Business owners talking about loan
Published on November 11, 2020

Small Business owners are often faced with several challenges to get a business loan. It could either be to start a business, to grow the business, or to make any changes in it. As banks are quite stringent in the ways they approach small business, it is advisable to reach out to an alternative money lender rather than a Credit Union or a traditional bank. If you are a small business owner or planning to start something soon, all your business loan-related questions are answered in this article.

How to get a loan to start your own business?

The first and foremost step involved here is to be prepared with a plan explaining your business objective in detail. Once this is done, share the complete information with the lender regarding your proposed venture. Information such as your business plan, the investment required, bank statements, business possibility, and others. Some lenders have set criteria or prerequisites of documents and information. On the basis of the information shared, the loan experts can help procure capital for you. At Capital Boost, our specialists analyze your business and your need carefully and also suggest the right type of finance for you.

How long does a business loan take to get approved?

The approval process of the loan starts immediately after the application has been submitted. They will check if all the business loan documents are complete and in order. At Capital boost, we assist you to get your documents in order before we submit the application with a lender.

How much money do I need from a business loan?

This is the most important aspect before you think of getting a loan to grow a small business. Different lenders have different criteria and the loan amount depends on various factors like your turnover and the financial health of the business. Lenders usually check your documents and business opportunities in a particular market to decide how much to lend. At Capital Boost we help you secure business loans starting from $5,000 up to $5,00,000.

How to qualify for a business loan?

The eligibility to secure a loan differs. Some lenders don’t lend to new businesses, most lend for businesses that have been in operation for a minimum of 6-8 months. So, you have to carefully choose which lender to go to as per your requirement. Credit history plays an important role in securing the loan amount you seek. However, it need not be the only criteria and at Capital Boost we analyze and see the best possible way to secure you the loan you seek.

What documents are required to apply for a business loan?

Once your business plan is ready, the next prominent step here is to understand the documents required to submit the loan application. So what documents are needed for a business loan? As per a non-banking lender, the major requirement is the bank statement for six months, and a copy of the driving license of the owner of the business. In case your business is involved in cash transactions as well, then you might also need to submit the BAS – Business Activity Statement.

Conclusion

Although there are many lenders in Australia, many small businesses still struggle to secure the kind of loan they seek. In most cases, it is due to the lack of right documentation, low credit score, or ignored regulations. If you are a business owner and seek a loan to grow your business, ensure you plan it right and approach the right lender for your needs. You can always get in touch with us at Capital Boost for your immediate small business loan requirement. We will simplify it for you at every step.

 

Tagged in: Small business loan, Small business loans in NSW, Get a business loan, Business loan-related questions, NSW owners, Small businesses owners

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