The history of banking and funding business operations is closely associated with the time value of money, which is generally abbreviated as “TVM” in the financial sector. TVM is basically a fiscal concept that delineates what a dollar is worth to you right now versus what it’s worth in the future.
In this regard, any money available to you at the present moment withholds way more value than it would in a few months or years, primarily because you can put that cash to work for your business and begin creating more wealth.
Another way to look at this idea is through the lens of opportunity costs – in other words, what kind of opportunities are you missing out on by continuing to hover in place with regard to your bottom line?
Therefore, if you’d like to purchase new equipment, expand your office, pay off existing debt, or invest in any other aspect of your company, you have to compare and contrast the two primary lending options at your disposal before taking decisive action. To help you do just that, this brief editorial will take a closer look at bank loans and private funding firms from the perspective of a small business owner.
Bank Loans Are a Thing of The Past
Irrespective of whether you’ve ever applied for a business-related bank loan in the past, take a moment to peruse the detriments associated with these large-scale, impersonal institutions:
- You generally cannot borrow less than $50,000, and in some cases, the threshold is much higher.
- You’ll have to complete copious amounts of paperwork and provide a myriad of documentation to prove profitability.
- The timetable is protracted and very inconvenient – oftentimes you’ll wait weeks or months for final approval.
- Loans are not available for new businesses or sole ventures. The vast majority of banks require your business to have at least two years of financial records on hand.
- Bank loan repayment schedules can decimate your month-to-month budget, because they tend to mandate massive fixed payments with no leniency.
As any time-tested proprietor will tell you, bank loans are disheartening, cumbersome, and most notably, they aren’t worth the time or effort.
Private Funding Is Streamlined, Accessible, and Designed to Fit Your Needs
Simply by partnering with a reputable private lender, you’ll be able to engage in an intuitive, personalised process that’s tailored to the exact size and scope of your business. If you take a minute to read through an authentic Max Funding review, for instance, you’ll see how advantageous private funding truly is:
- Vast array of lending opportunities, ranging from $1,000 all the way to $600,000.
- Quick and easy application process, which allows you to attain approval in as little as five minutes with minimal paperwork requirements.
- Loans are available for any type of company, regardless of its current age, revenue stream, current debt, or specific location in Australia.
- Poor credit history is not a disqualifier and you won’t have to provide extensive financial records.
- Customisable repayment schedules based on your future prospects.
So if you’re ready to seize your chance at a healthy bottom line and finally obtain the working capital you need, be sure to contact a reliable Australian funding firm at your earliest convenience. You’ll be glad you did.