A Step by Step Guide on How to Get a Business Loan in Adelaide

Posted by Greg Samuel on September 14th, 2016

Do you need long term funding to fund business expansion? Then it’s time to get a business loan in Adelaide. These flexible financial facilities can be structured to suit the cash flow timing of your business. A good majority of businesses in Australia have business loans; in fact, according to APRA’s 2015 report on Monthly Banking Statistics, Australian lenders had 8.9 billion worth advances and loans on their books to non-financial corporations. 

Obtaining a business loan can be notoriously difficult especially for smaller businesses in Adelaide as most banks require some sort of collateral. But don’t worry—there are ways to improve your loan application’s chances of success. Instead of haphazardly applying for loans everywhere in the hopes that you are approved, ask an Adelaide-based loan broker for professional advice. You also need to be objective. Step back and check your readiness to borrow money using these tips that can boost your chances of approval: 

1. Check your credit history.

Download your credit report and examine the details on file. Look at the information they have on your business as well as your personal finances as the company owner or director. By becoming familiar with this crucial information, you put yourself in a much better negotiating position. This also lets you clear up incorrect details that may keep you from obtaining a loan. 

2. Clarify your needs. 

Why exactly to you need to borrow funds? What will you use the money for? How do you plan to repay the loan? A loan broker can guide you to the most appropriate business loan products based on your requirements and capacity to pay. 

3. Be ready with your documentation. 

Start gathering a dossier of documents that can support your application. This may include banking statements, invoices, your business plan, product prototype designs, forward revenue projections, and any business insurance policy you may have. 

4. Sell yourself. 

Think of a way to sell your business—and yourself—to lenders. List down important points such as what makes you better than your competitors. Try to put yourself in the shoes of lenders and banks. Why should they grant you a business loan? What security do they have they you will repay the funds? Do you have any assets that you can use against the business loan?

Just like putting up a business, applying and getting approved for a business loan in Adelaide requires some legwork and determination. You need to approach it with as much information as possible. A loan broker can help. 

About The Author:

Samuel Finance is a leading organisation for commercial finance and mortgage broking. They have a personalised approach to help you achieve a superior outcome for your personal or business finances. They provide finance for business loans, trading, working capital, property investment, development, home loans and more. They always strive hard to be a trusted advisor and deliver an outstanding level of personalised customer service.

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Greg Samuel

About the Author

Greg Samuel
Joined: October 14th, 2015
Articles Posted: 34

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