A timely new loan finance service will benefit small businesses across Western Victoria, the Member for Western Victoria, Gayle Tierney said today.
“Small businesses can quickly and easily compare business loan options using Business Loan Finder, a new Victorian Government website,” Ms Tierney said.
“Just go to www.business.vic.gov.au/findaloan and you can compare a vast range of complex business loans, with the website providing real monthly costs for each option.”
People using the website select some simple features they would prefer – such as amount of finance, at call or upfront loan, payback period, fixed or variable interest and type of security.
The website then accesses its database to provide detailed information on each loan option with those features and a real monthly loan cost for each option. The website is completely independent of any financial institution or lender and is free to use.
Ms Tierney said the Business Loan Finder also helps with business credit applications.
“You can use the step by step guides to create documents such as cash flow projections that are required to support a successful loan application.
“The site use plain English for financial matters and gives links to practical business templates on the Small Business Victoria website.”
Small Business Minister Joe Helper said the Brumby Government was taking action to support jobs in small business.
“I am very conscious that, in the difficult global economic conditions, many small businesses are facing increased problems with financing and cash flow,” Mr Helper said.
“As a former small business owner, I understand the challenges faced by small business people, particularly when it comes to reviewing complex financial options.”
Victorian Employers’ Chamber of Commerce and Industry (VECCI) chief executive Wayne Kayler-Thompson said the Business Loan Finder was a handy resource for small businesses when navigating the maze of loan products.
“This is particularly so in difficult economic times where having access to finance is important and obtaining loan finance can be difficult.”