A lot of inquiry lately centres around the fact that a number of business owners are reaching out, needing working capital for a range of reasons to see themselves through the next six to 12 months.
A concern that people have when enquiring about business lending is revenue is down for a lot of them and their numbers might not look as robust as they are during normal times of trade. However, outside of the COVID environment, these current figures don’t reflect their business – as normal trade has them performing strongly.
If you’re in this situation as a business owner you’ve got property, one thing that you consider is that there are alternative options outside of the major banks and outside of the unsecured lenders. Some of these include loans that can come with up to 12 months of deferred interest payments available.
The benefit of this kind of loan is that allows you time and supports your business through the next period and provides you with that working capital support you might need without being a drain on cashflow at the same time.
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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