Small Business Loans
There is a wide range of loans for small businesses to choose from, depending on your unique business needs.
Generally, the type of loan you choose is related to your purpose (e.g. cash flow) and the amount you need, rather than the size of your business. Small business loans operate in the same way as loans for larger businesses.
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Your small business loan may be for as little as $10,000 or into the millions, it really just depends on your requirements and the type of business you are running.
The main types of loans a small business owner may consider include:
- Overdraft/Working capital loan
- Term loan
- Line of Credit
- Cash flow finance
- Hire purchase
- Chattel mortgage
- Leasing finance
Low doc loans for small business
Small business owners may also be able to utilise a low doc loanrather than a commercial loan, depending on their requirements and circumstances. Low doc loans are often used by self-employed borrowers.
A low doc loan is a residential rather than commercial loan, which provides funds based on very little supporting documentation, reducing or eliminating the need for documents such as financial statements.
Be aware that if you use a low doc loan for business purposes, that your home is usually the security for the loan this means that if your business does default on the loan, your home may be used to pay off the debt.
At the time of publication low doc loans were under review by many lenders due to the upcoming introduction of national legislation for consumer protection.