ETC business solutions manager Karina Morrison (right) with business client Liz Keen.
ETC business solutions manager Karina Morrison (right) with business client Liz Keen. Trevor Veale

Talk to ETC for free finance info

THE operators of new and existing local businesses are being encouraged to seek the free support of the Mid North Coast Business Advisory Service which is funded by Industry & Investment NSW and provided through ETC.

One of our most common discussions with new and existing businesses includes business finance.

As good financial management is the key to business success the following are our three easy steps to success in finding the business finance which suits your business:

Step 1- Do you have a Business Plan?

Some people roll their eyes at this question but unless you have a map of where to go, how will you know when you get there?

The same goes for a business plan which doesn’t have to look like a novel.

But it should be the starting point of every business or the start of business growth.

Without one, your financial institution will not look at your business seriously, let alone lend you money.

ETC can provide you with a complimentary business plan template and guide you through its completion.

Step 2- Do you know how much money you need to borrow?

One of the biggest problems is that most businesses don’t actually know how much money they will need so the first step is to write down exactly what the loan will be purchasing.

This should stem directly from your business plan, but it’s never too late to list what your business requires to start up or grow.

At a minimum, a financial institution will require current or projected financial figures if your loan application is to be successful.

ETC have comprehensive checklists, so . . .

Step 3- Where to locate business finance?

ETC can assist you directly for a loan of up to $20,000 through the NAB Microenterprise Loan.

We will assist you in completing the application and mentoring you through your business for 12 months once the loan application has been accepted by NAB – all at NO extra cost to your business!

However, if the loan is above $20,000, you may need to look at other alternatives.

Be aware that a finance lease might be an option if the funds are to purchase plant or equipment – this allows you to use the equipment while it is still owned by the financial institution but over a set period of time, you own the asset at the end.

A few questions you might like to ask your financial institutions to compare the best deal, include:

  • Interest rate – this may be negotiable;
  • Fees – initial and ongoing;
  • Length of loan – never borrow funds on short term to finance long-term projects;
  • What is the cost of refinancing (should you ever require it);
  • Is there an ‘overdraft’ or ‘line of credit’ option;
  • What time frame do you have – be aware that an application may take up to three months.

For more information on loan comparisons, go to: www.business.gov.au and look at the ‘Business Loan Finder’ option.



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