Becoming your own boss - it’s the ultimate dream for many working Australians and one that tens of thousands take a chance on each year by starting up their own businesses. In fact, according to the latest figures from the Australian Bureau of Statistics (ABS) there were over 2.3 million actively trading businesses in Australia in 2018, with thousands of new businesses joining the ranks each year.
Taking out a small business loan can be key to getting things off the ground for your business startup or expanding operations at your existing business, whether you're after a $20,000 loan to kit out your new office, or a $100,000 loan to really boost your operations to the next level. And if you’ve already done the hard yards and found the right business loans match, the next step is to nail the application process.
Choosing a business banking account is about packing all the transaction facilities you need into the smallest possible monthly fee. There's a wide range of options, often varying from bank to bank, but here are some small business finance tips.
It’s a term you may have come across before, but what exactly is a business overdraft? Essentially it’s a line of credit attached to a business bank account or debit card which allows businesses to draw on money (up to an approved limit) beyond what they actually have in the account.
If you’re a small business owner searching for some extra funding, you don’t want to wind up saddled with a loan and an interest rate that will send your business under instead, do you? Of course not! You want an affordable source of cash and you want it quick.