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Busting finance myths about commercial business loans

Two business professionals having a discussion over coffee, illustrating a conversation about busting common commercial finance myths.

There’s a misconception that fast loans – those that can be approved in just 24 to 48 hours – are somehow less-secure at best, and a pure scam at worst. That’s dangerous for business owners who may be dealing with cash-flow challenges. It’s a smear campaign that doesn’t represent the truth; that most commercial business loans are approved quickly, very deliberately, to best support business owners.

Of course, not every loan product will be the right fit for every business – and that's okay. The key is understanding what's actually available to you, because the right solution looks different depending on your circumstances, your industry, and where you are in your business journey.

There are so many amazing benefits of getting a commercial business loan from a high-quality lender – and making sure it’s approved quickly and securely is our top priority. So, to set the record straight, here’s the truth behind getting a loan.

How can a commercial business loan support your business needs?

There are so many different reasons why you might need to take out a commercial business loan. Maybe you’ve outgrown the startup phase and are looking to establish your brand in new regions. Perhaps you’ve outpaced the market and want the capital to acquire a competitor. Or maybe you need some financial support for debt consolidation. Whatever the reason, commercial loans are designed to meet the needs of business owners.

For many, however, speed is both a blessing and a curse. Owners know they need the cash fast – especially those who are dealing with tight margins and cash-flow struggles. But there’s often a fundamental misunderstanding that ‘fast’ must be ‘worse’. This is completely false, and in fact it’s the ability to approve commercial business loans quickly that is helping owners right around Australia. If you supply the right paperwork, such as recent bank statements and your ID, your lender may be able to get you the money you need within just two days – and sometimes in a matter of hours.

Top myths about commercial business loans – busted

Fear of the unknown is what keeps many business owners from even reaching out to a lender in the first place. So we’re here to dispel some common myths about commercial loans:

  • Applying for a commercial business loan is long and requires mountains of paperwork on your end – FALSE
  • If you want a loan to start a business, your business plan has to be extremely detailed and full of clear milestones, otherwise it will be outright rejected – FALSE
  • You need a perfect credit score to get a commercial business loan – FALSE
  • Fast-approval loans are a scam – FALSE
  • Commercial loans are only for large and established businesses, not SMEs and startups – FALSE

How commercial business loans work at Apace Finance 

Still not convinced that the commercial loan process can be quick and easy? Here’s how it works at Apace Finance, in four easy steps:

1. Speak to our Head Broker Ellie: You’ll jump on a phone call to discuss your business, your objectives and your current financial position. Ellie will ask you to send us a copy of your recent business bank statement, via our secure link supported by Illion.

2. Letter of offer: Once we understand your needs and financial situation, we’ll find the most appropriate commercial business loan product and send you a letter of offer that outlines the loan amount, term and interest rate. Ask us as many questions as you want, and when you’re ready, sign it (we’ll ask for your electronic signature – too easy).

3. Approval: We get to work on turning around your application. You may speak directly to your chosen lender at this point and provide your ID.  Once approved, you’ll be emailed a set of official loan documents to sign.

4. Money is sent: Once the loan documents are certified, funds will usually be in your account on the same day. The whole process from start to finish can take as little as 24–48 hours, and sometimes less!

“Commercial lenders understand that when a business needs cashflow support, it’s critical that it receives that support fast. It’s why the top-performing lenders have incredibly efficient and technology-driven processes that allow fast formal credit assessments,” says Ellie Davidson, Managing Director of Apace Finance. “So we’ve established that fast finance is good finance, but as your broker, we also want to make sure the financial solution you enter into is a smart one. When you approach us, we’ll quickly get to know your business and assess your options, so you can apply for finance with full confidence.”

Getting a commercial business loan quickly and securely

At Apace Finance, we understand that time is of the essence in business. Decisions need to be made quickly, and having the financial support of a fast lender means you can run your business without always worrying about whether you’ll be able to borrow what you need.

We can help you find the right option from a huge range of commercial lending products. So forget the myths and start making those business dreams come true today.

No matter what your lending needs, we can help find the right commercial product to suit – quickly and efficiently. Contact Apace Finance today on 1300 045 647 to find out how we can help your business thrive.