The struggle for small businesses is never ending. At no time have small business owners not needed capital infusions to either solve a business problem or help them grow. Friends and family money can only go so far. While very helpful, it cannot help a small business scale to where it wants to go. Turning to banks for a traditional loan is a good first step and any business should always take that step as they will receive the best terms. Unfortunately, banks are extremely restrictive and roughly 85% of small businesses that apply for bank funding are declined. Reasons for declines range from time in business, credit, the amount of capital needed, industry type, or when you need it by. Banks can keep you waiting a rather long time and require a lot of documentation. It can take weeks or even a month to find out whether or not you are approved and still weeks after that to receive funding if you were approved. If you’re in need of fast capital then this may not be the right choice for a small business unless of course you have a line of credit with your bank already set up.
73 Ocean Street, New South Wales 2000, SYDNEY
Contact Person: Callum S Ansell
P: (02) 8252 5319