Your Zippy Financial Advisors are MFAA Approved Credit Adviser and is ready to help.

Here’s how it works…

First: Identify your eligibility

Having a one-to-one discussion with a credit expert at Zippy Financial can help you to quickly identify your eligibility for the various types of business loans, leases or line of credit products available to suit the unique needs of your business.

Zippy can also recommend specific lenders based on the funding scenario and help estimate how long it will take to obtain your funding. Important information, especially if time is critical.

Second: Apply for your loan or lease

Zippy Financial will help you complete your loan or lease application and verification documentation including your business profile.

Your business profile should include:

The type of business your company conducts,

Your company’s annual sales,

The total number of employees,

A profit and loss statement,

Information regarding the length of time your company has been in business,

and details of recent ownership history.

A lender will usually want to see your business plan, particularly for a start-up company.  They will also require personal financial statements and available business financial statements.  If the loan is secured, you will also need to provide information about the collateral being offered.  Collateral can include personal real estate, property, business equipment, accounts receivable, inventory and supplies, or business real estate.

Third: Assessment

The lender will then verify the authenticity of documents and review your credit file, credit rating and background as well as the financial history of your business. Your Zippy broker will keep you updates with progress reports throughout the process.

Fourth: Receive loan approval

After assessing your application, if approved, both you, and the lender will sign all necessary paperwork, before funds are disbursed or your loan settles (if for a property purchase).

How long does it take to get a business loan or lease approval?

The length of time to approve a business loan varies depending on the chosen lender and the business’ unique circumstances.  Approval can be completed within a matter of days or can take several months usually depending on the complexity of the transaction.  A credit adviser can help borrowers estimate the length of time to get loan approval at the outset of the application process.

BUSINESS LOAN FAQ

What types of business loan and lease financing are available?

The majority of funding these days is secured.  Although specific financing offers will vary, most lenders offer a variety of financing options for business owners.  Below are a few of the most common financing options:

• Start-up financing

• Business growth financing

• Debtor / inventory financing

• Motor vehicle financing

• Equipment and plant / tools financing

• Business property financing

• Trade financing

How much can my business borrow?

Borrowers with a good credit rating, offering good security and supporting their application with good background and financial history or projections will have a good chance of success with their application.

How long will I have to repay?

Generally, business loans are set for a term of one to fifteen years, however, this can vary from lender to lender.  The amount of money being borrowed will also affect the term of the loan.  A business loan with residential property security can have a term as long as thirty years with some lenders.  A loan can also be structured on an interest-only basis, but be cautious as the principal will still be owed at the maturity of the loan.