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As a startup ourselves, we understand many startups like yours are likely to struggle to access the finance you need to kick start and take your business to the next level. We love to help Australian entrepreneurs get the loans they need to make their startup dream come true.
As the name suggests, a startup business loan is a financing method to provide you with the startup capital you need to turn your startup into reality.
Typically, startup business owners do not have enough business history to successfully obtain loans from banks in Australia.
Unlike going through a traditional bank, which has a very strict and lengthy screening process for startup loans application with minimal chances of approval, your startup business loan application can be made simple at Broc Finance.
Generally, to be eligible for a startup business loan, you need to have an active ABN. There is no minimum trading time requirement.
Generally, there are 2 ways through which you can get your startup business funded.
As a startup business, you can pitch your business ideas to investors who can fund the business in exchange for equity participation in your business. You can raise these equities through:
If you are a new business that has been trading for at least 6 months, you may be eligible for an unsecured business loan. This is the most suitable option for a new business as you do not need to provide any security against the loan. To be eligible for an unsecured business loan for startup businesses, it should be;
In case if your business is just started or haven’t started generating any revenues, you can still get a startup business loan by the way of securing a real estate property against the loan. There is no minimum trading time or turnover criteria to be eligible for a secured business loan. However, to get a secured business loan;
Exploring different types of financing options, including start up business loans in Australia, is crucial for finding the best fit for your business needs and growth plans. Like all financing options, getting a business loan for a start up has its own benefits and drawbacks:
As startup business loans in Australia come in many forms, it might be stressful for you to consider which one might be the best for your startup. Here are a few key components to help you evaluate your options:
If you are just having a startup idea and have not yet taken any actions to develop your business, it might be difficult for you to convince lenders to provide you with an unsecured business loan. The more established your startup is, there will be more options available for you. In this instance, your only available option would be a secured business loan.
Although you may be thinking the more funds the better to give you contingency in the case of unexpected events, it is better to come up with a clear amount of funding that your business needs. With an amount in mind, it would be easier for you to select the best option out of the startup business loans.
Generally, startup business loans are for shorter term so you should be careful with the repayment terms. You need to consider whether a weekly/fortnightly repayment option would be feasible or a capitalised interest or interest only repayment option would be more suitable for your business. Depending on your preference and eligibility, you may choose to go with a secured business loan or an unsecured business loan.
Finding the startup business loan with the right rate, terms and amount can be stressful. To avoid any unwanted outcomes, we work with our customers to find the best-suited loan for their businesses and help them avoid these mistakes. Simply complete the application form or send us a message and one of our lending specialists will be in touch to discuss your financing requirement.
A startup is a young, new business that is still in the early stages of creating its products or services. They are typically very innovative and eager to bring about change in their market. A company is called startup company if its not older than 3-5 years.
The startup business loan application has become simple and paperless without any hassle to take any printouts. All you need is to submit some basic details related to your business by completing the online application form and last 6 months bank statement of your business through a secured link provided by us. Additional documents may be requested depending on the type of startup business loan you are applying for.
This will depend on the required loan amount and your eligibility for an unsecured business loan. In case you are looking for a higher loan amount or does not meet the eligibility criteria for unsecured business loans, you would need to provide a security to get a secured business loan.
The interest rate charged by the lenders differs from case to case depending on various risks associated with the business, like Industry, scale of operation, cash flow, credit history, asset ownership and term of the loan.
For e.g. A borrower with poor credit history would be charged a higher rate of interest as compared to a borrower with a good credit history. However, in general the interest rates typically range between 1.5-2.5% p.m.
Lenders would run a credit check only after obtaining a consent from you.
We have tie up with lenders who are happy to look at businesses and give them a second chance who had bad credit history in the past but have robust cash flow at present. Please get in touch with us for a free consultation.
Contact us today and discover how our expertise can help your small business thrive.
CALL US
1300 253 041
EMAIL US
enquiries@brocfinance.com.au
Broc Financial Services Pvt Ltd.
ACN 648 088 304
Credit Representative number 540795 is Authorised under Australian Credit Licence Number 389328