What is the Impact of Cash Rate Increase on Small Businesses?
The recent jump in the cash rate has got all the small business owners scratching their heads about how it impacts their cash flow and
It’s been more than two years since Jocelyn has been running a successful mobile pet grooming service. She had managed to establish a loyal clientele with a strong team well adept with pet grooming on their own without her supervision or guidance. Amid the pandemic, her business significantly boomed because people were unable to take their pets to the groomers since most of those shops had closed; and there she was, taking her service to their doorstep.
With everything on track, she felt it was the right time to expand her business. Set up a brick and mortar pet parlour alongside her mobile business and increase the number of vehicles she owned for the service. The only problem was cash; where would she get the money? After exploring multiple loan options online, she felt it best to apply for short term business loans. Accordingly, she reached out to us. Here are the options that we presented her.
Since Jocelyn was in a hurry to access the funds and get approval as fast as possible; here were the options before her:
After going through all three options, Jocelyn found unsecured business loans and equipment finance most suitable for her needs. But, after due consideration, she chose an unsecured business loan because that was what she needed at the moment to jumpstart the expansion.
At that moment, her priority was to expand her business and establish a permanent salon for her furry clients and their parents. Buying vehicles would be the second tier of her business expansion project, which would come later.
Accordingly, she connected with us and made her requirements clear. Once done with the primary consultation, all she had to do was to wait as we matched her with the right lender who offered her lucrative loan term and rate. Believe it or not, thanks to her good credit history, even with minimal documentation, she got approval in 24 hours and received the funds in 2 days.
These days, she is focussing on turning her business dream into a reality, all thanks to the unsecured short term business loan she secured through Broc Finance.
Saroj is the Head of Lending at Broc Finance. He comes with 13+ years of experience in small business lending and has a knack of structuring complex deals and get the best outcome for his customers.
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