Hexicom works with all sizes of businesses, some well-established and some just starting out. To take the next step is often daunting and adding systems and processes takes time and money – how do you get your investment flowing?
A common restraint on growth is the strain on cash-flow from paying staff overheads and purchasing essential equipment leaving little to spend on productivity improvements through the use of an MIS software solution which would help grow the business.
The major banks are often not willing to offer much help to small business owners, as they like to see assets such as houses as security, which you may not yet have or don’t want to put at risk.
Thankfully, there are now many financing solutions tailored for growing small businesses, whether you are buying equipment, software, vehicles or need finance to help with your cashflow.
Let’s take a look at some options from our partners…
Specialist business lenders such as Prospa provide a streamlined process for business loans from $5,000 to $250,000 with the help of “Fintech” (Financial Technology) to assess the strength of your business rather than your assets to determine credit worthiness.
One of the key assessment criteria is the cashflow and spending pattern of your business, which can be quickly assessed by uploading your bank statements from your Internet banking website. The application process can be initiated by an online form and processed in the same day.
For equipment and assets such as cars and trucks, there are many specialist finance companies that cater for small businesses, offering a range of finance options via “No Doc”, “Low Doc” and “Full Doc” programs, designed to assist clients with varying levels of supporting documentation.
Just starting out…
Some financiers will consider applications from newly formed businesses, with some lenders that will even consider “One Day ABN” cases with “Low Doc”, to cater for those starting from scratch. There are many reasons why a client might choose a “No Doc” or “Low Doc” solution, including the need for a fast credit decision, lack the time to arrange the necessary supporting docs for a full application or simply they are yet to complete their latest financials.
In summary, for the small business owner or someone who is self-employed, there are many financing solutions available to help grow your business. A specialist finance broker can help you navigate this process and get you the best financing solutions for your growing business.