Getting a business loan isn’t as easy as the lenders make it sound
Every business lender has different criteria. Some require full financial accounts. Others can assess an application using recent bank transactions. Some require security. Some won't lend if your business has IRD arrears. And the amount you're eligible to borrow can vary considerably from one lender to another.
That's where an experienced business finance broker can help.
At NZ Business Finance, we understand the criteria used by a wide range of bank and non-bank business lenders. We know what information they require, the types of businesses they're prepared to lend to, and where there may be options when getting finance isn't straightforward.
Whether you need working capital, finance for vehicles or equipment, funding to grow your business, help with cashflow, or finance to deal with IRD arrears, we'll help you understand what options may be available.
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business finance isn’t one size fits all
Getting business finance can be complicated — particularly when your business doesn't fit neatly within a bank's lending criteria.
Rising costs, tight cashflow, existing debt and tax arrears are realities for many New Zealand businesses. They can also make getting approved for finance more difficult.
Different lenders take very different approaches to these circumstances.
Some focus heavily on profitability and financial accounts. Others place more weight on recent turnover and bank conduct. Some require property or other assets as security. And while banks generally won't lend to businesses with IRD arrears, there are non-bank lenders that may consider them.
Knowing which lenders to approach — and what they'll need to assess your application — matters.
We've worked with business lenders for years and understand their different lending criteria, documentation requirements and application processes.
We'll assess your circumstances first, identify the finance options that may be realistic, and help you put together the information the lender will need.
what type of business finance do you need?
Business loans
Need working capital, funding for growth, or money for another business purpose? Business loans can be short- or long-term, secured or unsecured. We’ll help you understand the options and identify lenders whose criteria fit your circumstances.
Unsecured business loans
If you've been trading for at least six months you may be eligible for an unsecured business loan without specific security.
The amount you can borrow will depend on factors including your revenue, profitability, time in business, existing borrowing and tax position.
Invoice Finance
Profitable business but constantly waiting for customers to pay?
If you sell to other businesses on credit terms, invoice finance can unlock cash tied up in your accounts receivable, giving you access to money you've already earned without waiting 30, 60 or more days to be paid.
Second mortgages
Own property with equity available? A second mortgage can provide another way to raise business finance without refinancing your existing home or business mortgage.
Second mortgage finance can be used for working capital, business growth, purchasing equipment, managing cashflow or, in some circumstances, paying IRD arrears.
The amount you can borrow will depend on factors including the equity available in your property, existing mortgages and the lender's criteria.
vehicle and equipment loans
Buying a vehicle, machinery or equipment for your business?
Business asset finance allows the asset being purchased to provide security for the loan. We can also look at finance against eligible vehicles and equipment you already own.
how does getting a business loan through a broker work?
Tell us what you need
Start by applying online, requesting a call, or simply talking to us about what you’re trying to achieve.
We assess your options
We’ll ask you about your business, what’s going on, how much you want to borrow, what the money is for, and any security available.
We prepare your application
Different lenders require different information. We'll tell you what is needed and help make sure your application is complete before it goes to the lender. If your chosen lender has an application portal, we’ll upload everything to it; otherwise we’ll send everything through to the lender on your behalf.
we work with the lender
The lender may approve the application, ask additional questions or request further information. We'll work between you and the lender to keep things moving and deal with any pre-settlement requirements.
If one lender isn't suitable, we can assess whether there are other appropriate lending options rather than simply sending applications everywhere.