The Beginning of a New Financial Year: A Time for Change
The beginning of a new financial year can be a wonderful time for change. It might be the time to bring long-held dreams to life, whether you are:
- Establishing yourself as a contractor with your own machinery
- Transitioning from an apprenticeship to self-employed trades
- Setting up as a grower
- Turning a side hustle into full-time income
But even the best plans, passion, and creativity seem to have no future without adequate financial support. This is where LJ Asset Finance comes in—bringing innovative commercial lending solutions tailored especially for start-ups.
Understanding the Challenges for Start-Ups
We understand the unique challenges start-ups face in securing affordable funding for essential vehicles, trucks, machinery, and equipment. With our tailored services, extensive lender network, and niche finance products, we can help you overcome the hurdles and get your business up and running.
We also recognize that many entrepreneurs have questions before applying for finance. In this explainer, we address the key concerns that we regularly discuss with start-up operators, helping you make informed decisions as you move forward.
How to Access Specialist Business Loans for New Businesses
LJ Asset Finance helps start-up operators connect with the right lenders, secure suitable credit, and get approved for workable loans tailored to new businesses. Our services are available directly, without the need for third-party referrals.
One of the main barriers that start-ups face when trying to attract finance is passing the stringent criteria of many high street banks and lenders, who often require:
- A business history of at least 1-2 years
- A financial history of at least 1 year
- Minimum levels of turnover
At LJ Asset Finance, we provide access to over 80 lenders, including non-bank options with more flexible requirements. Our brokers match each operator with a lender whose eligibility criteria best align with their needs. We also offer ‘low doc’ financing, which requires fewer financial documents and a shorter trading history than traditional loans.
What Are Low Doc Business Loans for New Ventures?
Low Doc loans are designed for businesses that lack extensive financial documentation. Approval can be granted based on just six months of turnover figures. Lenders may request the personal financials of the business owner and review their credit profile. In certain cases, additional collateral may be required.
These loans cover a full range of commercial credit facilities, including:
- Leasing
- Rent-to-Own
- Hire Purchase
- Chattel Mortgage
While some loan limits may apply, competitive rates and terms can still be achieved.
What Can New Business Loans Be Used For?
Once a start-up is connected with the right lender and approved, they can use commercial credit to fund a variety of business assets. This includes:
- Machinery
- Plant equipment
- IT systems
- Computers for commercial operations
Low Doc funds are available across all industry sectors and can be accessed by self-employed individuals, sole traders, micro-operations, and ABN-only holders.
Affordable Vehicle Loans for Start-Ups
Many new businesses, especially trades, delivery services, and growers, need vehicles to get started. LJ Asset Finance ensures operators get affordable loans for cars, vans, Utes, and trucks—whether new or second-hand. Funding is offered for the most popular vehicles, including:
- Toyota HiAce
- LDV
- VW delivery vans
- Toyota HiLux
- Ford Ranger
- SUVs and passenger cars
- Several heavy-duty trucks
Customized Heavy Equipment Loans for Contractors
Contractors in construction and agriculture often require low-cost heavy equipment loans. LJ Asset Finance offers customized new and used equipment loans for machinery such as:
- Backhoes
- Excavators
- Diggers
These loans are designed according to the specific needs of each business, helping them acquire the necessary equipment for a successful start-up and future growth.
How to Apply for New Business Loans
We allow our start-up operators to apply for financing online, or they can have a phone conversation directly with one of our brokers. While full documentation is not required, it is always helpful to have as much financial information prepared as possible to bolster the application.
We walk you through every step of the loan process to ensure speedy approval, so you can focus on acquiring the machinery and vehicles you need to get your business off the ground.
For specialized business loan services, call LJ Asset Finance or drop a query to us.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.