Operating a business is not for the faint of heart. It takes a tremendous amount of time, planning, and capital. The same can be said for those looking to open a new business. New businesses are seen as high-risk since they have yet to become established. Most businesses at some point will need some type of loan, whether it is to solve a cash flow problem, fund a renovation or upgrade, or to actually begin your business. For those who find they are declined by banks, a funding company can be the perfect solution.
Business Loan Options
Max Funding Australia offers a variety of business loans to meet every businesses’ needs. The type of loan that you choose depends on your unique needs and your business’s situation. A fast business loan is in the range of $1,000 – $50,000. This is a secured loan. The loan term is typically one month to thirty six months. For this loan, pre-approval can happen in as little as five minutes, with money being received sometimes the very same day. This loan works for those who are looking to open their business, as well as established businesses.
An equity business loan works like a line of credit. It is great for established businesses, as well as start-ups. The loan is generally from $20,000 to $1,000,000 and the loan term anywhere from one to thirty six months. This is a secured loan, as well. This type of loan works well if your business needs to resolve cash flow issues or needs to have an upgrade or renovation.
An unsecured business loan is a loan where assets are not needed to secure the loan. For this loan, your credit plays a higher part in getting approved. The loan amount is typically from $1,000 to $300,000, and the loan term is shorter at one month to twelve months.
New business owners can find it difficult to get approved for a new business loan. Start-ups scare banks because the business is not yet established. Start-ups are high risk, and banks can’t be sure that the business will succeed. Funding companies have a startup loan designed specifically for new businesses. They believe every new business deserves a chance at success.
Franchise loans are almost the opposite. When opening a franchise, even though the particular location is new, it is not seen as high risk. The reason for this is that the business is already seen as established with the marketing, branding, name, logo, and so on already taken care of.
Why Choose a Funding Company?
Funding companies understand that when you need cash, you need it now. You do not have the time to wait to get approved. For some loans you can get approved in as little as five minutes and receive the loan in the same day. Other loans can take one to three hours for approval, or as much as a day. The application process is easy and hassle-free, and, once approved, you can expect to receive your money in a timely manner.