It is important to remember that every single major corporation began with a thought in someone’s mind, and people have great business ideas all the time; the problem is often the funding, or lack of it. Simply put, without sufficient funds, your great business idea will remain just that, an idea, and the hardest part of setting up a new business can be securing the necessary funds to make it happen.
This offers the borrower many benefits, such as:
- Available without tax returns or financial statements.
- Long and short term solutions.
- Unsecured loan.
- Flexible repayment terms.
- Tailored to meet the client’s needs.
The online lender offers mezzanine funding with very fast approval and with the minimum of requirements, and in many cases, the traditional lender will reject the application as it does not meet their stringent requirements.
If you have some equity in your home and you would like to use this to set up a new business, a caveat loan would offer the lowest interest, and this type of loan can be arranged within hours, giving you instant access to the funds you need to get your business off the ground.
Bad Credit History
If you had some financial issues in the past, the traditional lender would look on a poor credit score in a less than positive light, however, the online lender can usually find a way to facilitate the loan application. If you have already tried several banks, you have nothing to lose by approaching an Australian online lender that specialises in helping those with a bad credit history.
If you can produce one or more of the following, you should qualify:
- Income Statement.
- Self-Employment Certificate with ABN.
- Business Bank Statement/Accountant Letter.
- Commercial Lease Agreement.
The great thing about the online lender is the speed in which they process loan applications, which is important if your business plan is finished and you are ready to go ahead. Traditional lenders tend to take weeks rather than days and that is not something that will help you with your project, which is why you should approach an online lender for a business start-up loan.
If you would like to find out whether or not you would qualify for a business start-up loan, a simple Google search is all it takes to find an online lender, and by entering the required information, you will very quickly find out where you stand.