Whether you’ve been in the fickle world of business for a year or for fifty, you could find yourself needing a sum of money in a pinch – but you don’t have it to hand, at least right now. Despite it being a common problem for many, applying for a commercial loan is still deeply stigmatised and fogged by myths. Read on to discover the most believed myths surrounding commercial loans, and what the truth really is when it comes to financing your business into the future.
Myth: Without a perfect credit score, you won’t get a loan
This is one of the most common myths – and also one of the most untrue. While it’s accepted that generally possessing a good credit score improves your chances of being accepted, having a bad credit score isn’t the be-all and end-all. If this applies to you, consider going through an alternative lender rather than a traditional big bank. They will likely be more understanding of wider circumstances than a traditional large bank would, and be more willing to offer small commercial loans.
Myth: Without a business plan, your application will be rejected
Another assumption about commercial loans that is ultimately shrouded in falsifications is that you won’t be accepted for a commercial loan without proof of a business plan. While it’s true that this is the case if you’re looking for a small commercial loan with a bank, it isn’t a simple blanket scenario that fits every application. Generally, if you apply with an independent loan company, a business plan won’t be needed – they simply look at the business in its entirety and judge it based off that.
Myth: Applying for a loan is lengthy and fraught with obstacles
Again – this may admittedly be true when it comes to dealing with big banks. However, going through alternative financing methods can mean that you receive a loan within a matter of days. This depends on the business and the group you’re applying for funding from, but time is money and being able to bring delays down to the shortest period possible means that your business can get productive as soon as possible.
Since being established in 2001, Global Capital has long been the go-to choice for commercial loans, development finance, and SMSF loans. Global Capital is trusted by more than 6,500 commercial brokers and offers second-to-none access to well over four hundred lenders such as private investors, banks, and institutions. Get in touch today to learn what we could do for your company.
For more details visit our website https://www.globalcapital.com.au/
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