Australian Governments, both state and territory and Federal, were swift to initiate support for businesses as the COVID-19 pandemic emerged and the economic effects become clearly problematic. But while considered generous and far-reaching, the support available was not sufficient to sustain all businesses through the extended period of the pandemic and many have ended up with credit issues. Specific industries and geographical locations faced their own set of challenges while individual business struggled with their own set of issues.
As the economy proceeds through what is being labelled the ‘recovery phase’ many businesses are finding themselves with a new set of challenges to overcome. The fall-out and flow-on of the nearly 2 years of restrictions – obstacles to acquiring cost-effective finance.
As specialist business finance lenders, Jade Finance has continued to support business with cost-effective loans through the pandemic and continues to provide specialised and customised solutions to suit business needs through the next and ongoing phases.
Bad Credit Business Finance
If turnover and support measures were not enough for a business to have essentially paid its bills through the pandemic, it may find itself with a bad credit rating. Providers and suppliers of a wide range of services as well as banks and lenders will report to the credit reporting agencies on defaults and other credit matters.
A credit profile is vital to loan application assessments and having a poor credit score can mean strict loan conditions, unaffordable interest rates or a straight out loan application rejection. At least by some lenders.
To achieve workable and cost-effective bad credit finance, the business needs to connect with lenders that are willing to extend under these circumstances and at realistic interest rates. Jade Finance is accredited with specialist non-bank lenders that operated only through industry channels. Our consultants work with and on behalf of our bad credit customers to source loan offers for finance for vehicles, trucks and equipment.
It can be expected that with a higher risk assessment, a higher than advertised interest rate would be offered and additional security or loan guarantees may be required by the lender. Each bad credit loan application is assessed individually and your Jade consultant will discuss what options are available to suit your requirements.
It is worth remembering that loan applications whether proceeded with or not are reported to credit agencies. When multiple applications are submitted this can be recorded as a negative in a credit report. A situation which can further exacerbate a bad credit rating. Sourcing a bad credit loan through a broker such as Jade circumvents this.
Cash Flow Support
To fully recover from a business and bounce back in line with economic forecasts, a business may need cash flow support in the short term.
One emerging area of concern for business is increased staff costs. Securing staff to fill roles may require offering increased wages and even sign-on bonuses and additional benefits. All extras that add to the cost outgoings and put pressure on cash flow.
Jade Finance can provide a range of business loan options to support businesses with ongoing expenses. These loan options can include Lender Overdrafts and Secured and Unsecured Business Loans. These loans are available at highly competitive interest rates.
Low Docs Business Loans
The post-pandemic era for some operators may represent the dawn of a new business. Many have experienced an epiphany during the pandemic and have made major life changes. One popular change has been setting up their own business. The employment situation in some industries has been tenuous and working for yourself has been an appealing option.
Starting a new business can be a great venture but sourcing finance can be, not so great. Lenders can have strict guidelines around business loan applications and new businesses can struggle to meet the criteria.
To assist new business secure the required finance, we offer Low Docs Business Finance. This is available for vehicles, cars, trucks and a wide range of business equipment. As the name infers, these loans can be secured with less of the financial documentation usually required to meet the usual application criteria.
An ABN is essential and the more financial information that is required, the better the prospect as a rule. The financials may include simply-prepared accounts, business plans and other support material. Guarantees by the business owners and a review of the personal finances may form a part of the loan approval process.
When approved, low docs loans are available for Chattel Mortgage, Leasing, Rent to Own and Commercial Hire Purchase.
We assist businesses with credit issues and those facing obstacles in securing finance with a comprehensive and professional lender service. Customers are assigned their own consultant that works to achieve individually sourced and structure financial solutions to address specific needs.
Our services are available to all sizes and types of businesses including SMEs, sole traders, owner operators, family enterprises, partnerships as well as large concerns. Finance is negotiated directly with our vast lending panel and consultants provide extensive support to customers through the entire process.
Contact Jade Finance 1300 000 008 to discuss business finance requirements
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.