Category: Growth Strategies

A big part of any business is money. Funding can help you get off the ground, rise to success and make your customers happy with your goods and services. If you don’t have enough money to get started or complete an important project, you can try to apply for a commercial loan.

However, loans come in different sizes and types. There are many careless things that you can do to get bad deals that cost more money than they should, and things you can do to strike an excellent deal that saves money every single month.

How do you increase your chances of getting a good, helpful loan?

What Should I Know About Business Loans?

Before you start to apply for any kind of loan, it’s paramount that you understand what loans are and how they help you. Improperly handling your loan can increase the amount of money you need to pay your lenders and get you a much worse deal than you could have gotten.

Every smart business owner should know these things about loans:

There Are Different Kinds Of Loans. Not every loan is the same. Commercial loans are often used by businesses to secure funding from lenders like banks, commercial real estate loans are used for real estate properties, small business loans are used to start to expand a start-up business and so on.

You should absolutely try to understand the difference between the various types of loans available to you so you can know which is right for your situation.

Furthermore, most loans differ from each other even if they are the same kind of loan. Your commercial business loan may be slightly different from a competitor’s commercial business loan. If you take the proper steps, you can get a better loan than most.

A Smart Business Plan Can Improve Your Chances Of Getting A Good Loan. Lenders will often want to know details about what you plan on doing with your commercial loan before they hand over the money. Naturally, most people want to know that you are going to use their money wisely before they entrust anything to you.

So, it’s a good idea to formulate a plan before you apply for anything. Think about why you need the money, how much you need, why you need that specific amount of money, what you’ll do with the money when you are granted it and so on. Lenders appreciate it when business owners put great thought into what they will do with their loans.

You May Need To Offer Collateral. Depending on your specific situation, you may need to offer collateral to be granted a commercial loan. The type and amount will depend on your circumstances and what your lender wants from you.

You Will Need To Pay Back Your Loan With Interest. Of course, remember that you will need to pay your loan back with interest. It’s not a good idea to treat your loan as free assets to use however you wish. Instead, remember that your loan is a loan, and do your best to earn money so you can pay it off as soon as possible.

It’s best to plan how you will pay off the money. Imagine what kind of profits your loan’s help can bring you, and plan on putting money away for your loan payments. With proper planning, your commercial loan will be paid off sooner rather than later.

Your Best Option Is To Work With An Experienced Loan Broker. Your very best path of action when you are trying to get a loan is to work with a professional loan broker. Loan brokers are people who fully understand the money lending process and know how you can get the best loan possible.

They can help you analyse your options, create realistic goals, find the best lender for your situation and apply like a professional.

So, How Can The Right Loan Save Me Money Every Month?

If you want to save money on interest payments, the best thing you can do for your situation is work with a commercial loan broker. If you work on your own with no training, experience or knowledge, you might not do as well as you’d hoped.

A professional loan broker who genuinely cares about your needs will do their best to help you. They already have all the knowledge and training they need and can use it to assist you.

With their help, you will more likely than not get a loan that satisfies your needs.

Where Can I Find The Best Possible Loan Help In New Zealand?

Are you trying to secure a loan for your business? Come and speak with us at Spinach. We are passionate about helping New Zealand business owners succeed.

Our online site and tried and true processes make applying for a commercial loan simpler than ever. We take every case seriously, so you know that you’ll get personalised help when you work with us.

Would you like to know more? Visit our convenient contact page or call 0800 774 622 to get in touch.

Help your business thrive with Spinach!

Every business owner knows that a good loan can help your company succeed. The extra funds and excellent financial help can get your valued business off the ground or help your company grow even more. It’s recommended that you work with a knowledgeable business loan broker to secure a good loan.

But what do commercial loan brokers do, and how can they specifically help you?

Before you work with any kind of hired help, you should always fully understand what they can do for you. This way, you will know what to expect, and you can better prepare for your interactions with them.

Please read through this article to learn more about:

• What commercial loan brokers typically do.
• How a fantastic loan broker can help you get approved for a great business loan.
• Key points about loan brokers that every business owner should know.
• How you, too, can work with an exceptional commercial loan broker in New Zealand.

What A Business Loan Broker Does

To put it simply, a loan broker helps business owners like you get loans. They act as the middleman between you and your potential lenders.

So, instead of going to lenders or banks yourself to work out a loan, you can speak to your broker and they will speak in your stead.

They can be a significant help because they more than likely have more experience acquiring good loans than you do, so they will know exactly how to do everything. They can make the process easier, more efficient and more straightforward. If you try to do it alone, you may not know how to handle every situation, making the entire ordeal more stressful and frustrating.

Top Reasons Why Every Business Should Consider Working With A Business Loan Broker If They Need A Loan

You can probably see how beneficial working with a loan broker can be if you have tried applying for a loan before. Applying for a business loan can be extremely confusing, and if you don’t have the proper experience or knowledge, you could pay more interest fees than you need to.

Working with a great loan broker can help you in the following ways:

They’ll Help You Understand The Situation Better. Understanding financial legal speech isn’t very easy if you don’t have the experience. But, when you’re asking for a financial loan, it’s vital that you understand what you’re agreeing to. So, what’re you going to do if you are confused?

This is one area where a skilful business loan broker can really help you. They can take complicated terms and concepts and explain them in a way that you can more easily understand. With their help, you can better understand your situation and your opportunities.

They’ll Already Have A Good Rapport With Local Lenders And Banks. Most experienced loan broker companies work hard to establish good relationships with local lenders and banks. When a potential lender works with them, they’ll know they’re working with professionals who only have their client’s best interests in mind. So, they will be far more likely to trust them and offer you a good deal.

They’ll Analyse Your Potential Loans And Help You Select The Best One. A well-trained business loan broker can analyse your potential deals and weigh the pros and cons. They will work with you and get you to understand which is your best choice and why.

Even someone applying for a loan for the first time can make a smart choice if they work with the right loan broker.

They’ll Make The Entire Experience Easier And Less Stressful For You. Primarily, the most beneficial advantage of working with a qualified loan broker is that they will improve the experience. You will face less frustration and less stress because you’ll know that you can rely on their expert help. They can give you peace of mind and reassure you that you’re getting a fantastic deal.

What You Should Remember About Working With Commercial Loan Brokers

Basically, you should know that:

• A business loan broker can act as a mediator between you and your lenders.
• A great loan broker can help you understand your circumstances more clearly.
• A loan broker will make the entire loan application process smoother and less difficult.

Contact Our Expert Team Today If Your Business Needs A Commercial Loan!

Are you a business owner interested in getting a fantastic loan for your company? If so, we encourage you to contact us at Spinach. We help New Zealand businesses of all kinds smartly apply for and receive helpful loans.

We know that applying for a financial loan can be challenging and confusing, so we make sure to help our clients as much as possible. Please visit our contact page or call 0800 774 622 to get in touch with us.

Give your company the help it needs to thrive with Spinach.

You love your side hustle and want to throw in your job and go full time. If you put the right things in place before you start, you will be more prepared for success. Read on for the 8 things we think you need to get right, before you throw in your job and scale your side business.

1. Cover your personal expenses

Your salary has always picked up the shortfall when your business isn’t making much money. When throwing in your salary, think about how you are going to look after your personal expenses (like rent/mortgage, food, transport, utilities etc) before you lose a secure income. Can your business sustain it? Have you got enough in savings to cover it if the business won’t?

2. Increased business costs

If you are scaling your business activities up, can you cover the extra costs until your sales start rolling in to pay for it? This is where a business loan may come in handy. Figure out what those expenses are with a cashflow forecast and take that plan to us and we will get the shortfall funded.

3. Is there a market?

You love what you do, but are you sure there is a market for the extra work you can put out when you go full time? This is called “demand”, is there demand for your offer?

4. Marketing plan

Where is this extra work going to come from? Do you have a plan for how you are going to bring in enough attention that turns into paying customers? And have you figured out if the cost of that will be profitable once you pay for everything that needs to be paid for?

5. Refined systems and processes

You need to make sure your systems and processes can handle extra workload. You might have been working from your home office or spare garage space, but is that going to still work when things blow up? What about the labour to get things done? Can they be more efficient so you can get more work done with the same resources? Or do you need to put things in place to handle that volume?

6. Pricing

When you’re earning a salary in conjunction with your business income, profit isn’t quite as urgent. Your salary can cover any shortfall and sometimes you can overlook the viability of your side hustle because it doesn’t hurt financially yet.

Well, if you’re going all in, you need to make sure your pricing is right so that all business costs are covered and that you are earning a profit you can live off.

7. Negotiate with suppliers

If you are increasing your business activity you may be a good candidate for better terms with your supplier. Now is a good time to get on better terms with them. Usually for low volume businesses, you have to pay cash on delivery, but for larger volume clients, pricing can be sharper and payment terms more favourable so in some cases you might sell the product before you have paid for it. This will make your cashflow perform better and keep your business thriving.

8. Surround yourself with the right people

If you are going all in, you need to live and breathe your purpose. No one understands that quite like someone else on the same journey. Make sure you are surrounded with others on the journey and people who build you up. Being self employed has its hard times, and quality people around you will help get you through.

We love all things business in New Zealand, and we want to see you do well. If you need help funding the next stage of your business journey, we would love to help. 0800 774 622

Succeeding in the business world takes money – but not everyone is fortunate enough to start their passion projects with the funding they need. So, what should you do if you are trying to build up your business but don’t have the money? The perfect answer for any smart, hard-working business owner is to apply for a commercial loan.

Some people may be wary of applying for loans because, naturally, they will need to pay the money back eventually. How do you smartly use your loan, and how do you get the best deal possible?

To up your chances and give your company a well-deserved boost, you should strongly consider working with an experienced loan broker. With their help, a good loan and smart business moves, you’ll see your company thrive.

How A Good Loan Can Save You Money

When you first hear, ‘a great business loan can save you money,’ you might be confused. You’ll have to pay back your loan with interest, so how is that saving you money?

In reality, getting the right commercial loan and working with smart loan brokers can absolutely save you a lot of money. Excellent loan brokers will be able to help you figure out how much money you should ask for and which lenders will be best for you. A fantastic benefit of working with a skilled broker is that they most likely already have some kind of relationship with the local lenders, so they’ll know the right way to speak with the lender that’s ideal for your situation.

If you try to get a loan on your own without the right knowledge and experience, you could make the wrong moves without realising it. People who do this often end up with loans that have far higher interest rates than they’d like, which means they’re losing money when they make that deal.

Working with good commercial loan brokers who have your best interests in mind will help you get a fantastic deal, which will save you money in interest payments over time. Of course, you’ll still need to pay back your loan with interest, but you’ll pay far less than an inexperienced person who doesn’t know what they’re doing.

How To Use A Loan To Boost Your Business

You know that the best way to save money and get a reasonable loan deal is to work with talented loan brokers, but that’s only part of the process; you still need to know how to use that loan once you get it. There are some steps you should take before you begin spending your money.

To smartly use your commercial loan, consider the following:

Plan Before You Spend. Always remember to take a good step back and view your business as a whole before you spend any money. Think about what your business needs the most, what will help you grow and if there are any problems that need fixing now. You may want to document your top priorities so you can get a full view of what you need to do and what is already done.

Proper planning and making smart moves are a big part of succeeding in any career. If you spend recklessly, you could find yourself burning through your loan at an alarming rate.

Use Your Money Smartly And Make Realistic Investments. It is only natural to want to go big and give your business the enhancements it needs, but remember to stay realistic. Your company might not be as big in real life as it is in your head yet – but if you make intelligent decisions, you’ll get there one day.

It’s recommended that you use your funds to do things that will improve your business and get you more customers. For example, you could buy new equipment that’ll boost your productivity, hire new workers, advertise your business and more.

Plan On How You Are Going To Repay Your Loan. Never forget that your commercial loan will need to be repaid. You may want to set aside a portion of your profits to pay back your lender as soon as possible while ensuring you save enough to keep your business growing.

How To Get An Excellent Loan For Your New Zealand Business

The very best way to ensure that you’re getting a good deal is to work with professionals who have experience, so why not boost your chances and work with our excellent team at Spinach? We have assisted many business owners like you, and we’d love to show you how beneficial we can be. Our services can help you get a good business loan that’ll save you money in interest payments and enhance your company.

Every business’s circumstances are different, and we look forward to hearing about what makes your company special. You can call us at 0800 774 622 for more information. Or, if you’re ready to apply now, check out our application page to get started.

With Spinach, you can help your business grow.