Even in normal times of trade there are reasons a business owner could need access to finance fast.
How fast you receive your funds in your account largely depends on the type of finance you have applied for.
If you’ve applied for and been approved for an unsecured loan, that process could happen as fast as 24 hours and have funds cleared with the next day in your account.
If you’ve got an unencumbered property funds could be within your account within a couple of weeks. And the same is true if you’re doing a sale, at least back with equipment and machinery. If you’ve got all your ducks in a row, you process your paperwork quickly then you could be looking as fast as a week.
With traditional business bank lending the process is going to be slower.
So keep that in mind if you’re applying for finance, that if you’ve got unencumbered property, there are options that can help you quite quickly, and an unsecured loan is still the fastest way to get access to capital fast.
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The Commonwealth Treasury has approved the first participating lenders in Phase 2 of the Government’s SME Guarantee Scheme. Key information on Phase 2 of Government