Business lending to help your growth
Our wide selection of loans for small businesses can help you manage your cash flow, buy stock or inventory, and grow your business.
A business loan can be a cost-effective way to finance your small business’s needs. You may need cash flow, capital equipment, or supplies. We have the solution to get you back to work. Our Business Banking specialists are available to assist you with your Business Banking needs.
There are steps you can take before you apply for a loan to start a business. Understanding the various types of business finance is essential in order to choose the right one for you. Also, you will need to create a business plan and forecast the future to ensure your business succeeds.
It’s easy to get started with a business mortgage. All you have to do is request a callback from our team
Contact us now
0412 383 159 or 0430 551 680
JM Lending Solutions
Our office locations:
Bankstown, Sydney and Chatswood
ABN: 71 639 785 103
5 types of small business loans - What's right for you?
When choosing the right small-business loan to start a new business, there are many factors to consider. Here are the top small business loans available for any type of business. Speak to our experienced team today for help with one of our products.
The most popular types of business loans are:
- Equipment financing
- Properties
- Personal
- Micro-business loans
- Credit lines
Equipment financing
Many business finance lenders offer loans to start-up businesses that need funding to purchase equipment.
It is easy to get approved for an equipment financing loan. This is provided the business owner has good credit and can explain to the lender why the loan is necessary.
These types of loans are often approved by lenders because they can reduce late payment risk by using equipment’s residual value. Equipment financing loans typically have a maximum loan amount limit of $30,000. Any higher amounts may require the business owner to provide documentation to lenders about their trading history.
Property assets
Business owners with commercial or residential property assets are well-suited for property asset loans. Lenders will typically lend up to 80 percent of the property’s total value.
Businesses with a good credit record and current forward orders that support the authenticity of their business have an advantage when applying for a property loan.
Business owners are eligible for property asset loans up to $2 million once they have been granted.
Personal loans
A personal loan is the best way for business owners to get a loan. These types of loans are usually offered by banks and financial institutions.
Small business owners may have difficulty getting a personal loan from the bank if they don’t have a strong credit record and a business plan that demonstrates their expertise in their chosen field.
A personal loan can be obtained by a bank for a business that is able to pay up to $30,000.
Business leaders need to realize that higher loan amounts can mean higher interest rates. Businesses must repay their loans on a timely basis to avoid possible penalties or getting ensnared in loan debts.
Micro business loans
Micro business loans up to $20,000. Business owners may also be interested in applying.
The business must show that they have at least one personal asset, such as a car or house, and that they are earning at least $500 per week.
Credit lines
Many business owners prefer to use credit cards for financing their loans. Business owners who are looking to borrow small amounts of money can use credit cards. These loans are easy to repay and won’t put a huge dent in the company’s profits.
Credit lines come with interest rates, and if the company fails to pay their bills on time, it could lead to penalties and additional debt.
We are here to help.
There are so many loans and lenders that the idea of narrowing it down to one is pretty daunting. Even then, how do you even know you’ve chosen one that’s right for you? That’s where a broker comes in.