What is business finance?
Business finance is the business activity which is concerned with the acquisition and conservation of capital funds in meeting financial needs and overall objectives of business enterprise.
Can a broker help me with Business Finance?
Yes. Certain brokers are able to introduce business finance solutions to banks depending on their experience levels. First In Finance is qualified and accredited to provide business finance products to customers via the major (CBA, ANZ, WBC) and non-major (ING, Macquarie) banks. Generally this is achieved by undertaking training and assessments with each of the institutions.
Can it help with my business?
Depending on your working capital requirements, business finance can be very valuable to your business. It can be unsecured or secured depending on your needs, and can be flexible to meet your business demands. Business finance products can assist with the growth your business when purchasing stock or inventory (debtor funding or lines of credit), through to employing staff to get your product to market (commercial overdrafts).
What types of products are available?
Cash flow finance (working capital solutions), construction loans (property development), commercial overdrafts (manage your expenditure), business loans, business credit cards, merchant facilities (EFTPOS) or commercial lines of credit (LOC).
Who provides these types of products?
All major and second tier banks have some kind of working capital solution. There are also a lot of specialised lenders in the market that can offer great alternatives that can be more flexible and easier to obtain. First in Finance have relationships with these lenders also, and would be able to guide you to the right product to suit your needs.
Do I need financial statements for business lending?
No. There are providers in the market that don’t require full financials (profit & loss and balance sheets) and taxation returns to lend to you. In some instances there are products available where you can support your application for finance with BAS and business banking statements from your trading accounts** **These products may carry a higher interest rate and may not be suitable for all borrowers. First in Finance will be able to advise you on the options available.
How long does the process take?
Once we have done the initial assessment and taken an application from you, we can submit the loan and have an answer for you within 5 working days or less depending on the complexity and structure involved.
Do I have to pay First In Finance a fee?
Like home loan lending, we typically will get remunerated by the lender we are introducing the lending to. But in the instance where the loan is more complex and or more specialised, we may need to charge a fee for our service. We will always let you know in advance though so you can make an informed decision.