Within the mining and related industries in particular, there is a demand for large amounts of Plant and Equipment to fulfil the rapidly expanding work load now being seen.
Recent history as shown that contractors tend to seek finance options in order to fund this extra Plant and Equipment but often they don’t seek this finance beyond their usual provider – unfortunately that often means they don’t get the best deals available. It’s not unusual to see higher rates, greater deposits, limited terms or greater security as time goes on.
The best deals are found when a business is able to examine a number of banks and finance companies who will then compete with each other to offer the most appropriate finance for your business. At this present time, there are a minimum of ten such financiers capable of providing the finance you need and a business can gain much by spreading their funding sources across a broad base which allows you a more solid foundation to fund expansion. This helps to avoid the “head room” issues often faced in today’s market.
By putting together a clear concept of your business and the plans for its future growth within a basic finance application that can be updated easily as the need arises before you approach selected lenders, you will be one step ahead of the game. If you don’t have time to do this yourself, your Accountant or Finance Broker will have the skills necessary to prepare and submit your finance application.
In fact, with the small to medium sized businesses who seek funding, the use of specialist finance brokers is becoming much more commonplace and banks are comfortable working with these finance specialists to complete the negotiations and paperwork necessary. The specialist finance brokers understand the mindset and problems that these business owners have and are able to present to the financial institutions the best possible finance application showing the business owner to be both professional and reliable when it comes to their financial dealings.
The small to medium sized business owner is presented to the prospective financial institution in their best light with a clear and concise application giving a strong reason for the requirement of additional funding.
The business owner themselves will likely have a clear understanding for the need for additional finance but relaying that information to a financial provider is not always the easiest thing to do. The problem often lies within the ‘language’ of the parties involved – a specialist finance broker who has formed a relationship and understanding of the business owner can translate those reasons into the ‘finance language’ that the financial lender expects and understands.
Indeed, because of the unique relationship built between the financial broker and their client, an advantageous partnership and mentorship is often borne.
Business owners are fully involved in the operating of their business and quite simply cannot afford the time and loss of income incurred by spending too much time on the frustration of the paperwork required for finance applications. That’s why a finance broker has become a necessity. He or she will cut through the usual obstacles using their experience and skill to the business owners best advantage and deal with the frequently changeable account managers of the banks allowing the business owner to get on with business as usual.
It’s important to ensure your selected financing solution is right for you. Unlike the big banks, at Finlease we take the time to visit you and understand your situation. If you are not satisfied with our solution, simply walk away with no cost. We are delighted to seek approvals as over 85% of them are taken up by clients!
Don’t just take our word for it though, visit product review at http://www.productreview.com.au/p/finlease.html and see what our clients have to say about us!
To speak to one of our business finance experts call 1800 358 658 now!
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