Interest rates are rising earlier than expected. But it’s not too late to lock in the bridging finance you need to keep your business moving forward.
We’ve been expecting it for quite some time. However, when it finally happened and the Reserve Bank of Australia (RBA) governor Philip Lowe fronted the media back in May to announce the official cash rate was rising by 25 basis points to 0.35 percent, it sent ripples throughout the Australian community.
With soaring inflation rates and money now more expensive to borrow, could bridging finance for your small business be the answer?
Interest rates so far in 2022
In March, we talked about imminent rate rises. At the time, it was all conjecture. Well informed conjecture, but nobody was certain when it would all happen. Just as we predicted, the traditional lenders were quick to pass on interest rate rises to their customers. This means if you carry both personal and commercial debt, you’re looking at a double whammy of increased repayments.
With more rate rises expected before Christmas , and new Federal Treasurer Jim Chalmers predicting ‘more pain before inflation is brought under control’ , if you’re not proactively involved in sourcing the best small business finance, you could be doing yourself and your business a great disservice.
Industries in crisis
It seems we can’t go a week without hearing or reading about the devastating economic impacts a prolonged pandemic, a war in Europe and now skyrocketing inflation are having on many industries. If your business is struggling financially, business bridging finance could be the answer. Don’t wait until it’s too late and the wolf is at the door.
Should the worst happen, we’re here to help keep your business doors open.
Business Bridging Loans
Strive offers bridging finance for small businesses because, like you, we understand cashflow is the lifeblood of any operation. And sometimes when you need it the most, it’s nowhere to be found. Often through no fault of your own.
A client misses a payment. Ongoing global supply chain issues are impacting your business from all angles. Or that once-in-a-lifetime-opportunity comes knocking and you’ve only got seven days to pull together the cash.
Ultra-fast lending and flexible repayment terms
And we all know, seven days can be a lifetime in today’s hyper-paced business world. At Strive Financial, we can have your loan approved with 24 hours. All you have to do is get us all the documentation and information we need and once that’s been signed off, funds will generally be available to you on the same or next business day.
Bridging loan calculator
Whether you want to borrow funds for one month or 36 months. No matter how much money you’re after, a quick $20K or a cool $3M, Strive is here to help. Whatever you need and however fast you need it, we can help get you the cash you need, to do the things your business needs to do.
Our handy bridging loan calculator lets you play around with loan amounts and repayment schedules to find what works best for you – at a time that works best for you. Or you can call and chat with us and we’ll take you through your options.
UPDATED 7 JUNE 2021: with the EOFY fast approaching, now is the time for small businesses to make the most of the Instant Asset Write Off. Small businesses could realise immediate benefits in acting before June 30, but as always there’s plenty to consider so read on for more information.