When it comes to business, cash is king…

Based on estimates almost 240,000 Australian businesses are at risk of failing because of the current COVID Recession.^#

Further to that, 30% of small businesses and 24% of medium businesses have less than 3 months in cash reserves.

As businesses continue to pivot in these challenging market conditions, many are looking to sure-up their working capital position with an unsecured business loan – before these loans become too challenging to arrange.

Getting an Unsecured Business Loan

Thanks to the Coronavirus SME Guarantee Scheme, we’re now able to help businesses access government-backed working capital solutions up to $250,000.

All facilities are unsecured, with no repayments for 6 months [interest capitalised] and loan terms of up to 3 years – giving business owners choice, certainty, and access to capital during this difficult period.

What you can use the funds for;

• Asset purchases
• General working capital and liquidity
• Marketing or advertising expenses
• Pay invoices, rent and operating expenditure
• Pay staff wages or hiring costs
• Project/job funding
• Purchase stock and inventory
• Payment of ATO debt considered

Product Features;

• Borrow up to $250,000
• Low Doc! No financials up to $150,000 [Bank Statements only]
• No minimum payments for 6 months [interest capitalised]
• Loan term up to 3 years or revolving
• No ongoing monthly line fees or account keeping fees
• Transact seamlessly via an online portal

3 Different Loan Options;

Working Capital Facility

• Revolving facility, only pay interest for what you use after 6 months
• Can be linked to any business transaction account
• Only one annual fee of $395

Term Loan Facility

• Receive a lump sum payment with an option for redraw available
• No penalties for early repayment
• Terms up to 3 years

Business Overdraft Facility

• One lump sum payment made directly to your account
• Redraw option is available
• Terms up to 3 years

Loan Eligibility

• ABN & GST registered for more than 12 months
• Minimum annual turnover of $100,000
• Minimum Equifax [Credit] score of 500

CASE STUDIES

Business Loan 1

• Industry: Automotive electrical services
• Requirement: Business overheads
• Loan Amount: $100,000
• Term: 24 months
• Considerations: + Solid pre-COVID cashflow, + Strong credit score, − Significant impact since COVID with heavy reliance on overdraft

Business Loan 2

• Industry: Wholesale trade / Computer peripheral
• Requirement: Inventory
• Loan Amount: $50,000 (split in 2 equal loan advances)
• Term: 18 months
• Considerations: + Returning client, + Diversified income sources, − 50% decrease in income post-COVID

Business Loan 3

• Industry: Construction / Carpentry services
• Requirement: Material purchase
• Loan Amount: $170,000 (split in 2 equal loan advances)
• Term: 24 months
• Considerations: + Steady income throughout COVID period, − ATO debt on payment plan

GETTING STARTED

If you want to lock in funding for your business now is the time to act!

>> For more details and to apply visit XpressBusinessLoans.com.au

If you have any questions or are not sure where to start just hit reply or call 08 8451 1500 – we’re here to help!

Cheers,

Sam, Matt & Andy
Urbantech Group
>>  See all of our best home loan rates here + a lot more…

Source:
# https://www.abc.net.au/news/2020-07-20/monday-finance-with-alan-kohler/12475160?nw=0

PS. COVID-19 Update – We’ve put together a simple resource to let you know of all the core lender changes and initiatives in response to COVID-19, along with a range of financial options and strategies for getting through this difficult time. To access this info click here