Facing
challenges in securing a business loan? Here are 7 common reasons and how we
stand out, offering non-asset backed capital up to $600,000 to empower your
small business:
Bad Credit
Score: Traditional lenders often hinge loan approvals on credit scores, setting
the bar at 500 or higher. For many small business owners, especially amid the
pandemic, this requirement proves daunting. We can access lenders that
distinguish themselves by assessing your file without impacting your credit
score, with no minimum credit score prerequisites.
Incomplete
Application: Providing accurate, comprehensive documentation is crucial.
Incomplete or inaccurate paperwork can hinder lenders from assessing your cash
flow position and extending offers.
Inconsistent
Cash Flow: Lenders prefer businesses with steady monthly cash flows, showcasing
the ability to meet repayment obligations. Demonstrating multiple, consistent
deposits from diverse sources strengthens your application.
Existing
Debt: Many lenders hesitate to approve businesses with existing loans. However,
we can access lenders that remain open to funding businesses with existing
loans, regardless of product similarity.
Limited
Trading History: Longer trading histories often receive preferential treatment.
While some lenders require a minimum of 12 months trading history, we have
lenders that are open to businesses trading for at least 6 months.
Economic
Uncertainty: Amid economic uncertainty, banks and traditional lenders may shy
away from funding. However, we have lenders that have maintained funding
stability throughout the pandemic with minimal adjustments to lending criteria.
Perceived
Industry Risk: Certain industries are deemed “risky” by lenders,
leading to application rejections. We can use lenders that remain open to
industries typically restricted by other lenders, ensuring businesses across
diverse sectors can access the funding they need.
How Can We
Help?
We
prioritise supporting businesses where others have declined. We focus on your
current position and provide the capital necessary to thrive in the Australian
small business landscape, irrespective of past rejections.