Looking for a small business loan in QLD?
There are multiple financial service products on the market for entrepreneurs and small business owners. Which most suits a particular business can depend on a number of factors / criteria, such as the type of business and why they need the capital. It also includes how much funding is required, as well as how long they have been trading, how successful they are, their credit history and whether they have collateral to offer as security.
Invoice finance for small businesses
An alternative type of business lending available to growing companies is invoice finance. Waddle provides a modern form of invoice finance, helping Queensland businesses with their cash flow. Unlike traditional factoring, it is fast, flexible and completely confidential. Funds can be available within 48 hours, you choose the customers to finance and there are no lock-in contracts or unfair fees.
Waddle’s dashboard connects seamlessly with leading accounting platforms like Xero, MYOB and Quickbooks and generates a finance offer based on real invoice values. As more invoices are raised and paid in your accounting software you’ll see your loan amount update in real-time.
Thanks to the innovative tech, admin is vastly reduced, saving small business owners valuable time with payments passed back from Waddle to the accounting platform making reconciliations a breeze.
Here’s how you apply. First click ‘Get a Quote’ to find out if you’re eligible. After you connect your accounting platform you’ll be taken to the Waddle dashboard for the first time. You’ll see a list of customers with open invoices. As you select them, watch your available balance grow.
After a credit check and approval, you’ll be able to draw down funds from the dashboard and they’ll appear in your account within 24 hours. Your customers will pay their invoices into an account Waddle sets up in your name and this repays your balance.
Which type of financing for business?
Business finance can be taken from institutions both large and small. Traditional business lenders, such as big banks may offer secured loans, overdrafts and credit lines, whilst smaller non-bank lenders and fintechs may specialise in alternative finance solutions, like invoice finance, peer to peer lending and trade finance.
The requirements to qualify for a loan will vary depending on where the loan is taken. To apply for a small business loan with a traditional bank, it will require a longer application process. This means more paperwork, a rigorous set of terms and conditions and it may take longer to access the funds. A business will need strong financials and trading history to qualify and eligibility criteria will be more stringent. Smaller lenders are more flexible and can offer online applications and fast funds, although interest rates, as well as fees and charges, can be higher and loan terms shorter.
- Read more about fast business loans