Business Line of CreditIndustry: SolarLoan Amount: $150,000

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Broc Finance is committed to small business owners with the financial support they need to succeed. Our team of lending experts understand the challenges faced by SMEs today and is dedicated to providing innovative financial solutions that meet their unique needs. Whether you need a Secured Business Loan, Refinancing or any other type of financing, Broc Finance can help. We are experts in getting flexible repayment terms, competitive interest rates, and fast approval times to ensure that your needs are met in a timely manner. The success in facilitating the funding and refinancing of the property is a testament to the importance of having access to expert financial services. In today’s competitive market environment, it’s crucial for homeowners to have access to funding that can help them refinance their property, seize new opportunities, and grow their businesses.

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Meet the business

Our customer was looking for a flexible business line of credit option which can allow him to use the funds on adhoc basis.

The customer shopped with few lenders directly (which caused multiple enquiries on his credit file) as well but was not able to find the optimum solution and that’s when they approached us.

Solar Industry

Queensland, Australia

The challenge

Our lending specialist took the matters in his hands and started with a personal consultation to understand his business requirement in detail. To avoid any further credit enquiries on his file, our lending specialist started by getting 3 indicative offers within a couple of hours.

The solution

Date

July 2021

Funded

$150,000

Turnaround Time

24 hours

Product

Business line of credit

Funding

Get Capital

At Broc Finance, we pride ourselves in helping our clients. The client found one of the options very attractive which ticked all his boxes plus was saving him almost 5% p.a in interest costs against the offer he received directly from a lender.

We’ll help your business reach new heights of success!

Get pre-approved without any credit checks!

Contact Broc Finance today to learn about our financing solutions

Choose loan options

1300 253 041 Contact Us

Learn more about unsecured business loans

What do you need to be eligible?

Be an Australian Business operating in Australia with an active ABN

Annual turnover of minimum $75k

Trade for a minimum of 3 Months

Profitable business with a good cash flow

Good credit score

Real results with real people.

67+ customer reviews

5.0

John Christian

Broc Finance were a pleasure to work with. Saroj took the time to understand the purpose for the facility and my business. In doing so, he secured exactly what I wanted, quickly and at a very competitive rate. I’d recommend Broc Finance to anyone looking for a finance facility who wants to work with a broker who can provide that personal experience that the Big-4’s just don’t offer. Great experience!! I look forward to working with Broc Finance in the future.

rupali bibra

Our company had an amazing experience with this company. We are so pleased with the service received from Mr Saroj. He went above and beyond to help us get out of the situation. We would highly recommend Mr Saroj who has wealth of knowledge and experience. His expertise in the finance industry assisted us to gain that financial freedom. Our case wasn’t easy and straightforward and took long six months to achieve our goals . Thanks for all the hard-work and patience while assisting us. Communication was so concise and clear . Always proactively communicating with us . Overall it was 7 star service .

Vivian Escudero

Exceptional service from start to finish! The team was fast, responsive, and made the entire process seamless, ensuring I felt supported every step of the way. I couldn’t recommend highly enough!

Amish Desai

A true professional with in depth knowledge of products and processes; Real time delivery of service, with a customer centric view, simply superb Saroj!

Harry Gill

It was Great to work with Saroj. He was very accomodating and helpful . The process of the loan was very simple and easy. Saroj kept me updated at every step. Highly Recommend Saroj . Harry

Niteesha Nagowah

We had an incredible experience working with Saroj from Broc Finance. He is incredibly knowledgeable, responsive, and guided us through the purchase of our company vehicle with expertise. The attention to detail and commitment to finding the best possible options truly set him apart. Highly recommend his services for anyone navigating the complexities of obtaining a finance. Thank you again for outstanding assistance.

Manpreet Kaur

Our sincere thanks to Saroj ji & his team for their invaluable assistance in securing the loan. We are extremely greatful for his exceptional service & support throughout the process. Highly recommend!

Greg Canal

Saroj Shah (Sas) was very easy to deal with and the outcome was just what we wanted and super fast. Thank you

FAQs about Business Line of Credit / Business Overdraft

A business line of credit is similar to having a credit card limit. You would be approved a line of credit limit at the start of the loan. Once the limit is set, you can utilise part or full of the funds as required and pay it back whenever you wish. You would be charged interest only for the period of utilisation of the funds.

A business line of credit could not necessarily be a right fit for any business. It all depends on the nature and term of funds requirement into your business. If your business has seasonal fluctuations in cash flow and you do not require the funds on an ongoing basis, a business line of credit would be right product for your business as you would have to pay interest only when you utilize the funds.

However, if a business has an ongoing requirement and you are likely to utilize the funds through out the year, a business term loan could be a better product as the borrowing costs may come cheaper as compared to a business line of credit loan. Please feel free to reach out to us on 1300 253 041 or send us a message in case you wish to know more.

A business line of credit may have the following borrowing costs:

Interest cost: Interest charged on the funds utilised.

Line fees: This is a small monthly/weekly/Annual fee charged by the lenders for facilitating you a line of credit throughout the term of the loan irrespective of your utilisation. This fee is charged on top of regular interest incurred on utilisation of funds.

Drawdown Fees: Some lenders may charge a small drawdown fees on each drawdown instead of line fees. This fee is charged on top of regular interest incurred on utilisation of funds.

Most of the lenders calculate the interest on daily utilization basis and charge monthly to the accounts.

Lenders may require you to pay the interest plus a percentage of the principal drawn on a weekly/fortnightly/monthly basis or simply amortize each drawing over a period of time (similar to term loan).

Generally, the term of a business line of credit range between 1 year to 5 years. Few lenders also provide a rollover facility at the end of the term.

A business line of credit may not always be the right option for your business as you may have a fixed term loan requirement, or an instalment repayment structure would be more suitable to the cash flow of the business. There are various alternative business loan options which we can help you with. Some of the popular options are secured business loan, business line of credit, debtors finance and invoice finance facilities. Please reach out to us on 1300 253 041 or send us a message. One of our lending specialists would get in touch in no time to assist you.

At Broc Finance, we endeavour to get the most adequate facility suitable to the business requirements of our clients. In most of the cases logged in through us, we try to get an indicative offer from the lender for our client’s consideration before proceeding with formal application and consent to credit check. This approach helps our clients to avoid unwanted rejections and credit checks which can significantly impact their credit score.

We would be happy to answer, if you have any other questions. Please contact us.

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Real results with real people.

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