It’s tax time again. Every year we see dozens of clients who are worried about securing finance while carrying tax debt, so we’ve put together a list of factors to consider when you’re thinking about how to finance your business

How soon do I need money?
A big bank will often have extensive application processes, including income and credit checks. If you need to raise finance fast, perhaps to seize a business opportunity, look for an institution who gives you an upfront guide as to how long things will take.

Who will I be speaking to?
As the decision-maker in a business, you need to speak to a decision-maker… because things just need to get done! Keep an eye out for a representative who is constantly needing to consult higher-ups for approval. When you need to move quickly, bureaucracy is the enemy!

How many people will I be speaking to?
Like seeing a different doctor or having a different schoolteacher each day, it can be a huge frustration having to explain your situation to representative after representative. Ask your loan consultant if they can arrange a direct line of contact, and to ensure you always see them.

And finally…
Just like in any other business deal, trust your gut. If you feel that your institution isn’t seeing the same vision as you, shop around. Being declined by an institution, particularly a major bank, doesn’t mean that you’re out of options. It might just be a blessing in disguise…