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Need A Business Loan? EOFY Is The Ideal Time

Since you’re already getting your finances in order as the end-of-financial year (EOFY) approaches, it may be the ideal time to take out a much-needed business loan. Whether you are planning to scale up in 2022–23, want to outpace your competition or you simply need some support to manage your cash flow, commercial finance can provide exactly what you need. Here’s what you might want to use a business loan for.

TAKE ADVANTAGE OF THE INSTANT ASSET WRITE-OFF SCHEME

According to the latest Federal Budget, the instant asset write-off scheme has been extended to 30 June 2023 and will be available to almost every business in Australia. So if you are in need of equipment right now, make sure you purchase and start using it before EOFY.

The scheme allows one-off purchases of up to $150,000 to be written off as long as the business asset is bought and used in the financial year that the claim is being made. This applies for all Australian businesses that have an aggregate turnover below $500 million.

Tools, office furniture, computers, photocopiers, cars and trucks – they are all fair game under the current scheme. And a business loan can help get exactly what you need before the EOFY clock runs out.

MAKE THE MOST OF EOFY SALES

Depending on what your business does, you might be able to take advantage of end-of-financial-year sales. Many wholesale and retail operators cut costs in the lead up to EOFY, whether due to a recent stocktake or wanting to reduce their inventory for tax purposes.

If you run a computer-parts business, for example, some of your suppliers may be offering discounted hardware that you can purchase before 30 June and then earn a bigger profit when it comes time to sell it to your customers. If you don’t have the capital to take advantage of those sales, look into getting a small business loan.

TIME TO SCALE? A BUSINESS LOAN CAN HELP

EOFY usually means it’s time to crack open the business strategy and review your milestones for the past year. It’s also a good time to look ahead to the future. With so many financial decisions being made in June, why not plan for future growth in the coming 12 months?

Are you looking to open up another location soon? Will you need to bring on more staff to manage a growing client list? Or do you want to invest in a broader marketing strategy to bring in more customers? Whatever the reason for your growth plan, taking out a business loan can help.

FIND THE RIGHT LENDER TODAY

Tax season is a catch-22 for business owners who want to take out a loan. It’s a time when many businesses are strapped for cash, but it’s also a time when lenders are busier than ever.

At Nero, we understand how difficult it can be to get a business loan sorted during EOFY, especially through a traditional lender. That’s where we come in.

“Nero Financial was created to support the unique needs of small to medium-sized businesses,” says David Crook, Managing Director at Nero Financial. “Especially during EOFY, we can help you get the financing you need to take advantage of everything tax time provides – whether that’s an asset and equipment loan, line of credit or even cash flow finance to help you plug any money gaps.”

EOFY shouldn’t just be about how much you owe the tax man. There are great savings to be made if you know where to look – and we can provide the capital to get you started. Contact Nero Financial today or call 1300 025 949 to find out how we can help with the right lending solution.