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the different business finance options
Business Term Loans are useful for financing longer duration projects and assets. The Term Loan is relatively inflexible and often has high early repayment penalties if the financing is no longer needed.
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Equipment Finance is a good option for financing equipment over the medium to long term. This range of products could be considered alongside a Business Term Loan.
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A business overdraft works in much the same way as a business credit card, but there are typically no minimum monthly payments as long as the balance on the account has not reached the predetermined credit limit.
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With a traditional invoice discounting facility, the fees include interest on the drawn facility limit, a line fee and the management fee or discount fee on the individual voice
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In this case the debtor is informed that the invoice has been sold to the finance company. In this case the finance company may liaise directly with the debtors to ensure timely repayment of the debt.
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Trade Finance or Supply Chain Finance refers to finance that is used to finance the trade of goods or services.
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* Total Interest Percentage of 7.58% on a 7 month loan equates to an annual percentage rate of 24.93%
+ Fixed Rate pricing is available to qualifying SMEs.
Example cost: Minimum total repayments over 30 weeks on a $20,000 loan is $21,631.80, for an average APR of 24.93%. The business loan cost example is based on the following business scenario;
4 years in business (or 2 years in business for asset backed directors) $20,000 in monthly sales, healthy credit, 100% business purpose.
Full disclosure of all fees is available here - https://businessloans.com.au/fees-guide/
