Business Loan & Business Overdraft
Business Loan & Business Overdraft can facilitate business strategies driving growth and profitability.
- Flexibility to use funds for many purposes such as hiring new staff, marketing your business, expanding inventories or upgrading your technology.
- Improve cashflow to cover daily expenses, pay suppliers, invoices and staff on time till you receive incoming payments, improving ability to expand the business.
- Build your credit history by successfully managing your loan in terms of on-time repayments, boosting your credit score for better financing options in the future
Business Loan
- Is a lump sum of money borrowed from a lender, with either Fixed or Variable interest rate.
- Flexibility of repayment frequency that suit your finances.
- Useful for funding business start-up costs and acquisition, capital investment, properties or refinancing other loans.
Business Overdraft:
- Is an approved extra amount of funds (“Line Of Credit”) attached to your business transaction account.
- You can use the overdraft whenever you spend more than the balance in your account.
- You pay back any amount whenever you can, as long as the Business Overdraft stays under your approved limit.
- Interest is charged on the Overdraft balance.
Secured or Unsecured Loans
Business Loan or Business Overdraft can be Secured or Unsecured Loans:
Secured Loan requires using collateral as security to back up the loan.
- Flexibility to use different types of security such as business assets, cash, residential/commercial property.
- Collateral back up enabling longer repayment terms up to 30yrs.
Unsecured Loan requires NO collateral to back up the unsecured loan.
- Faster approval times compared to lengthy application process to assess value in traditional secured loans.
- Quick and easy access to funds for urgent needs.
- No collateral is used so there is No risk to your assets such as loosing property or equipment if you face difficulties in repaying the loan.
Asset Finance – Car & Equipment
Chattel Mortgage
You own the asset upfront. Chattel would be the car or equipment, and mortgage would be the loan. Popular for car and equipment finance, it is a loan secured by the asset (the Chattel). To lower your repayments, a balloon payment can be set at the end of term. Benefit from potential tax reductions on depreciation, interest and related fees.
Hire Purchase
You don’t owe the asset upfront. Hire the equipment till you can purchase and own it outright when the contract is paid. Instead of spending large lump sums, you can rent or lease over a set period to acquire a variety of expensive equipment, such as motor vehicles, tools, industrial machinery or other plant and assets. Benefit from potential tax reductions on depreciation, interest and related fees.