In response to the tightening credit market and continually high interest rates on business loans, the Victorian Government has launched an online tool to match small business needs with available loans.
The Business Loan Finder helps businesses to find and compare business loan options. It works by typing in the amount needed to borrow, whether it is needed upfront or at call and what type of security is required (residential, non-residential or none at all) and the Business Loan Finder will then search out the best possible loan that meets the needs of the business.
“Small business owners can now quickly and easily compare their financial options at a glance with this powerful new online tool,” said Small Business minister Joe Helper. “The Business Loan Finder will reduce confusion and save valuable time for small business owners.”
The website allows the small business user to select features of their preferred loan, including amount of finance, payback period, fixed or variable interest and type of security and the results generated will show what’s available.
“The Business Loan Finder is a handy resource for small businesses when navigating the maze of loan products,” remarked Wayne Kayler-Thomson, Victorian Employers’ Chamber of Commerce and Industry chief executive. “This is particularly so, where having access to finance is important and obtaining loan finance can be difficult.”
See www.business.vic.gov.au/loanfinder for the service.
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