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Is a business loan the best idea for my business?

Is a business loan the best idea for my business
Make sure you know why you are taking a business loan before you apply and that it is for the right reasons. You don't want to end up in a worse position than where you were before you took the loan.

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Before you decide to borrow it is always important to consider the impact it may have on your business. Make sure you ask yourself why you are borrowing in the first place and whether a loan is the best step forward. If you are borrowing because you are cashflow poor, could you tighten up on your expenses? change your invoicing terms? and/or introduce a new product/service to boost your profits?

In the ideal situation you will be taking a loan because there is opportunity to increase your revenue and the loan will help your business grow and get to where you want it to be.

We know this is not always the case however and sometimes businesses need funding to get through to the next round of payments, repay a large debt or even just to survive. If this is the situation your business is in you need to ask yourself why your business is in the current situation and what could be done differently to make sure it does not happen again. Sometimes things are totally out of your control but they still happened and possibly could have been avoided if your business was operating better and had enough earnings to keep running without financial assistance.

Once you have taken a good look at your business, speak with your accountant and/or financial advisor and they can help make a decision on whether a business loan is the right move for your business. Make a plan moving forward and set goals to work to that will increase your business performance and your profits.

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How much money can your business borrow?

Start a conversation with Compare Business Loans today to see how much funding your business is eligible for

Business loan lenders in New Zealand

We are partnered with multiple business loan lenders throughout NZ. Each lender provides different types of business loans and will offer different rates for small business loans depending on your business’ financial situation and financial history.

Heres a few lenders we work with and their basic lending criteria.

Get capital small business loans

Fast flexible business finance

• Loans from $5000
• Minimum 9 months trading
• Unsecured to $50k
• 10k or more monthly revenue
• Cashflow, asset, equipment finance

Heartland bank small business loans

Give your business a boost

• Unsecured up to $100k
• Terms up to 5 years
• Secured loans available
• No early repayment fees
• Interest rates from 11%

Fundtap invoice finance nz

Invoice Finance

• 100% online
• Loan off your outstanding invoices
•Funds in 24hrs
• Fast source of cashflow
• Use it when you need it

Pioneer Finance NZ

Your loan, tailored to you

• 100% online application
• Loan terms up to 7 years
• Secured finance
• Finance up to $100k
• Business finance for any reason

efco small business finance nz

We Finance Dreams

• 100% online
• From 8.95%
•Decision in 24hrs
• Startup business loans
• Vehicle finance, asset finance, cashflow loans

Speirs Finance NZ

The kiwi owned team growing kiwi businesses

• Truck Finance
• Repayment up to 5 years
• Heavy Machinery Finance
• 2nd hand asset finance
• Equity Release

Partner with Compare Business Loans Today

As a business loan broker, we are essentially an extension of your business. When you work with us, we do all the hard work for you by preparing your application and matching you with an NZ lender most likely to approve your business loan application. Get Started Now!

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