Managing cash flow is one of the greatest challenges faced by rapidly growing businesses and without proper management, poor cash flow can stunt, or even end your growth before it’s reached its potential.
When a small business is growing rapidly there is often a need to pay out money constantly, to buy more stock, hire new staff, open new premises or buy new equipment. Even with profitable sales, investments can take time to pay off, resulting in a cash flow crisis. The trick is to feed your business the money it needs to grow, without starving it of working capital. And a great way of doing this is through a business loan.
It’s not as simple as just finding any business loan for a certain dollar amount, it’s about finding the best loan match for your business need. A short-term borrowing can help fund day-to-day working capital, while a long term option can be a better choice for buying assets or new equipment.
The first step to securing the right business loan is to talk to a business banking specialist.
Suncorp Bank’s business banking specialists are locally based and help small business owners make the best banking choices for their specific needs. They are experts in their local area and can help choose flexible and competitive finance options that provide practical solutions to individual business needs.
It’s important to get the right loan for the individual circumstances, so working with a business banking specialist is the best way to find the match. Business banking specialists can also help match your transactional business banking needs, working with you to reduce fees, make your money work harder and improve cash flow.
What are the funds going to be used for and how long do you need the funds for? Are the funds for short-term applications like the purchase of inventory or for a long-term building extension? What level of security can you offer? How will the bank view the value of the security? What loan covenants will be required?
Most banks offer a variety of lending products tailored to small business. Suncorp Bank’s business lending portfolio contains a range of products that meet a variety of business needs. Cash flow solutions include overdraft facilities, lines of credit, term loans, debtor finance, import finance and business credit cards. Business-specific loans cater for business expansion and investments needs, while equipment finance options use tax effective methods to help business acquire the latest business equipment while preserving working capital.
