All lenders have one common concern: Can the loan be repaid? The reason lenders only want to lend to established businesses is due to the statistic of failure rate. New businesses typically will take some time to generate stable and sustainable sales and turnover. First time business owners also often need time to adjust expectation and expense control. Hence lenders are more reluctant during experimental stage of any new businesses.
To overcome this hurdle, FundSpot would consider your new business if you have prior experiences in the industry, a well-planned business, already obtain relevant qualifications or licenses and able to demonstrate the debt can be managed. Let our business manager to help you realise your dream, speak to us today.
|Best suitable For|| |
|Settlement Time*||As quick as 24 hours|
|Loan Term||Up to 36 months with Extension Option|
|Repayment structure|| |
Normally Principal and Interest
|Indicative Loan Amount||From $3,000|
|Asset Eligibility Criteria|| |
Non Financed Motor Vehicle
|Dedicated Account Manager||Yes|
|Interest Rate|| |
Our interest rate – Please contact us for a tailored solution for your business.
We are very confident that our rate is one of the lowest in the market, if you do find a lower rate, let us know, we will try to beat it.
|Save Interest|| |
*Turnaround time is indicative only and after signed loan contract is received. Fund transfer is subject to fund availability and settlement condition satisfied.
Not sure which loan product and features are best for you? Use our comparison
table. Otherwise, reach out to us. We’re happy to help!
To obtain a business loan, the business must comply with all general business laws include accounting practices. Many businesses started as a hobby or a side project before slowly growing into a proper business. To find out more about the difference between a business and hobby, this government website may be helpful to you.
Before applying for any loan products, you should always speak to a professional such as accountant or solicitor to ensure you are seeking the most appropriate solution according to your business plan. If you are new to being a business owner, this is particularly important and ideally you would like to have a mentor to guide you through. It is best to have a thorough understanding your finance position and avoid over commit into any unnecessary liabilities.
One of the many reasons entrepreneurs choose to purchase an existing business instead of starting from scratch is because there is proven record to show the success of the business. A creditable business should be transparent in all documents including but not limited to financial statements, premises and lease statues, equipment conditions and supplier connections. Although all these information assist the entrepreneurs to analyse and decide on purchase; lender unfortunately are unable to accept these documents on the basis that they only reflect the achievement of the previous business owner but does not demonstrate the performance of the upcoming owner; especially old business practices are often changed along with new management. Although the lender will consider the newly purchased business as a new business, it would still be of a better position than a business that is started from scratch. Our Business Manager would be able to guide you through the fine details of how that can positively help with the application, speak to us today.
The standard documents of ID and bank statement applies to all type of loans. For new start businesses, you may be asked to provide additional information about the new business depending on your circumstances, such as contract of purchase, business plan, business premises lease agreement or inventory purchase order. The more transparent you are about your plan, the easier it is for our Business Manager to help you.