Category: Small Business

Growth on a Small Scale: Strategies for Success with Small Business Loans

Posted on by TWG

If you run a small business, then you are looking for ways to grow your company, improve your profits and expand your client base. Small business loans help NZ businesses reach their short and long-term goals by providing them with the funding they need.

However, it’s not enough to acquire the loan itself – you need to use it wisely. How can you use the money to grow your business and your profits to pay back your loan and improve your company in the long run?

Exploring Strategies For Small Business Loans

There are so many ways you can boost your business with extra funding. So, before you apply for a loan, you must formulate a plan for what you will do with your money. Understanding your business plan will make you appear more serious to lenders and will help you know how much money you need to ask for.

What can you do with NZ small business loans?

Boost Your Marketing Efforts. Even if you have incredible products or services, you will have trouble selling them if no one knows about your business. Marketing allows you to reach out to countless potential customers, getting your branding out there and telling people about your unique services.

Explore different marketing methods you could use for your business:

  • Print Marketing. Traditional marketing involves putting ads in print media, like magazines, newspapers or physical posters.
  • Online Marketing. Online marketing is a must for modern businesses because so many people are online nowadays. Invest in ads for websites, videos and more to get your name out there. Additionally, make sure you set up a website for your business and create a Google Business Profile so that potential customers can learn more about you online. Digital marketing and SEO (Search Engine Optimisation) efforts can draw more eyes to your company.
  • Social Media. So many of us use social media every day, which makes social media platforms very powerful tools for modern businesses. Set up social media profiles on different platforms so you can post about your products, services, events, deals and more.
  • Creative Campaigns. Feel free to get creative with how you show off your goods. For example, you could host a contest, and the winner could win a prize from your product line. This will bring attention to your business and give customers a chance to interact with your brand.

Upgrade Your Commercial Space. If you have a physical storefront where your team works and your customers come to visit, consider using your NZ small business loan to improve it. Even small upgrades can have a major impact on your hardworking team and your valued customers.

You could put effort into improving functionality:

  • Renovate your space to improve the layout or functionality of your workspace, improving workflow.
  • Invest in better furnishings to create a better working environment, encouraging your team to stay productive.

You can also improve customer experience so that your customers will want to visit you again:

  • Redecorate to create an inviting, modern environment that your customers will enjoy being in.
  • Create areas to sit or relax so your customers can feel good when they’re waiting.

Improving your space itself will leave a lasting impression on your team and your customers, promoting staff well-being and creating a nice place for your customers.

Invest In New Equipment Or Technology Upgrades. Modern, efficient tools and machinery can streamline your operations, improving your productivity and your product quality.

Replace or upgrade your current equipment to:

  • Increase Efficiency. Get work done faster or create products more quickly, without cutting corners or harming quality.
  • Boost Product And Service Quality. Invest in modern machinery that’s designed to create amazing results more effectively, making life easier for your team and your customers.
  • Reduce Energy Usage. Choose equipment that’s made with energy efficiency in mind, reducing your running costs and your energy consumption.

Although new machinery often has high upfront costs, it can make up for the initial investment through better output and reduced running costs. Plus, the improved production can increase profitability by enhancing your goods and services.

Hire And Train New Staff. Does your current team feel overwhelmed? Could you use some extra help? Use the funding from NZ small business loans to expand your team, hiring and training new staff.

Your new staff members can help fill gaps in your current operations. They can serve more clients and boost your production. Ensure each new staff member is adequately trained and equipped for the work. Your loan could help with hiring the new staff members, purchasing equipment for them, training them and ensuring they get paid.

Enhancing NZ Companies With Small Business Loans

Your loan can be used in countless ways to uplift your small business. Of course, the first step is to plan for and secure your small business loan. We welcome you to work with our Spinach team to learn more about your business loan opportunities.

Get started by calling us on 0800 SPINACH. Or, send us a message online.

Spinach: Let’s pave your way to success with a small business loan.

SMEs Unleashed: The Vital Role of Small Business Loans in New Zealand

Posted on by TWG

Running a small or medium-sized business takes heaps of effort, passion and money. While many hopeful business people have enough effort and passion, securing enough funding to reach your business goals is often difficult. Fortunately, NZ small business loans offer business owners an opportunity to get the money they need to enhance their businesses like never before.

The Pros And Cons Of Business Loans For Small And Midsize Enterprises

Business loans are a flicker of hope for business owners, giving them the opportunity to transform their companies through better equipment, extra staff and more.

As with any kind of financial decision, it’s imperative that you learn more about NZ small business loans before you send in any applications. Working with professional lending specialists is best, as they can guide you through the complex world of business loans.

At Spinach, our lending specialists help clients like you secure the financing you want to elevate your company. We know that you might have plenty of questions about business loans, and we’re here to give you the information you need to make a confident decision.

How can small business loans empower SMEs in New Zealand?

  • Access To More Capital Fast. Money is essential for any business, but it’s not always easy to get. Business loans provide financing for business owners who may have trouble getting funds from other sources, such as investors or profits. Rather than saving up the money yourself, you can use your loan to access more money quickly.
  • Flexible Loan Options. There are different kinds of loans, such as working capital loans, asset financing and invoice financing. You can choose a business loan structure that works best for your situation. Navigating the types of loans can be a challenge, especially if you’re new to the world of business loans. We at Spinach can help you determine the right pathway for you.
  • Help With Cash Flow. Smartly managing cash flow is an essential part of being a responsible business owner, but it’s not always easy – especially if you’re experiencing a period of low revenue. An NZ small business loan can give you the money you need to cover short-term expenses like payroll and inventory purchases. This way, you can ensure your NZ business runs smoothly, even when your profits are lower than average.
  • Faster Growth. The capital you get from a small business loan can allow you to grow your business fast, potentially improving your brand’s reputation, raising profits and enhancing the quality of your services. You could hire more staff, upgrade equipment, rent a more suitable commercial space, etc.
  • Building Your Credit Score. When you get your loan, you can build your credit score by making your loan repayments on time. Improving your credit score now will enhance your credibility and make it easier to get loans in the future.

Of course, there are also some risks that you need to know about before you apply for your NZ small business loan:

  • You Must Pay The Money Back. Naturally, you will need to pay your loan back with interest. Create a repayment schedule and a business plan before you apply for your loan so that you’ll be prepared to make repayments on time.
  • You Must Follow Your Loan Terms. Always thoroughly read through your loan terms before you agree to anything. Following your term loans may be difficult if your business situation changes.

Tips For Securing Small Business Loans In NZ

It’s vital to be innovative and calculated whenever you borrow money. What should you do before you apply for your loan?

  • Work With A Professional. One of the best ways to improve your chances of success is to work with a professional lending specialist like those on our team at Spinach. We can provide you with personalised assistance, streamlining the process while avoiding mistakes.
  • Have A Business Plan. Always create a well-thought-out business plan. A solid plan will guide your actions if you are granted a loan, and it will show lenders that you’re a serious, responsible business person. Try to include factors like what you will use the money for, your financial projections and your marketing strategy.
  • Build Your Credit Score. Your credit score is often the first thing that many lenders will look at. You can improve your score by repaying debts and paying bills on time.
  • Be Prepared. Gather the necessary documents before you begin the business loan application process.

Securing The Funding You Need To Elevate Your NZ SME

The right business loan can empower your business so you can make a name for yourself in New Zealand. We welcome you to visit our website to learn more about how we can help you and to explore our available resources.

Would you like to get in touch with our lending specialists? Call us on 0800 SPINACH or use our site to reach us.

Spinach: Unleash the true potential of your business.

Smart Borrowing: How to Choose the Right Business Loan for Your Needs

Posted on by TWG

Business loans help companies thrive, giving business owners the funding they need to boost their businesses like never before. When starting a new business, one of the most common concerns that business owners struggle with is money. You need funding to create products, buy equipment, pay employees and so on, but it can be difficult to save up extra cash when you’re already putting so much time, effort and money into your current operations.

Business loans can give you that extra bit of funding you need to take things to the next level. But first, you’ll need to choose the right business loan, as selecting the proper financing for you can strongly impact your long-term business success.

Top Factors To Consider When Choosing Business Loans In New Zealand

Where do you start?

Your Business Needs: What Do You Need To Reach Your Short- And Long-Term Goals? Before you apply for anything, stop to reflect on the current status of your business. The stage of your business and the industry you’re in can affect how much money you should ask for. How is your current financial situation? How much money do you need to reach the goals you are currently focusing on?

A few common goals that many small business owners in New Zealand have are:

  • Funding startup costs.
  • Purchasing new equipment.
  • Expanding operations.
  • Hiring more staff.

Analyse your current operations and think about any issues you’re facing. Could funding from business loans help you solve those problems?

With this information in mind, you need to determine how much money you should ask for. Try to calculate a realistic amount based on your budget or your financial forecast, and try to avoid borrowing far too much or too little.

Loan Options: Common Loan Types In Aotearoa. There are different types of business loans, and one kind may be better suited for your needs than another. Before choosing your loan type, make sure you research the options available to you.

  • Working Capital Loans. These are often used to cover day-to-day operational expenses.
  • Small Business Loans. These are specifically meant for smaller businesses, helping grow them into larger operations.
  • Asset Finance. These help you finance assets, such as new equipment or vehicles.
  • Plant And Machinery Loans. These allow you to purchase the plant and machinery you need to expand your business.
  • Invoice Finance. These address delayed payments from clients.
  • Unsecured Business Loans. These loans don’t require property or assets as security.

Interest Rates And Fees: How Much You’ll Pay. It’s essential to pay attention to any interest rates and fees you will need to pay along with your original loan amount. To help you visualise the amount of money you will need to repay your lender, we invite you to use our useful business loan calculator on our website.

Your Financials: Assess Your Business Financials And Creditworthiness. Factors like your credit score will strongly affect how willing a lender is to provide you with business loans. Check your business credit score, which is separate from your personal credit score, and consider ways to improve it if needed. The simplest way to improve your business credit score is to pay your bills on time.

Before you apply for your business loan, you should also gather and prepare any necessary financial documents as proof of your business’s financial standing. Financial records like income statements will help lenders assess loan repayment ability.

Your debt-to-income ratio is also an important factor, as it helps determine your borrowing capacity and influences loan terms.

Professional Assistance: Working With A Business Loan Broker To Maximise Results. All of the above-listed tips can help you discover the right business loans for your unique NZ business. However, they can be challenging to act on independently – especially if you are new to the business loan world.

No worries, help is available – expert business loan brokers can go through each of these steps with you, guiding you through the process while connecting you to reputable NZ lenders who can offer you what you need. A broker can simplify the loan search process and assist you with putting together a loan application that looks fantastic to lenders.

Making wrong moves when applying for a loan can cause your application to be rejected. When you work with a trained lending specialist, you can avoid mistakes and optimise your chances of success.

Securing Funding For Your New Zealand Business

Why are you interested in applying for a loan? Regardless of your goals, we at Spinach would love to help. We specialise in offering our clients professional services tailored to their unique needs.

Do you have any questions for us, or would you like to get the application process started right away? Please feel free to call us on 0800 774 622 or use our contact page.

Spinach: Let’s secure the right funding to grow your business.

Navigating Options: How a Business Loan Broker Simplifies the Lending Process

Posted on by TWG

Cashflow is the lifeblood of any business. Whether you’re a new startup or a booming business with years of experience, you need capital to run your company. However, securing the financing to start, run or grow your business can be a challenge. How can you get a good, suitable loan? Consider working with a business loan broker to help guide you to success.

When you begin looking at your lending options, you may be surprised at just how complex the world of financial lending can be. With so many lenders, loan types and more to consider, finding the right deal for you may seem like an impossible task. A loan broker can simplify the process, working through the challenges with you to streamline your application and connect you with the right NZ lenders.

What Does A Business Loan Broker Do?

What exactly do loan brokers do? Essentially, a loan broker is a financial specialist who helps individuals such as yourself find the right lending options for them. They act as intermediaries, connecting you with potential New Zealand lenders that they know will be a good fit for your particular needs.

Every business is unique, and yours is no exception. Your particular needs, limitations, financial situation, and goals will differ from those of your neighbour, so you need help that considers your qualities. Great loan brokers will carefully analyse your situation with you. After they better understand the nuances of your company, they can then recommend loan types and lenders that they think would be best.

All in all, professional lending specialists can offer you many advantages during the lending process. Here are just a few ways in which your lending specialist can help streamline the process:

  • Concisely Comparing Loan Options. What do you do if you have several different loan options and you don’t know which would work best for you? Rather than struggle with heaps of different choices yourself, consider talking to your loan broker. With your business loan broker, you can carefully go through all of your available options to weigh out the pros and cons of each one. Then, you can make an informed, confident decision.
  • Efficiently And Successfully Applying For Your Loan. It’s extremely important that you properly apply for your loan. Mistakes can lead to rejection, and then you would need to seek out additional loan opportunities. Your loan broker can review your loan application with you, helping you understand exactly what you need to do and what’s expected of you from the deal.
  • Clearing Up Confusion. Lending terms can be confusing, especially if this is your first time applying for a business loan. If you’re confused about anything, they can explain things to you clearly and effectively so you can have all of the information you need.  It’s important to be well-informed whenever you’re working with finances.
  • Negotiating Favourable Terms. Experienced brokers have worked hard to build positive working relationships with NZ lenders. Using their experience and connections, they may be able to negotiate better loan terms for you. This may result in lower interest rates or more flexible repayment terms, potentially saving you money.
  • Access To More Lenders. Using their professional connections and reputation, your broker can access a wide network of lenders. This will give you a larger range of options and more diverse choices to pick from. Rather than having to settle for a deal you’re not very happy with, you can continue to work with your broker to find one you’re confident about.
  • Saving Time. As they say, in the business world, time is money – and you certainly don’t want to spend more time than you need to to find a suitable loan for your business. An expert business loan broker can streamline the process so that you get things done on time, securing a loan efficiently so that you can get back to your bustling company. They can help you identify the best type of loan for your situation, how much money you should ask for based on your needs, the lenders that would be a good match for you and so on – all within a fraction of the time it would take you to do on your own.
  • Saving Money. Overall, working with an NZ business loan broker can save you money in the long run. They can identify the right loans for your company, negotiate better terms and save time, helping you get back to your company with more funds to work with.

Efficiently Securing A Loan For Your New Zealand Business

How would you use your loan to better your business? At Spinach, we strive to help our clients secure business loans that are right for them. We know that every business is different, and we look forward to learning all about what makes your company unique so that we can identify the right path for you.

If you’d like to get in touch with one of our lending specialists, you can call us on 0800 SPINACH or use our contact page.

Grow your business with a proper loan and a healthy helping of Spinach.

Beyond Cash: Unlocking Opportunities with Asset Finance for Your Business

Posted on by [email protected]

In the business world, you need more than just ambition and passion to succeed – you also need the right tools. The specific equipment you’ll need will depend on the type of company you run, but regardless of what you need, you undoubtedly want high-quality and dependable equipment. Equipment might be expensive, but there’s a way for hopeful business people to acquire the tools they want – asset finance.

One issue that many business people face, particularly those who are just starting out, is the inability to get good equipment for their operations. Often, this is because equipment is expensive, and it isn’t easy to gather enough funds if you’re already using your capital for other important parts of your business. This is where this kind of financial help comes into play because it can allow you to get the essential assets you need to grow your business steadily.

What Is Asset Finance?

This is a type of lending that allows businesses to purchase, replace or refinance important assets while using the assets themselves as security for the loan. This financing is often used to get high-value, high-quality items like vehicles, machinery and important equipment. Even if your business is still small, it can allow you to get the latest technology for your operations.

Any business person will tell you that high-quality equipment can be rather expensive. While this equipment can greatly benefit your company, your daily operations and your team, spending too much of your company’s money can deprive other parts of your company of the funding they need, leading to issues down the track. This is why asset finance remains to be a popular choice for New Zealand business owners – it allows you to acquire the essential tools you need without disrupting the rest of your company.

How Your NZ Business Can Benefit From This Financing

You can probably already imagine quite a few advantages that come with this kind of financial help, such as:

  • Maintaining Cash Flow. Cash flow is the lifeblood of any business, so it’s extremely vital for savvy business people to properly maintain their cash flow to keep their business running. With asset finance, companies can avoid spending large upfront costs, keeping more cash available for other operational needs.
  • Access To High-Quality Equipment And Assets. This kind of financial lending enables NZ companies to get modern equipment and machinery that might otherwise be out of reach or otherwise difficult to get ahold of. This high-value equipment can help you grow your company faster, improving your operations and attracting more customers while maintaining cash flow.
  • Flexible Options. Many kinds of financing offer flexible repayment terms that can be tailored to match your particular circumstances. Every business is unique, and you should take steps to find financing that specifically meets your needs.
  • Better Financial Planning. Businesses can better forecast and manage their financial obligations by spreading out payments over time. Loan repayments are predictable, allowing you to budget accordingly without unpleasant surprises.
  • Reduced Risk. Asset financing involves using the assets themselves as collateral, strongly reducing the need to put personal or business assets at risk.

Why You Should Seek Help When Getting Any Kind Of Business Loan

Money is a very important part of the business world. So, when borrowing money from lenders, it’s absolutely paramount that you take the right steps and work with the right lending specialists. Although applying for a loan may seem simple at first, one wrong move can lead to higher costs and potential rejection, so it’s best to maximise your opportunity by working with experts who know what they’re doing.

So, we at Spinach are here to help. We understand the needs of New Zealand businesses, and we’re thrilled to work with our clients to find the specific solutions that work for them. We know your business is one-of-a-kind, and we want to find the asset finance solution that perfectly fits your needs.

How can we help?

  • Personalised Assistance. We don’t just offer you advice that you could find anywhere; we offer you advice that takes into account your business’s specific situation. We will discuss your goals, your current circumstances and any other important factors that could affect your finances.
  • Industry Expertise. Our specialists have decades of experience helping all kinds of business people, and we understand the diverse needs of various industries across Aotearoa. While we will, of course, look at your business as a unique entity, we can also draw from our past experiences to determine what will work for you.
  • Minimising Loan Costs. Our top goal is to help you achieve your goals while maintaining strong financial health. We’ll seek out great loan opportunities to minimise risk and costs while maximising potential.

Securing The Assets You Need With Spinach

Are you interested in a particular piece of equipment that would really help your NZ business? Speak to us at Spinach, and we’ll discuss potential asset financing solutions to meet your needs.

Getting in touch is easy, just call us on 0800 774 622 or use our contact page.

Grow your business and find success – let us at Spinach help!

3 Things That Will Instantly Disqualify You from a Business Loan

Posted on by [email protected]

When preparing to borrow funds to invest in your business, you want to feel confident that the loan is likely to be approved.

We have prepared this list of 3 ways your loan will be instantly declined to help you overcome them before getting started. Once you can overcome these three issues, you’ve increased the likelihood of the ‘go-ahead’ you are hoping for.
1. You are not managing your monthly creditor obligations well.
This looks like:

  • dishonouring transactions in your bank statements,
  • unarranged overdrafts in your bank statements, and
  • late payment of bills

You can overcome this by:

  • preparing a monthly budget outlining due dates of creditor invoices and payments and making sure money is in place to pay your direct debit payments on time.
  • forecasting your cashflows with your accountant to predict when there will be a shortfall, so you don’t take too much out of the business too soon.
  • Negotiating better payment terms with both your creditors and debtors so your cashflow cycles are in synch.
  • Making sure there is sufficient working capital in the transaction accounts to allow for seasonal fluctuations in your business.

2. You don’t have a clear purpose for the loan funds.
Gone are the days where you can go to the bank and ask, ‘how much can I have?’ With responsible lending protocols in place, you need to have a simple explanation for the loan purpose.

You can overcome this by:

  • Preparing a forecast to show the outcome of the introduced working capital, such as the increased turnover of that new equipment or staff member.
  • Showing invoices, quotes, or website links for the equipment you want to buy.
  • Settlement statements for any loans you want to refinance.

3. There are a large number of credit enquiries in a short space of time.
It makes sense that when you are applying for credit without a broker you may apply to a couple of places and see what the best deal is, but if there are a large number of enquiries in a short space of time, lenders start to ask what might be going on and why no loan has been successful before now. It may also take points off your credit score each time an enquiry is made. So, be mindful with the number of enquiries you are making, or better yet, work with a broker like Spinach to save time and hassle.

At Spinach, we are business loan brokers who work with 26 financiers to find solutions for any business purpose. So, to have a confidential chat about your preparedness, or about the goal you are trying to fund, get in touch with Jemma on 021358433, or [email protected] or visit our website www.spinach.co.nz

*Note this is not personalised financial advice. Usual lending criteria, fees and interest rates apply.

Small Business, Big Dreams: Finding the Right Loans for Your New Zealand Enterprise

Posted on by [email protected]

Starting a small business is a big undertaking, but it can be incredibly rewarding. Unfortunately, you’ll need more than big dreams and enthusiasm if you want to improve your chances of success – that’s where small business loans can help your NZ enterprise thrive.

Making your dreams work without funding is difficult, especially in today’s fast-paced business world. You’ll need some money to work with to grow your company.

A small business loan is the perfect way for businesses to get some money to work with. They can then use that money to purchase more inventory, hire more staff or do whatever else they need to grow their passion project.

Getting a loan sounds like a fantastic stepping stone towards success. But, as with any financial undertaking, there are a few things you should think about before you apply for any small business loans in NZ.

Getting The Best Loan For Your NZ Company

When it comes to business, you should never jump first and think later. Poor financial decisions can seriously land you in hot water! Always think your business decisions through before you do anything drastic, like sign up for a loan that might not be quite right for you.

How do you know what loan is right for you?

Before you call anyone, whether they’re a potential lender or a helpful lending broker, it’s extremely important to get all of your things in order.

Always stay organised. Make sure you know where any important business documents are, such as income statements, and consider gathering them if you think you’ll need them.

Furthermore, prepare yourself mentally as well. Make a plan about what you’ll do with your loan, how you plan on making the money back and so on. You’ll be more likely to succeed in getting small business loans in NZ if you can show that you’re an organised business person who’s serious about what they’re doing.

Using this convenient online business loan calculator is an easy way to get an idea of how much your loan will cost.

Next, you need to think about the type of loan you need. A good way to determine what kind of loan you need is to identify your business needs. There are several types of business loans available, so it’s vital that you choose the most suitable one for your specific situation.

A few, but not all, of your small business loan options are:

  • Asset Finance. This type of loan is secured against your assets, such as equipment or inventory. If you default on the business loan, your lender can seize your selected assets to recoup their losses. Asset finance can be a good option for businesses that need to finance the purchase of assets, but it’s important to ensure you can afford the monthly payments.
  • Unsecured Business Loans. These loans aren’t secured against any assets. This means that the lender is only relying on your business’s creditworthiness to repay the loan rather than on collateral. These loans are generally more difficult to get than asset-backed loans, but they’re a great option if you have a good credit score.
  • Working Capital Loans. These NZ small business loans are used to finance the day-to-day operations of a business rather than funding the purchase of large new equipment or machinery. Daily operation assistance can include paying for inventory, payroll or marketing expenses. These tend to be short-term loans, with repayment terms of generally one to three years.
  • Plant And Machinery Loans. This kind of loan is used to finance the purchase of equipment or machinery. A loan of this type is often secured against the equipment that’s being purchased. This is a fantastic option for business people who are seeking loans to expand their operations with new equipment or to upgrade their existing equipment.

Once you know what type of loan you need, then you’ll need to find the best lender for you. This task is exceptionally daunting for small business owners with little to no experience with NZ small business loans. So, to make sure you get the best results possible, we highly recommend working with a professional loan broker who will offer you personalised assistance.

Would You Like Some Expert Assistance? We’re Here To Help!

Thinking about everything that goes into applying for a small business loan can be very confusing and frustrating, regardless of why you need the loan or how much money you need. Making the wrong choices can result in you paying more in interest than you really need to.

How exactly can you make all the right choices? That’s easy; just call our team of friendly loan brokers at Spinach.

We have plenty of experience with NZ small business loans, and we’re passionate about helping people just like you get the funding they need to thrive. Every unique business makes Aotearoa better, and we want you to succeed!

Would you like our help? Call us on 0800 SPINACH, or reach out to us through our contact page.

To get the funding you need, call us at Spinach!