Help needed on Business loans please!!
Hi - Hope someone can help on this one??
Does anyone know about business loans in South Australia?
At the moment we are looking in to lots of different options and are considering buying an existing business.
How do business loans work in Aus - any experiences/advice would be hugely appreciated.
Business banking here is just the same as the world over.
You will need some history /proof of running a business.
Also I'm afraid the banks will need a fair chunk of collateral against a loan.
Business loans are far higher risk than say mortgages and the banks will look accordingly.
As usual they will need all the drivel and paperwork of business plans/profit projections and so on.
As you are new to Oz and have no credit history it will be even harder.
Having a good accountant by your side is a very wise move.
I'd always recommend Doug Booth who has been a great help to us and does specialise in business.
Southern Taxation Services
49c Beach Road
08 8326 1426
I will return your pm, been very busy just finished another 14 hour day:), most bussiness loans will require the bussiness to have at least 2 years accounts before you can get a loan on it, if if has not you will need much more security.
I will pm you soon with a bit more info and a few contacts that you may find useful.
Hi Simon and Tyke,
Originally Posted by soggy
Thanks very much for the help and advice, any contacts you could pass on would be very much appreciated. We are in the very early stages of this, but the more research we can do the better. Am I right in thinking that you are on a provisionla visa too Simon? Hope your cafe is going well, look forward to hearing about it - :)
We're still exploring our own businesses :D - Tyke - would you be bale to provide and emial for your accountant? It would be great to find out some answers to some straight-forward questions from a professional. Thank you.
Simon - I presume being on a 475 doesn't prohibit you from a business loan - and being self-employed is still ok for the requirements on our visa type?
Thanks very much for all your help :GEEK:
Here ya go.
Originally Posted by Lulujim
Doug's a good bloke .
Thanks Tyke! Will email straight away ;)