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Is there an easy way for businesses to obtain quick short term finance (1 to 2 months) to cover working capital shortfalls?
Responses
Hi Michael,
There are a number of options for short term finance. You can use traditional measures such as overdraft facility, debtor finance and business line of credit. There are also a number of specialist lenders in this space that will lend either secured (better rate) or unsecured for periods up to 12 months.
To target the most appropriate product it is important to understand your full financial position and the reasons for obtaining finance. If you would like to get in contact please don't hesitate
Regards
Scott
Scott.howell@mobilelender.com.au
Hi Michael,
There are a number of lenders that will assist you with this type of finance but which is bet for you will depend on your circumstances and your particular needs.
I'm happy to assist if you wish to take this further but we'll need to have a chat first about your situation. Please feel free to call or email me using my details below.
Cheers,
Michael Budge
Bayside Finance Group
M 0418 54 7337 T 1300 54 7337
E michael@baysidefinance.com.au
There are quite a few options ranging from % of your credit card turnover - factoring if you invoice - personal loans - equity release from a property your own or paying off - 2nd mortgage. Best option probably depends on which options you have available and will include what income and other loans you have.
2nd Mortgage / caveat lending range from 2-3% per month to 11%+ 1st mortgage. So short term - expect fees 1% of borrowings and 2-3% month depending on where the property is and what % debt is against. Happy to help - 24 hours generally for approval.
I would be asking another question... Everything above are a good short term stratagie to keep business moving forward. But the important question is how do you stay away from falling short in the first place? Perhaps your work is seasonal or maybe your marketing stratagie isnt quite there yet. I challenge you to find the source of this issue and ask that of our experts. Running a successful business isnt a easy task but it does become easier sooner once you know what the right questions are to ask in the first place. Im happy to help you in anyway i can. But id much rather helo with the source question then with giving you advice on how to prespend your revenue before you have made it.