Small business finance options
If you’re looking to start up your own business, it’s important to understand your finance options. Those options include:
· business loans
Business loans can be difficult to get unless you can provide your lender with an asset as security or you can demonstrate that you can easily afford your repayments. One benefit of providing an asset as security is that you will get a lower interest rate. If your business loan application is approved, you will need to make regular repayments.
· business overdraft facilities
A business overdraft facility is an unsecured, short-term line of credit that you can use up to a pre-set limit. It’s like a credit card, except you can use it for any business expense.
· credit cards
A business credit card is also a line of credit that you can use. However, you may not be able to use a credit card for all your business expenses, like you can with an overdraft.
A credit card may also have a higher interest rate, though it may have an interest-free period. An overdraft will not have any interest-free period.
· invoice finance
Invoice finance allows you to get paid for customer invoices early. If you offer your customers credit like 30 day accounts, it can be a great way to boost your cash flow.
How we can help
If you’d like to keep on top of your business finances quickly and easily, our team at Scorpion can help you. We provide cost-effective bookkeeping support services to a diverse range of clients in South Australia, New South Wales and Victoria.
We can also help you to implement Xero bookkeeping software to help you do DIY bookkeeping. We are a Xero-certified partner.
Contact us today for a free, no-obligation consultation to find out how we can help your business!