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Business loans Melbourne

Russ Watts  •  26 May, 2021

Looking for a business loan in Melbourne?

Small businesses have various types of financing to choose from. The most suitable will depend on several factors including how established they are, how much they require and what they need funding for. If the funds are required for day-to-day working capital, their needs may be met by a different type of loan and a different kind of lender than if they are looking for a cash lump sum.

Invoice finance for small businesses

Waddle is a modern cloud-based invoice finance provider. We help businesses manage their cash flow through a line of credit secured against unpaid invoices. Our innovative platform connects seamlessly with cloud accounting software, like Xero and MYOB and simplifies the process of borrowing against your debtors. Unlike traditional invoice facilities, admin is kept to a minimum as the Waddle platform does the hard work for you.

To start with you’ll need to connect your accountancy platform. If you’re eligible for Waddle, we’ll take you to your personal dashboard where you’ll see a list of your customers and the available invoice amount. You’ll select which of them you want to borrow against and view your potential credit limit, which is usually about 80% of the value of your nominated customers.

After a quick and easy application process, you’ll be able to use the Waddle platform to draw down funds, which will be in your account within 24 hours. As you raise more invoices in your accounting software, the funds available will increase. Your customers repay the loan when they pay their invoices. All you need to do is give them the details of a new bank account which Waddle sets up in your name.

One of the things our customers like most about the Waddle platform is the reduced admin. Gone are the hours spent uploading invoices and then reconciling payments in the accounting platform.

Other types of finance

Business finance is offered by both big banks and smaller non-bank lenders and fintechs. Traditional providers will favour established businesses looking for larger loans and with assets available to use as security. As well as secured loans, they tend to offer business credit lines and overdrafts. Smaller players may be more suitable for newer businesses and they often specialise in unsecured loans, as well as alternative financing options like debtor finance, trade finance and asset finance.

Whilst loans from non-bank lenders may attract higher interest rates, fees and charges, there are also significant advantages including an online application process, fast access to funds and less stringent eligibility criteria.

More reading

  • Read more about small business loans in NSW

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