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Finance Options

Working out how much finance your business needs, sourcing capital and managing your finances are important considerations for small business.

Funding can assist with business start-up, expanding your business (from minor additions through to major redevelopment), or with implementing specific projects (e.g. product development, staff training).

Funding can be sourced from a variety of different avenues such as:

  • Banks
  • Building societies
  • Credit unions
  • Finance companies
  • Australian, state or local government agencies
  • International agencies

 

It can take many forms, including:

  • Loans for businesses, community organisations, employers, registered training organisations or individuals
  • Overdrafts
  • Grants (which are usually one off funding provided by an organisation or agency)
  • Programs (which are usually an ongoing source of funding provided); and
  • Partnerships

If you think that a Grant will be able to assist you with your business it is important to remember that you will need to commit time to prepare your submission and if successful, time to satisfy the reporting requirements.

For further information on Grants that are relevant for the tourism industry in Queensland visit TAD, the Tourism Assistance Database.

There are five critical factors that should be considered when determining which finance option is the best:

Assessment Factor

Issues Addressed

Character

Honest, reliable, trustworthy

Integrity

Creditworthiness

Track record, if any, in business

Business skills and acument

Capital

Financial strength

Quality of assets

Liquidity of assets

Debt-equity ration

Conditions

General economic outlook

Conditions in your industry

Implications for profitability and debt servicing capacity

Capacity

Ability to service the loan and meet other commitments

Ability of your business to withstand a setback

Your capacity to manage the business profitably

Collateral

Your willingness to pledge security

Nature and acceptability of security offered

Adequacy of security

You should also consider seeking advice from a professional business advisor, accountant or solicitor.

Resources

The Capital Raising Unit at the Department of Employment, Economic Development and Innovation manages the Queensland Capital Raising Pipeline project which teaches business intenders and owners how to access capital.

 

 


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