fbpx

Blog

COVID-19 Update – Business as Usual

March 25, 2020

We’re open for business and we’re here to help. In these unprecedented times, it’s more important than ever that you get the support you need and we’re here to make sure you get the best possible financial support and the best possible outcome for your business.

In support of the Government recommendations, we are restricting face-to-face contact until further notice, but as always we’re available to talk 24/7 to help you keep your business running.

Please contact your broker directly for any assistance you may need. You can find their details on our People page.

Read More

Insurance premium funding is a winner for SMEs

March 4, 2020
Insurance Premium Funding is a winner for SMEs

Australian consumers are regularly offered the option to manage their payments on a monthly basis – for utility bills, vehicle registration, installment plans on major purchases, health insurance and even their life insurance premiums. This takes some of the pain out of personal budgeting.

Read More

Get help from a Finance Broker

January 14, 2020
Get help from a Finance Broker

The Australian lending market is flooded with many different types of loan products, and this poses several questions for hopeful small business borrowers, especially those who are time poor (and who isn’t?):

  • What kind of loan product do I need?
  • How much can I afford to borrow and repay?
  • Where can I get the best interest rate and other conditions?
  • How can I compare the available loans?
  • What does all the technical jargon mean?

This is where the finance broker comes in. A finance broker is an intermediary between the lender and borrower, arranging a loan in return for a fee.

How finance brokers can help small businesses

Capable finance brokers:

  • Have a detailed knowledge of the loan market
  • Are independent and not tied to any particular lender
  • Can assess your financial situation and needs and find suitable loan products with competitive interest rates
  • Explain any financial and legal terms in the documentation in simple language
  • Assist you throughout the loan application and settlement process, and beyond

Finance broker fees

Finance brokers act for the borrower, not the lender, but in the vast majority of cases it is the lending financial institution, not the borrower, who pays the broker’s commission fees.

Preparing to meet your broker

To get the best results, it’s a good idea to do some preparation before your first meeting with your broker. Plan to explain clearly what your business does, how it is structured, and who your main competitors are. Think about your business goals and targets, opportunities and risks, so that you can communicate these clearly. Be prepared to outline the purpose of the funds you hope to borrow – that is, provide details of how you will use the cash to help your business proper.

You should also take the following documents along to the meeting.

  • Latest financial statements: Your balance sheet and Profit & Loss statement, your cash flow statement, any management accounts, your budget or forecast for the coming year.
  • Business tax returns: The last two years’ returns.
  • Business Activity Statement: Take a year’s worth of BAS – the last annual statement, or the last four quarters.

Questions you should ask your broker

Your finance broker will certainly be asking you many questions, but there are also lots of questions you need to ask in return, including:

  • Would a line of credit, or a term loan, or lease finance, or some other form of finance, suit my particular needs best?
  • If you think a term loan is best, what term do you recommend?
  • How much do you think my business can afford to borrow and repay?
  • Will I need to offer property as security for the loan? Will it need to be my home or commercial property?
  • Should I be looking for a fixed or variable interest rate?
  • How many lenders do you work with?
  • Do you have testimonials from previous customers?
  • How much is your commission, and who will pay it, me or the lender?

While your broker may not be able to answer all of these questions at the first meeting, you should expect full responses before you commit to the recommended finance.

Talk to us now

We’re here to help you find the best finance solution to help your business grow.

Call us on 1300 732 201 or email us at info@linxaustraliagroup.com.au

Read More

Sustainable finance for the construction industry

January 10, 2020
Sustainable Finance for SMEs in the Construction Industry

The United Nations Environment Program has reported that the building and construction industry use 40-50% of all global energy use and 40% of global raw materials. It also accounts for 40% of solid waste and greenhouse gas emissions. More and more SMEs are looking to help improve this with sustainable finance.

Read More

Helping Those in Need

January 3, 2020
Linx Australia Group - Helping Those in Need

Linx Australia Group are committed to being a responsible business that gives back to the community. We are honoured to start the year by working with charitable associations such as Drought Angels and St Vincent de Paul (in collaboration with Mr. Hudson) to help those less fortunate. We are also here for customers, should you require any assistance.

Read More

Maximise your harvest with agrictech

December 23, 2019
Maximise your harvest with agrictech

Technological developments in cropping are not exclusive to big players. Small agribusiness too can benefit from digital crop and soil mapping, measuring and forecasting, plus drones and blockchain.

Read More