Your Partner in Growth
As more people becomes self-employed, lenders have begun to adjust their policies and criteria about lending to meet the demand, Lo-Doc loan with high interest rate is no longer your only option. We work with our self-employed clients closely to build a strong case to the lenders for borrowing and take pride to provide financing solutions that meets our clients needs.
Typically, a self-employed client will need to have operated their business for no less than 12 months to be eligible for most lenders, if you fall short of this criteria, we can look into alternative lenders for a more appropriate option. The documentation required by most banks are fairly standard and generally comprises of the following:
- Certificate of Incorporation
- Business Activity Statement (BAS) for the past 12 months
- GST registration confirmation for the past 12 months
- Six months of primary business transaction
Financing Your Business
Whether you’re a new business or existing business, chances are you’re looking at growing your business further. Here at Finance Engineering Australia, we understand the importance of growth, furthermore, we ensure that the growth is profitable for the business.
We offer customised lending solutions to various business types by partnering with over 20 lenders to ensure that your needs are met. Each lender is different and their appetite for different industry differs, therefore it’s important to approach the right lender the first time to save money and time.
Business financing is usually categorised into the following categories:
- Equipment Finance
- Operating Finance
- Capital Finance
There are several types of finances available when purchasing an equipment for your business, whether it be a motor vehicle, yellow goods or machinery, it’s important to understand the difference between the various types of finances to ensure effectiveness in tax and cost. Below are a quick snapshot of the different types and their main characteristics:
- Chattel Mortgage – offers competitive interest rate
- Hire Purchases – great tax deductibility
- Operating Lease – generally fixed term contracts
- Finance Lease – flexible repayment options available
- Car Finance – fleet leasing available
Cash flow is vital for a business; a sound business can become bankrupt very quickly if cash flow is overlooked. Our Finance Engineers are experts with budgeting and forecasting for businesses and projects, they will assist you to identify potential issues and develop a solution to mitigate the risk as well as strategies to minimising the cost of implementation. Typical operating finance are:
- Business Overdraft – can be secured or unsecured
- Line of Credit (LOC) – flexible option with repayment and redraw facility
- Debtor Finance – access funds earlier and mitigate the risk of bad debts
- Insurance Premium Finance – frees up additional cash flow
Purchasing and setting up a business can be cash intensive and most business operator will seek funding to help with the initial cost. By selecting the right financial product, a business can have access to funds sooner to achieve their goals.