Finance for my business

Fuel your business growth

Finance for my business

Before you start to decide on finance products and options, it’s a great idea to pin down exactly why you need finance and what type of business you are. This helps you to create clear objectives that can help paint a clear picture to lenders about why finance for your business makes sense.

What do you need finance for?

Why do you need the finance and what are you looking to fund? There are so many different reasons a business needs finance, and there’s often a different product for every single one. But most of them fall into these general areas.

You want to expand

It’s not all about bigger premises, a new property or a revamp, it can be for new equipment or staff, maybe a marketing campaign to drive more sales, or diversifying your offering.

Putting stock on the floor

If you’re about to have a busy period, you need enough inventory, so you’ll need to buy it before you can sell it and generate the income. The right finance will ensure you’re ready.

Keeping up cash flow

It’s more than simply a cash injection, you might get finance for equipment or inventory to preserve the funds you already have in the bank. You can even get finance based on the invoices you’ve already sent to clients.

Brand new equipment

Equipment or vehicle loans can help preserve cash flow while also helping to generate new income with a new asset. There are also possible tax benefits, and lenders often consider the asset as the collateral, so you don’t need to secure it against any personal property.

Time to refinance

Your business and its needs change, and so do the finance products the lenders are offering. So it can never hurt to consider finding a more suitable loan, or a better deal.

What type of business are you?

This is less about what industry you’re in, or how you are different to your competitors, but about how your business is structured – as this can also have an effect on how the lenders assess your applications and the type of finance they can offer you.

Business Structures

The most common business structures are Sole Traders, Partnerships and Companies.

Business Types

There are all types of business but most fall into these general groups: Small to Medium Enterprises (SME), Franchise, Online Business, Family Business, Independent Contractor and Importer/Exporter.

The business structure has an impact on your management, governance, tax obligations and exposure of your personal assets – all of which the lenders take into consideration when assessing your application. So not only does it help to speak to us, it’s a good idea to chat to a finance professional like your accountant who can advise you on how your business structure can impact your financial and taxation position when it comes to lending.

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Ready to talk through your lending options?

Whether you are buying, refinancing, investing or planning your next move, Compass Lending & Finance can help you understand your options and approach the process with confidence.

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General information only. Your personal objectives, financial situation and needs should be considered before making lending decisions.