
probably need a one-off sum upfront. In this case, a fully drawn advance or chattel loan will probably meet your needs.
Your financial commitment and repayments are dependent on the term and length of your business loan. You will need to meet interest regularly to continue to secure the loan. A robust business plan and cash flow forecast is always a good idea before setting out.
You may need to use your assets to help secure your loan. These assets could be residential or commercial, or even other business assets – some loans don’t need any assets for loan security. However, in general though, if you want the lowest interest rate
on your loan repayments, you may need to provide some tangible assets as security.
We hope we’ve given you enough information to help you consider that business and commercial loan application.
To help your business application success with our expert guidance and experience please contact All Nation Finance – we are experts with 30 years’ experience.
Contact Alan on mobile – 0424 185 442 or email: email@example.com