Business, Equipment & Home Finance for SMEs
The biggest issue which results in a frustrating, lengthy and time-consuming loan approval process, is information required by Lenders to process loan requests not being provided upfront by applicants and/or in an incorrect format. Information Required by Banks - Treat Requests Like a Tennis Match To facilitate a faster turnaround when the Lender requests information, [...]
The experience for many business owners is that it is possible to be profitable but not have enough cash. Logic says that if you were making a profit, you should have enough cash to pay your bills. However, this is not always the case! How can a business be profitable and not have enough cash? [...]
While the cost of finance is important, ensuring you have the right business finance structure is even more critical. When a finance structure is incorrect, it can have serious implications for a business. Business operations can be impaired and relationships with Lenders strained, not to mention how time consuming, and costly, it can be to [...]
When applying for a business loan, there are steps you can take to avoid unnecessary delays and frustration. Whilst economists are painting an optimistic outlook for the Australian economy, Lenders are adopting a more cautious approach, seeking detailed information and taking longer to approve borrowings. Against this background, there are steps business owners can take [...]
Providing Lenders and Brokers work together, the Broker involvement should not necessarily result in refinancing to another institution. With the right mindset on the part of both parties, Finance Brokers can help Lenders retain & improve their existing client relationships. Situation We were recently approached by an experienced small business owner to assist with refinancing [...]
During the past week the Small Business Ombudsman, Kate Carnell, highlighted the issues facing small business when seeking loans. In an interview in the Financial Review, she said "as much as Banks will say we have plenty of money to lend and they have, the problem is the Banks have a huge risk aversion and [...]
As Melbourne gradually opens for business, are we starting to see the green shoots of recovery as business owners shift their focus from survival, to rebuild and growth. Whilst many businesses and individuals have been severely impacted by COVID-19, the green shoots of a recovery are finally starting to appear! Stronger Recovery says Commonwealth Bank! [...]
Many businesses are finding it challenging to obtain business finance during COVID-19. Shutdowns and uncertainty as to when, and how long a recovery will take, has resulted in Lenders taking a far more cautious approach. Accessing Business Finance During COVID-19 - Uncharted Waters! Like everyone else, Lenders are in uncharted waters. As a result, policies [...]
The challenge of cashflow management is nothing new to most business owners! It is a reality they face every day! That said, a combination of: Low economic growth Tighter payment terms Customers paying slower Finance being more difficult to obtain and taking longer to access have all combined to make life even more challenging for [...]
Recently we have noticed an increasing number of business owners either entering ATO Payment Plans or considered it in consultation with their accountants. It could be coincidental; however, it would not be too far- fetched to assume it is in part due to the current economic conditions and tightening of access to credit from lenders. [...]
