Why Get a Business Loan Before Financial Year End

The time for your business to take advantage of tax deduction and get your business finances in order is at the end of the financial year.

But sometimes we need a little bit of extra support to make those tax optimisation strategies work.

If you’re considering any of these below it’s highly likely a business loan will help.

1. Instant asset write-off

Did you know that you can take advantage of the instant asset write-off at the end of the tax year? With this instant asset write-off, your business can now claim up to $30,000 per item in the financial year in the same financial year that you purchased it. 

If you are cash strapped then taking out a small business loan to buy the asset before EOFY is going to help. In particular, online business loans are one of the fastest ways to get funds for small businesses so they can take advantage of the instant asset write-off. 

If you’re considering this let’s chat

2. EOFY sales

Many commercial and retail businesses reduce the prices of their products s before the end of the financial year. Some companies might want to lessen their inventories before the end of the financial year, while others need to get ready for new models being introduced. 

Some suppliers might increase their prices in the new financial year, so buying earlier can help your business save money.

Whether you are purchasing inventory or devices, a business loan can give you the funds you need to make it possible before the end of the financial year. 

It could be time to make a decision now to top up your investment in inventory or finally purchase that equipment for a discount. 

3. Plan for growth

Reflect and plan for the next year. We’re doing this too! 

Know that a business loan can be part of your plan for growth. Marketing, for example, is an investment any business seeking growth will require. But it requires resources to implement. ..

Or, are you considering renovating your current location or expanding?

Whatever your business type is, this type of growth initiative is expensive. A business loan can be the way to put plans into action for the new financial year.

Growth opportunities and unexpected challenges pop up anytime, including EOFY. And when it comes to having access to extra funds, the timing makes all the difference. That’s why we offer funding within 24 hours of $5,000 to $300,000 and with cash flow friendly repayments.

4. Employ more staff

When your business is growing, you may need to increase your workforce.  Although this would mean growth in income, there will still be a gap between hiring more people and seeing financial results. That’s when a business loan can come in really handy. 

The challenges of getting a business loan

Like all loans, there will always be challenges to getting approved.

For example, some traditional business loans require collateral and once you've provided the collateral for the loan, it can still take up to six weeks to know if you get approved or not. 

Some business loan approvals are done online which makes it much easier compared to the banks as these may be unsecured or do not require collateral.  In some cases, your application can be completed in around ten minutes with approval for the loan within 24 hours.

We understand businesses. We’re business owners ourselves.

Sometimes it’s not the lack of profit but cash flow that stresses small business. Use business financing to cover the shortfall. Contact us today: https://www.sandcastlefinance.com.au/contact-us