In light of uncertain times, yet another bank has made things that much harder for Australian entrepreneurs looking to expand. Recently ING made an announcement that they will no longer be accepting residential property as loan security. This together with pending Federal Elections is creating even more uncertain conditions. All of this is making SMEs nervous to borrow. Because now more than ever, it is becoming increasingly hard to access easy business loans via traditional channels.
Federal elections making SMEs wary
There have been so many changes in lending laws recently that SMEs are now skittish to expand. Add to this pending Federal Elections, many business owners are waiting on any expansion. This, according to a recent report revealed that 50% of Australian small business owners are uncertain about how the election policies will impact their operations. They are therefore delaying investment strategies altogether.
The report also outlined “high-energy costs, excess red tape, and increasing government grants” as being the top priorities small businesses want the Federal Government to address. SMEs are hoping that Government and Corporate grants will be re-looked. Essentially they are really asking for less complexity and compliance factors that will provide for quick and easy business loans.
So what should small businesses do in the meantime?
Does it pay to wait? Well, the Deloitte/ Westpac Small Business report says “not really.” While it makes sense that people are worried; business should prevail. In fact, the report goes on to suggests that the businesses that push forward will actually emerge victoriously. Larry Prosser, CEO of Beyond Merchant Capital, is encouraging small business owners to embrace this interim period, “While everyone is pausing,” he says, “Small business owners should persevere and get proactive. With a tricky financial year ahead, we want to work together with SMEs by pledging unlimited alternative funding to elevate small businesses – in spite of uncertainty.”
A quick way for SMEs to get easy business loans
Backed by Capricorn Capital Group and RMI Holdings Ltd, Beyond Merchant Capital has pledged uncapped funding for hardworking Australian businesses to grow their businesses. Beyond Merchant Capital has re-designed the way small businesses get funding. Offering one upfront factor fee with no ongoing costs for unsecured loan products. This is a welcomed change from traditional lenders who are raising interest rates and banning houses as security. Prosser says, “Now more than ever, business owners need to think out-of-the-box. Our lending supports retail operations with a Pay-As-You-Trade model, where an agreed percentage of each EFTPOS transaction repays the loan. It’s an absolute game-changer for SMEs.” What’s more, there are no establishment or setup charges, transaction fees, late fees or early payout fees. Business funding so transparent simple and straight forward, you don’t need a SMART Box loan summary to decipher the repayment amount.
Speak with a lending specialist today about funding the growth of your business.