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Whether you’ve recently launched your small business or need a financial boost for an already established company, a small business loan can help you through a monetary rough patch.
Small business loans are a great solution to short term cash flow conundrums, allowing you to replenish your stock and pay your bills while waiting on payments from customers. If you need a small business loan between $2,000 and $50,000, we can approve you the same day! Read on to learn what you need to provide to receive approval for a small business loan from Speedy Finance.
Business Funding Requirements:
1. 90 days of banking history
We need to see that your company has a registered bank account and that there is evidence of cash flow even if you’re currently experiencing delays.
2. The ABN associated with your business
Speedy Finance should be able to see your company is registered and active.
3. Proof of address
You can establish this through identification, bank statements, lease agreements, and/or utility bills.
4. Photo ID, as well as TWO other forms of ID
The more you can provide for us, the faster we can approve you for a small business loan.
5. Security for most loans over $6,000
You may need to take out a secured business loan depending on the nature of your business and financial situation, which means you’ll need to provide collateral. There are some exceptions, so chat with us to find out more and in the meantime, read about the difference between secured and unsecured business loans.
6. Profit and loss statements for loans over $20k
If you’ve taken out a loan over $20k in the past, we’ll need to see your company’s revenues and expenses (also known as an income statement) during that time.
This may seem like a long list, but once you have these items compiled, the process is a breeze. If you’re unsure about any of the above requirements, fret not – we’re always here to help. Contact us about your financial needs and we’ll make sure you receive the small business loan your company requires. To learn more about the types of business loans we offer and get a sense of which might be best for your situation, take a look at our recent blog post. We can’t wait to work with you and help shape a bright future for your business!