Funding to Start Up Businesses
Bringing a dream into reality can be difficult because most finance products are not new business friendly and require a business to be established and trade for at least a few months. This has always been a “chicken and egg” dilemma. FundSpot understand the struggle and is willing to offer a business loan catered for new start up with tailored loan amount, loan term and repayment structure.
Connect with our Business Managers today to find out what is available to you.
New Businesses Welcome
Flexible Repayment Options
Bad Credit Considered
Why is it difficult for new businesses to obtain finance?
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.
Start Up Business Loan - Fact Sheet
| Best suitable For |
|
|---|---|
| Settlement Time* | 1 day to 3 days |
| Loan Term | 1 month - 36 months (including term extension) |
| Repayment structure | We can design a repayment plan that fits your cash flow. This can be a periodical repayment (e.g. monthly), a lump sum payment or a combination of your choosing. To ease your commitment and allow maximum flexibility, a loan term extension may be available. |
| Loan Amount | |
| Asset Eligibility Criteria | Real estate property (mortgaged OK) |
| Dedicated Business Manager | |
| Interest Rate | Our interest rate is as low as 1.50% per month. 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. |
*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?
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!
Fast Business Loans FAQs
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 (insert link: https://business.gov.au/planning/new-businesses/difference-between-a-business-and-a-hobby) may be helpful to you.
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.
You can use our business loans for any business related purpose. Consider the urgency of the matter: working capital, paying wages, purchase of inventory, paying supplies and bills or fixtures. It is best to only apply for a loan amount where there’s a crucial deadline to meet. For other funding needs that has no time limit, spend your resources to investigate into your options. If you got a unique scenario, our listening ears are all yours. Talk 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.