What type of loans do you provide?
Small business loans up to $150,000 over 6-24 months. The approved loan amount is determined by cash-flow.
Asset Finance up to $250,000 for vehicles, machinery, plant or equipment. Security taken over the asset being purchase. Rates from 6.99%. Terms to suit.
What is your credit criteria?
Minimum trading history of 12 months and sales of $10,000 per month. The small business loans are unsecured, however Director guarantees are required. To assess the loan we need 6 months bank statements to assess
Who do you lend to?
You need to be a registered NZ Business with a NZBN and registered with the IRD for GST. 18 years of Age and a Resident of Citizen of NZ
What are your fees?
Fees range from 2% to 4% of the loan amount - added to the loan.
What are your interest rates?
Small business loans range from 2% to 3% per month depending on the quality of the application. Asset Finance starts at 6.99% to 17.95%.
What is the loan term?
Up to 24 months for the unsecured Small business loans with option to redraw after 6 months and up to 7 years for assest purchases. This is dependant on the type of asset being purchased.
What is the application process?
Simply complete the short form and we will phone you to finalise the application. This process takes a couple of minutes. We will then email you with what supporting documents are needed, such as Bank Statements and details of any IRD debt (arrangement). Once received, approval takes approximately 60 minutes with funding paid overnight once digital contracts are signed.
What if I have bad credit?
Small Business loans are unsecured so a reasonable credit rating is required, however we are more flexible for asset lending given the loans are secured.
What insurance do I need?
Any asset being purchased will need to be insured.
What is a GSA?
A GSA (General Security Agreement) may be required for a working capital loan. This is dependant on the strength of the business and amount of the loan. This document gives us security over your business so in the event of default we can appoint a Receiver.
Do I need additional security?
No further security is required for a Working Capital loan and where Asset Finance we simply take security over the asset being purchase.
Do all Directors need to be on the loan?
Do I need to be a home owner?