Luiz Bevilacqua

Luiz Bevilacqua

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If your business needs a large cash injection to reach the next level, a long-term business loan might be right for you.A long-term loan offers a consistent source of financial support over an extended period of time.This can position your business to get ahead and take advantage of new opportunities right now, while also enabling you to key an eye on the future.
A business credit line can be secured or unsecured and it can be easier to get compared to other types of business loans.It should not, however, be used for long-term investments or major purchases.Businesses should be able to repay promptly as the interest and late fees can compound quickly with a line of credit.
Even if your business doesn’t need a large injection of cash all at once, you might find some things are financially out of reach, from time to time.If so, a business line of credit may be a great solution for you.With a form of convenient, flexible, ‘revolving’ capital, you can borrow the money you need when you need it.
Even profitable small businesses can experience seasonal fluctuations and shortfalls in cash and resources.That’s where a short-term business loan can come in handy.A short-term loan offers a quick boost of financial support.And now, with the growing popularity of alternative lenders, there are more options than ever to get the capital you need to keep growing.
At Lumi, we disrupt SME lending by looking at the bigger picture instead of the specific requirements in isolation, because we are invested in helping small businesses grow.
When it comes to small business loans, many business owners assume that it’s the best course of action to stick with your lender and loan terms as approved.However, the business lending industry is becoming more competitive, especially with an increasing number of fintech and online lenders, providing much more flexible small business loan terms. 
Here at Lumi, we provide you with the best of both worlds.Not only are our business loans unsecured, but they also take place on a short-term basis, with terms of 3 - 18 months.We offer loan amounts of $5,000 to $200,000, giving your small business the quick injection of cash it needs to thrive.For more details, you can visit https://www.lumi.com.au/small-business-loans
It’s a milestone that requires a conscious leap, from referring to what you’ve been doing so far as a “hobby” “passion project” or “side hustle” to owning the fact that you’ve entered the territory of bona fide small business.It’s now time to take stock of your current position in the market.If the time is right to expand you may need cash flow to pay for recruitment, premises, materials, equipment, marketing, and everything else that contributes to sustained business growth.The results of this pulse check will inform an evolved business plan for the next 12 to 36 months, and require a comprehensive update of the accompanying financial plan.Because the type of funding you require at this point will also shift.Where alternative resources may have sufficed in the past, growing the business from your living room to taking up space as its own entity, means asking the milestone question: are you ready to apply for business loans for small business?Time in Business: ✔️It makes sense that one of the first criteria a potential lender will assess is the actual age of a business.It may have occurred to you that credit history and credit score will be included, but it’s worth remembering that most lenders will require a comprehensive set of credit history information including bank data, existing loan, and credit card statements, and access to ATO portals.Top tip: as you start examining this section of your application be mindful of accruing additional loan debts, make a point of consistently making repayments on time, and minimize any additional debts such as credit card balances or overdrafts in advance of applying.It’s in your best interest to have as a few other active debts as possible, and zero late payment notices on those debts and any recurring monthly bills.Monthly Business Turnover: ✔️The minimum monthly turnover required to secure a business loan varies greatly between lenders, which is another criteria that lenders consider in addition to the minimum trading period discussed above.While some online lenders require smaller monthly turnover amounts, others may require an annual turnover of anywhere up to $100,000.The monthly turnover requirement also depends on the amount a business wants to borrow.
All types of businesses in many industries require loans at one time or another.Some might choose an unsecured business loan while others may decide invoice financing or opening a business line of credit is best for them.
Professional loans, also called industry-specific loans, are designed for the needs of businesses in certain industries.There are many professions that may have loans specific to their industry.For more details, you can visit https://www.lumi.com.au/business-loans/professional-loans
With the current credit crunch, lending institutions are being very choosy about those who are going to receive business loans.There are a variety of forms and information you should have and here is a checklist that you should use to get ready to apply for a business loan.Officer's Information-You will need to have all of the personal information for every officer of the company.With the new banking laws put into effect after 9/11, it is certainly required before you can even get started.You will also need to have the last three years of personal tax returns for each officer; this is because the officers are going to be required to sign personal guarantees for the loan.Company's Incorporation Papers-Each state has its own requirements for how to incorporate your business.These copies usually have the state seal and will also have the date that your corporation was officially recognized by the state.Federal Paper Work-You will also need to supply the lender with all your federal filings.Usually, just a copy of your acceptance of an "S" Corp is needed and the receipt you receive from the IRS for your EIN.State Paper Work- Many times you will need to show the lender that you have properly filed all the necessary paperwork with the state.
If your business is part of the food and beverage, lodging, recreation, or travel and tourism sectors, then you may benefit from the increase in working capital that a hospitality industry loan provides.
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