Your New Year’s considerations for business financing as JobKeeper winds down

As 3.6 million Australian employees received JobKeeper payments over 13 fortnights from March to September 2020, businesses have to adapt their 2021 aspirations to more practical matters in an effort to return to self-sufficiency. The latest ScotPac SME Growth Index Research found that the top four hurdles for a small to medium enterprise (SME) to overcome in 2021 are “servicing excessive debt levels (22%), diversifying their funding base/finding new sources of funding (16%), securing or increasing their customer base (16%) and avoiding insolvency (11%)”. If this resonates with you as a business owner, you might be wondering how you will be able to avoid these hurdles.

Servicing Excessive Debt Levels

If your plans for growth supersede the temporary shift in operations and need your attention now more than ever, there’s a small chance you might miss a payment in some aspects of the business. Grow Finance is not a single use, impersonal lender looking to get you out of a single jam but instead a provider of small business funding that can help you weather any storm no matter the duration. Invoice Finance will ensure your employees and supply chain are remunerated as per usual without falling behind on payments so you can pursue your vision unfettered. As we’ve seen, the unexpected does occur and access to competitive, small business financing in under 24 hours will help keep debt from becoming insurmountable.

Diversifying your Funding

Continuously dipping into your savings can take a personal toll and in many cases, is only sufficient enough to help you survive and not thrive. Venture Capital and Crowdfunding are all but designed to help you implement an idea to scale within 24 hours. A Grow Finance Business Loan is a ubiquitous small business finance option that can be repaid in up to 3 years allowing you to invest in the necessities that ensure long term profitability. Whether it’s a new user interface or storefront, Grow Finance encourages the strategic thinkers that wish to apply their vision to the big picture.

Securing and Increasing your Customer Base

Keeping your customers happy is the first step in attracting new ones. Trade Financing will allow you to fulfil stock orders and inventory needs so your product is ready to be sold and shipped at a winks notice. Whether the stock is purchased from a local or overseas supplier, Grow Finance can work extensively with you to understand the finer details of your financing needs. Same day funding is offered, stock is not required to be pre-sold and financing is immediately available for imported goods.

Avoiding Insolvency

Grow Finance’s Insurance Premium funding is a low cost solution that will help cover your outstanding premiums in the event your funds need more urgent reallocation. It’s also a tax-deductible option that you can claim against your interest payments.

The Takeaway

‘My Business’ recently reported the number of businesses receiving JobKeeper has dropped by “450,000 in under two months to some 500,000”, between September and November suggesting the uptake of JobKeeper’s second instalment is lower than predicted. With that number to drop to 0 by March 2021, businesses have a wealth of funding at their disposal to ease their financial pressure. Grow Finance’s unrivalled pre-qualification process can approve finance in as little as two hours helping you keep pace with new business opportunities and security measures to support a remote team and optimise global opportunities.

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