Australia is experiencing low cash rate and mortgage rate, for household customers. People are taking mortgages at a rate of 5%. But the sector of people who are paying for this comfort is the business people: especially Small and medium sized enterprises.
Bank fees on SMEs
The bank fees for business are showing an amount of 7.3 billion dollars, accounting to 7% rise. A survey has shown that the 43% of SMEs are experiencing an elevated rate on their loans.Read more
The Archbishop of Canterbury, Justin Welby, has declared war with a company that offers short term loans with a high interest. He has told the company that he intends to challenge and push it out of business by promoting non profit credit unions.Read more
Family and friends
All new businesses require a huge amount of money as capital in order to set the workplace up and get it running. It is not possible for all of them to invest a lot of money out of their own pockets and hence, external help is required in such cases. The best place to start gathering money is your own family. One can depend on one’s family and friends to help them in this situation, and then pay one’s debt off at a later stage. This is a convenient method of transaction as there is a sense of trust involved in this and hence, obtaining money would not be an issue.Read more
Even in a great city like Sydney, finding reliable and legitimate sources of capital can become incredibly difficult. There are a number of sources providing business loans, at competitive interest rates. Few of them are:
1. Bank of Sydney
Bank of Sydney, formerly known as the Beirut Hellenic Bank, provides business loans for meeting initial capital expenses and also for any subsequent expansions. They have very flexible terms, to meet every individual’s needs. With a wide variety of repayment options, they are one of the leading banks in Australia.Read more
Whenever you think of starting a business, you must always remember that there are some or the other risks involved. These risks may include:
The most important factor while running a business is the location. If you are in the food business, having the right location is just what you need. However, many businesses fail due to incorrect location. There is always a risk when you choose a workplace. In addition, if you are planning to take the land for commercial purpose, you must ensure that all legal issues are adhered to while scouting for the right location.Read more
If you are planning to start a new restaurant, you may need a good finance option. Here are some options you might want to go through.
This is often the most preferred option. If you apply for a business loan in a bank, you may get the finance you want, at the lowest interest rate. However, it is important that all your credit history will be checked, so it should be clear. Thus, you have to make sure that when you apply for a loan, you go with a clean credit history.Read more
The best help in terms of money that one can receive is from investors. Investors are the people who provide money to use and they expect returns in different forms. It is widely said that such a person who willingly lends anyone money to fund his or her business is an angel or sent from heaven and there is a reason for such a saying.Read more
Huge Real Estate Price is a dampener
According to a recent survey, the number of people moving towards the business segment of the markets is growing and hence, one needs to be extremely knowledgeable and aware of the best deals one can receive, when it comes to the purchase of space for conducting the business. The main issue unsettling many entrepreneurs in the inflated price of real estate.Read more