What are new business loans?
Young entrepreneurs who need to invest in a start-up but do not have enough capital in hand will need to take a loan. This is usually a good number of entrepreneurs. There are a number of lenders who are willing to provide this type of loan which is startup business loans.
However, what one needs to understand is that it will not be an easy thing to get these types of loans. Most of the times you will need to provide an assurance which can be in the form of collateral, which will assure the lender that you will repay the loan. Apart from that, you will have to go through a lot of paperwork and bureaucracies. In some cases, you will need to have a guarantor who will take the responsibility to repay the loan amount in case you default in making the payments on time. All these also will cost you a lot in terms of time and energy following it up, factors which may be limited as you want to start your business.
When it comes to starting up business loans, Australia has been overwhelmed due to the numbers. At Discovery Credit, we have come to your rescue as we provide convenient start-up business loans in Australia. With us, you can rest assured that our terms for business start-up loans are friendly and were made with you as the young entrepreneur in mind. We understand the pressure that comes with starting up a business, and we don’t want to worsen the situation by making it difficult to access financial assistance when you need it.
How much can I borrow for a new business loan?
Now the amount that you can borrow will depend on a number of factors. Your assurance or guarantor will be very crucial for loan approval. The loan amount that can get sanctioned will depend on the lender that you have approached. At Discovery Credit, we partnered with Max Funding to offer new business loans to any Australian in the range of $1,000 to $500,000. Now, this is truly a decent amount, not just for start-ups but also for well-established businesses.
The loan amount that we are offering is good enough for starting a business in different industries. It is because of this that we have clients from different industries and sectors. They approach us for loans for grabbing new growth opportunities or to maintain liquidity or to meet any other business needs.
Where to get new business loans?
Most of the young entrepreneurs in Australia approach banks for getting business start-up loans. But most of the banks have very strict norms for sanctioning loans. Besides banks, there are many other lenders and lending institutions which do offer business start-up loans. But in most of the cases, there are a number of formalities and a number of rules and regulations that need to be fulfilled in order for one to get the loan sanctioned. Most of the times a person who needs a loan for a new business may not have enough cash in hand neither will he have enough financial data. This will make it very difficult to have the loan sanctioned.
But we are lenders with a difference. While designing our start-up loans packages, we have kept specific requirements of new start-ups in mind. Here’s why people in Australia prefer to approach us for new business loans:
- We are always in favour of nurturing new businesses and helping them flourish in a big way in order to achieve their end goals. We believe in the power and unmeasurable potential of business start-ups, and we would love to be part of their journey to success.
- Most of the Australian lenders will ask for widespread financial records for up to two years. We do not require just extensive details.
- Most lenders in Australia need Australian Business Number (ABN) among other mandatory requirements in order for you to be granted almost all types of business loans. We, on the other hand, do not have any such mandatory requirement.
- We are willing to help out even those new entrepreneurs who have a bad credit history.
Start-ups need not bury their dreams under the unrealistic approach of banks. Discovery Credit can provide you with the right financial support which will help you carve a bright financial future. We give you the opportunity to design your business and future the way you want by providing the right financial support.