Business Loans
Whether your business is naturally growing or you’re looking to expand, a business loan can be a great way to finance your future business plans.
Our mortgage brokers can help you secure the best loan for your business needs—from the lowest interest rate to the fastest turnaround time from application approval to funding.
We’re here to answer your questions and equip you with the information you need to make an educated decision on the best business loan for you.
Small business loans
What do you need for a loan?
Showing your financial history is key. This can include cash flow reports, profit and loss statements, liability statements, expense management plans, and balance sheets. Be prepared to lay this all out on the table in order to find the best small business loan.
Finding the right business loan for you
From a business overdraft and a fixed term rate loan to a business equity line, there are plenty of business loans you can look at.
Business equity line
A business equity line is designed for infrequent large value purchases, and uses the assets you have acquired for your business as collateral for financing. This type of finance is likely to require security.
Business overdraft
A business overdraft is an approved amount of funds that is attached to your business transaction account, which you can access whenever you need to. And as long as the overdraft stays under the approved limit, you pay back what you can, when you can. This is ideal for covering short-term requirements and is usually unsecured, but is likely to offer a cheaper interest rate than a credit card.
How much deposit do I need for a business loan?
Unlike a home loan or property loan, business loans don’t have a set deposit amount, as each business is different. Generally speaking, most lenders will ask for a deposit amount between 10% and 30% of the entire business loan; which you can obtain from working capital, alternative finances, external investments, or savings.
How much can you borrow with a business loan?
The bigger the loan, the stricter the lending criteria, so it really depends on your needs. Business loans have been known to vary from $250,000 to $50,000,000.
Which bank gives business loans easily?
Once again, this is entirely dependent on your circumstances, business finances, and the size of your business. At MortgageWorks, we’ll assess your circumstances and find the ideal business loan and lender for you.
