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. There are a number of lenders who are willing to provide this new business loan.

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 that is collateral, which will ensure the lender that you will repay the loan. You will have to go through a lot of paperwork. In some cases, you will need to have a guarantor who will take the responsibility to repay the loan amount if you default in making the payments.

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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 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 etc.

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 who do offer new business 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 to get the loan sanctioned. Most of the times a person who needs a loan for new business may not have enough cash in hand either 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 favor of nurturing new businesses and help them flourish in a big way.
  • 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). But we 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.

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