SMALL BUSINESS LOAN REFINANCE RESULTS IN A 10% INTEREST SAVING
Our client initially reached out to us to get some additional funding on top of his existing loan to invest more in his business for this EOFY. With existing loan on hand, he knew he had a slim chance of getting a new loan at a better term.
Our lending specialists assessed the client’s financial situation and advised him to look into refinancing his existing loan as the same appeared quite expensive. The client agreed to the suggestion, and our team pitched the case to the lender.
Through our extensive network of lenders, Broc Finance was able to get the client funded for $125,000 by refinancing his existing $100,000 loan within just 48 hours. Compared to the client’s previous loans, not only he was able to get additional funding of $25,000 but also got the previous loan refinanced at a massive 10% cheaper rate. The client was amazed that we were able to achieve his desired funding while reducing the financial weight on his shoulders, which he thought was impossible.
At Broc Finance, we always try to go the extra mile to get extraordinary results for our customers!
If you have a scenario to discuss, feel free to contact us or get an indicative quote.
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What are the benefits of Small Business Loans
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FAQ's About Small Business Loans
With the advent of technology, the small 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 small business loan you are applying for.
To get a secured small business loan, all you need to have is an ABN and free equity in your property.
To get an unsecured small business loan, you need to meet some basic qualification criteria such as:
- Have an active ABN;
- Be operating for more than 6 months; and
- Be turning over more than $5,000 per month in the last 6 months.
In most of the cases, for a small business loan up to $150,000 you just need to submit a 6 month bank statement and a valid Identification proof to get an approval. For complex or large ticket loans above $150,000, you would generally be required to submit the financial statements, BAS and ATO transaction statements.
The lenders understand the nature of urgency for small business owners. You may get the funds into your account within 3-4 hours as well. On average it generally takes 24-48 hours to get an unsecured business loan approved.
There is no mandatory need to have security to get a small business loan. Small business loans can be obtained as a secured as well as unsecured facility. However, for a new or start-up business operating for less than 6 months, you would require security to get funded.
Yes, possible. However, to get a small business loan for a new or start-up business, you need to pledge a security against the 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 10-20% p.a.
Generally, small business loans are for shorter terms and can be anywhere between 3 months – 36 months. In most of the cases, small business loans are offered for a 12-month period.
Traditional Banks do offer small business loans, but they always maintain a strict and lengthy screening process which makes it a difficult and time-consuming process for a small business owner.
Opposed to Banks, there are various non-bank lenders and fintech companies who specialize in providing business loans to small businesses. Broc Finance is dedicated to assist small businesses with an easy and streamlined process to obtain a small business loan through its panel of non-bank cash flow lending partners with possibilities of financing within 24 hours. Please get in touch to know more.
Lenders would run a credit check only after obtaining a consent from you.
The loan application is obligation free and there are no application costs involved. You’ll be charged an origination fee only after your loan is approved and disbursed into your account. The origination fees differ from lender to lender and generally ranges between 2%-5% of the loan amount. The origination fee is a one-off fee and is on top of normal interest charged on the loan amount. Please contact us if you wish to know more details.
We have lenders on our panel who generally lend to almost every sector, so essentially there are no restrictions (barring a very few industries). In case you are sceptical about whether you can get funded in your industry or not, please let in touch for a free consultation with one of our lending experts.
With advancement in technology, submitting a bank statement has become super quick and easy without compromising the security. On receipt of the loan application, we would provide you with a safe and secure link to share your bank statement with us. This process makes the loan approval smooth and fast as we can receive your bank statement within minutes and proceed with the loan approval process instantly. Please note: With increasing fraud and forged documentation, lenders are no longer accepting PDF bank statements.
Generally, lenders consider the cash flow of the business to arrive at your borrowing power. They look into various other fields such as your credit score, past bank dishonours, industry, number of years in the business, age of the promoter/directors, existing personal asset/liabilities etc. to make a lending decision on the file.
Getting a small business loan with bad credit history could be tough and expensive; however, it's not impossible. 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.
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.