There are several crucial factors to consider when choosing the ideal lender for your startup or small business. Finding the right finance boils down to ‘flexibility’ for loan repayments for Australian SMEs.
It’s not entirely unexpected given the economic turmoil disrupting Australian businesses and the global health crisis impacting supply chain and customer engagements for the last two years.
Research also shows that roughly 33% of small and medium enterprises would pick a lender that offers flexible loan repayment options for funding over the next year.
Flexible Loan Repayments
Many people and potential loan applicants might not have heard of flexibility regarding loans. For the respondents and SMEs, flexible loan repayments mean flexible timeframes when paying back the loan.
That means they should have the capability to repay loans earlier than the due date, extend their payment period, or be allowed to miss a repayment for a given period (i.e., two months).
That way, small businesses can shift to better strategies, adapt to changing economic conditions, and pivot over obstacles over a few years. No wonder business owners and entrepreneurs want flexibility in finance when working through volatile market landscapes and adjusting to keep their brands afloat.
Another concern for businesses when looking for finance is their current cash flow. About 82% of Australian SMEs believe that they are worried that their cash flow may negatively impact their loan application.
Discover Flexible Finance Options For Your Business in 2022
SMEs contribute significantly to Australia’s overall economy, yet they are very vulnerable to the changing market. That’s why flexibility is vital when looking for the ideal commercial loan to stay afloat in the market amid turbulent times.
If you’re a business owner who needs flexible funding, get in touch with us today, and we’ll take you through different lending options that work for you.
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