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Being in a stage of high growth is the aim of every business owner, but it can also make business operations more difficult. High-growth businesses still encounter cash flow issues and have new needs for expansion and hiring. If you don't want to put a strain on unpredictable cash flow, there are financing options you can consider.
A high-growth business is a business of any size that is in a period of rapid growth. This type of business usually has a few employees and is past its initial stages, which are usually marked with high costs and uncertain profits. High-growth businesses can also be larger companies that are experiencing growth after restructuring or launching a new product or service.
Not the stage your business is at? Explore other options:
Businesses in this stage of growth have very specific funding needs:
Lenders prefer businesses that can demonstrate they're able to repay the loan, so if your business is in a high-growth phase you are in a good position to borrow. There are a range of financing options available so it's important to review your options and find the one that best fits your needs.
Loan type | Loan amount | Repayments | Features |
---|---|---|---|
Line of credit | $10,000–$1,000,000 | Make the minimum, regular repayments on your outstanding balance |
|
Term loan | $10,000–$500,000 | Regular repayments based on a fixed or variable interest rate or a factor rate |
|
Business overdraft | $10,000–$100,000,000 | Make the minimum repayment on your outstanding balance |
|
Equipment loans | Cost of the equipment | Regular repayments based on a fixed or variable interest rate |
|
Credit cards | $500-unlimited | Pay the minimum balance, or pay the entire balance if it's a charge card |
|
Invoice financing | 80% of the invoice amount | Pay fees to receive the loan |
|
Lender | Time in operation | Annual turnover | Other minimum criteria | Find out more |
---|---|---|---|---|
Banjo | 2 years | $500,000 |
| More |
Bigstone | 9 months | $250,000 |
| More |
Business Fuel Loans | 1 year | $120,000 |
| More |
Capify | 6 months | $120,000 |
| More |
GetCapital | 9 months | $120,000 |
| More |
Kikka Capital | 12 months | $120,000 |
| More |
NAB | 12 months | - |
| More |
Max Funding | 6 months | $72,000 |
| More |
Merchant Cash | 12 months | $60,000 |
| More |
Moula | 12 months | $60,000 |
| More |
OnDeck | 12 months | $100,000 |
| More |
Prospa | - | - |
| More |
Spotcap | 12 months | $100,000 |
| More |
ThinCats | - | - |
| More |
Each lender will set different interest rates and fees for your loan. Keep an eye out for the following:
How will the repayments affect your business cash flow?
By answering this question you can find out how manageable the loan payments will be and if you should adjust the amount you are borrowing or the term.
Is your ability to repay the loan based on your current level of growth?
It's easy for a business to stagnate, so if you're relying on your increasing cash flow to repay the loan, you need to consider how reliable those projections are.
How is your credit position?
Have you checked your business credit score or credit file? It will give you an idea of your financial stability as well as the likelihood of your business being approved.
Do you have property or a vehicle to use as security?
Many lenders give more competitive rates or terms for secured loans, and you may increase your chances of being approved if you offer an asset.
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