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Every single business across Australia will have felt the uncertainty of the last financial year. They were all operating in unknown conditions, without the knowledge that any second everything could change, without warning. Being a business owner is stressful enough without another weight on your shoulders. This is especially true for small and medium-sized businesses. SMEs felt the endless unpredictably more than others, as small and medium-sized businesses aren’t as well-equipped to deal with sudden losses in cash flow, customers, and business in general.
However, interestingly enough, data released by the Commonwealth Bank of Australia has shown us that some sectors, despite the pandemic, have shown positive conditions during the last financial year.Sectors such as transportation, construction, and agriculture all saw a strong and growing markets through the financial year. They performed extremely well even in volatile conditions.
As a result, asset finance lending solutions were 20 per cent higher than the average over the past 10 years. These sections have needed to seek out asset finance solutions when demand for their industries grew during the pandemic and they were in need of equipment upgrades, expansion of fleets, new fit outs or to advance their technology.
Asset Finance was most popular because as a finance solution it can support the unique demands and opportunities that each business has. Anyone from large corporations to small and medium-sized businesses can benefit from an asset-based financial solution to help them grow and develop their business. With the increase in demand for asset finance, more and more lenders are offering great asset finance solutions. As they are competing for the demand, lenders are creating better offerings for business. Non-bank lenders however are creating their finance solutions tailored to small and medium businesses so that they too can benefit from the advantages of asset finance.
Currently, despite the demand, it can be difficult for SMEs to acquire asset finance from big bank lenders. This is because of the strict lending criteria, long waiting periods and a mountain of paperwork that needs to be completed, before likely getting denied due to alack of collateral.
So this is why non-bank lenders such as Grow Finance, are a better option for small and medium-sized business owners. Since a non-bank lender like Grow Finance offers tailored asset finance solutions to SMEs, they are a much more accessible option. Grow Finance also has more realistic eligibility criteria for small and medium-sized businesses, and you can get pre-approval for finance within hours.
If your SME is looking to expand its fleet, or take advantage of technological advancements, then right now is the time to take advantage of the increased demand and get the best asset finance solutions on the market. If you want to find out more about the asset finance solutions that Grow Finance can offer your SME, visit the Grow Finance website today to find out more information about tailored finance solutions.