The majority of Australian states are currently experiencing high cases numbers of the Omicron variant of COVID-19 which is having serious issues not just for those with the virus, but for many businesses. From media reports, it appears that many are striving to ride out the wave by adopting different approaches to their operations. But with government COVID support for business scaled back significantly, many operators may be seeking cheap interest rate business loans to support their operations through the Omicron stage of the pandemic.
Businesses are facing a raft of issues which are limiting their ability to operate at peak levels. Staffing issues are the most common problem at the moment. The lack of students and migrant workers available has been an issue across many industries throughout the pandemic. Agriculture and hospitality have been particularly hard-hit by that issues.
The high number of cases means many staff are furloughed with the virus. This is significantly reducing the ability to function at peak levels and for the full trading schedule. Medical, aged care, logistics and transport are particularly affected by this issue as is the hospitality sector and no doubt many other operations.
Hospitality, entertainment and retail are also being impacted by reduced customer numbers. A key reason being the large number of people in isolation with the virus or as a close contact. But trade has also been reduced, according to reports, by many customers choosing to be COVID-cautious and staying away from venues and retail.
Whatever the reason, if your business is experiencing the impacts of the current wave of COVID-19, Jade Finance may be able to assist you with cheap interest rate business loans.
Focussed Finance Options
We provide specialist business lender services which focus on the needs of our individual customers while offering a wide range of focussed finance solutions to address specific business pain-points. Working closely with our customers, our consultants source the cheapest loan offers from across our vast lender base.
With the capabilities and expertise to cover-off on options from multiple banks and non-bank lenders including specialist lenders, we save businesses time, hassle and money by achieving cheaper interest rate loans.
Interest rates in general are currently extremely low across all markets. With the RBA holding the cash rate at the historic 0.5% since November 2020, businesses are enjoying low rates across all business finance products.
Business Overdraft
If a business has a short-term cash flow issue, possibly through reduced customer numbers or by having to reduce operating hours due to staff shortages, a Business Overdraft offers a possible solution. Many businesses operate with an overdraft on an ongoing basis and they can be set-up either over a set timeframe or as an ongoing line of credit.
Overdrafts can provide a flexible finance channel to cover ongoing and essential costs when turnover is compromised. Interest is only charged on the portion of the overdraft funds used and only for the time the account is in overdraft.
Traditionally banks have been the go-to source for business overdrafts. But they are not the only lenders offering this type of finance. We have non-bank lenders that offer business overdrafts and at very competitive interest rates.
For businesses that may have been rejected by the bank for an overdraft or possibly are reticent to approach their bank for whatever reasons, a non-bank lender overdraft could be a very feasible alternative.
By engaging Jade, the business owner does not have to handle the lender negotiates or liaising. This will all be done by your Jade consultant which is sure to come as a relief to many business owners worn down by the past few challenging years.
Secured and Unsecured Business Loans
While an overdraft can be used for a range of purposes, Business Loans are more focussed in purpose and timeframe. This type of finance can be used to cover purchases of services and goods for which asset acquisition finance is not necessarily suited.
The purposes can include growing the business through expanding acquiring stock, recruiting and training new staff, marketing and digital services development and implementation amongst others.
A Secured Business Loan may be secured against the goods being purchased or other assets/property may be provided by the business owners. Unsecured Loans do not require security and as such will attract a higher interest rate.
Business loans is a quite a general finance category so give us a call to discuss your requirements.
Debtor Invoice Funding
The COVID situation is have widespread impacts. That can mean your customers are not in a position to pay your invoices promptly and that can be flowing on to creating cash flow issues for your business. Debtor Invoice Funding can be a cost-effective solution to this issue.
Funding is provided through one of our lenders to pay the business a set percentage of the invoice value at the time the invoice is issued and the balance when the customer pays the lender. Interest rates and terms are negotiated by our consultants to suit the individual needs of the business. Definitely a possible option to keep in mind.
Expert Support Services
The key take-out here is that no matter how small a business or how great a need for finance support, Jade Finance has the expert lending services to source cost-effective, cheap interest rate business loans.
Contact Jade Finance 1300 000 008 to discuss how the business loan options to support your business ride out the COVID wave
DISCLAIMER: NO LIABILITY IS ACCEPTED IF ERRORS OR MISREPRESENTATIONS ARE FOUND IN THIS ARTICLE. THE ARTICLE IS PREPARED AND PRESENTED FOR GENERAL INFORMATIVE PURPOSES AND IS NOT INTENDED TO BE THE SOLE SOURCE OF INFORMATION FOR MAKING FINANCIAL DECISIONS. THOSE REQUIRING GUIDANCE AND ADVICE SHOULD CONSULT A FINANCIAL ADVISOR.
