If you’ve been in business for any length of time it’s almost guaranteed you’ve heard along the way you must have 2 years of financials to get a business loan.
Whilst it may have been true in the past (and some banks will still tell you this), loan options to business have moved on a lot since those days.
Can I Get A Business Loan If I Don’t Have 2 Years of Financials?
Opportunities don’t always wait until you have two years of financials.
Not all business lenders do either.
The longer you have been in business, the more profitable, the higher your credit score and the more property you own all contribute to having more lending options.
But they’re NOT attributes you MUST have to get a business loan.
There are opportunities to business that justify getting a business loan even when you’re a new business.
There are lenders who recognise this and can help.
3 Loan Options You Can Access Without 2 Years Of Financials
1. Unsecured Overdrafts and Unsecured Loans
Lenders accept applications from business that have existed for as little as 6 months.
They’ll review your bank data from this period to assess your loan capacity.
If you’ve been in business more than 6 months higher limits are available.
Been in business 3 years or more? Limits up to $300k are available without financials.
(If you have financials, unsecured loan options with limits over $1M are available)
2. Invoice finance gets you paid on your invoices the day you write them
This is a way to bring your cash flow forward so you can continue to go after more business.
Invoice finance is a great support to startups, those businesses struggling with growing pains or facing a challenging cash flow period.
Invoice finance allows you to claim up to 85% of your invoice value the day you write the invoice. When your customer pays it automatically clears any amount you’ve borrowed.
You can access invoice finance as soon as you have a contract. So if you started your business because you have a contract that’s day 1.
3. Private Lending is a Low Doc Solution
For those with property, private lending offers a flexible solution with the ability to defer and capitalise interest costs for 6 or 12 months.
Look for a lender who has a proven track record of funding amounts similar to the loan you desire and is flexible to enough to extend the loan at the end of the term.
Click HERE to learn more about your options
(Note: Loans and loan features are available to approved applicants only)
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