Agribusiness and food techConstruction and infrastructureHealthcare and pharmaceuticalTechnology and sustainability
Getting approved the first time

7 Steps to obtain the finance your business needs

Posted by: Krissy Huxley at March 16, 2021

The #1 stumbling block that holds businesses back from acquiring funding in a timely manner is organisation. Here at Rebus, we advise all of our clients to become what we call financially ‘match fit’. In this post we’ll explain why this happens and how you can get your financial house in order, so you can access attractive finance options and fast funding.


Here’s what we’ll go over:

Why most businesses add stress to accessing capital without even knowing it

It’s human nature to put off until tomorrow what we don’t want to do today. Psychologists suggest procrastination is a symptom of hidden fear or conflict, which is one explanation of why we often wait until situations become untenable before we take action.

This premise holds true when it comes to talking to traditional funders. Most businesses need a capital top-up from time-to-time. Often, the lender we’ll deal with will want to scrutinise our financials closely, which is not something most of us look forward to.


And if you need a fast turnaround with your finance, without any adequate preparation, you may be unable to receive finance options at all. You may receive terms, but not the terms you wanted or expected. Alternatively, the lender may ask repeatedly for more information.

The easy way to avoid stress with your capital funding

These delays can cause great frustration, friction and stress. When our application is held up, this can add stress to an already stressful day to day – especially if we urgently need important assets to support our business growth.

This is why it’s critical to apply the concept of being ‘match fit’ when it comes to arranging the best capital combination for your business. This is particularly true if you operate in a specialist sector like agribusiness, healthcare, construction or technology, where traditional funders like the big banks don’t have an in-depth understanding of how your business or industry operates.

You need to have the correct information on hand to speed up the application process. You’ll also find that if you’re better prepared, lenders are more willing to fund your project. Put yourself in their shoes: If you were going to help finance a project, you need to be confident you have all the relevant information required so that you can make an informed decision.

7 steps to ensure you’re prepared for fast funding

So, how can you streamline the funding process and ensure you can access vital funds more quickly? The key is to have all your information available when applying, including resources such as:

  1. Most recent financial data. When applying for funding, any reputable lender will want to know about your business financial performance, as this affects your ability to service a loan. Any hesitation in producing the latest information can cause delays or put off a potential lender.
  2. A completed information pack. If a lender knows you’ve been through their lending information, they will have greater confidence in your business ability. Be prepared to provide the full request of information in order to secure the best finance options and turnaround time. 
  3. Equipment specifications. When seeking funding for equipment, it’s essential to have all the relevant information for the asset you want to invest in. This detail is required for the Lender to clearly understand the value and longevity of the equipment.
  4. Business forecasts and budgets. Being able to demonstrate that you have a concrete, well thought out business strategy will give confidence to potential lenders. It also shows that the capital funding you’re seeking is part of a considered future plan.
  5. Invoicing. Having all your invoicing information at hand lets you show a potential lender what income you have in the pipeline. This is a good indicator of overall business health.
  6. ATO Business Portal reporting. This platform gives you clear visibility of all your tax and superannuation statuses and obligations – a key element for any funding application. 
  7. Tax return information. It’s important to be able to show that you’re up to date with your tax obligations. This will give confidence to lenders that you have a handle on your finances, which in turn means you will be able to service any funding they offer you.

Move fast and capitalise on funding opportunities

While it’s important to get all your documentation and other key business information together in advance, it also pays to be well prepared in other areas.

For example, have you been declined for finance previously? If so, a potential lender will ask about this, so it pays to have a good explanation. If it was the result of a poor credit record, for example, you will need to demonstrate that you have a plan in place to rectify this. In this type of scenario, it can pay to get some expert advice and support to get back on track.

Prepare in advance, before you need to apply for finance – don’t wait until you need to apply for funding before rushing around trying to get your financial house in order. If you’re not ‘match fit’, you run the risk of being turned down, slowing down the funding cycle, and receiving poor terms & conditions.

This is where a company like ours, Rebus Capital, which offers finance solutions and advisory for corporate and specialist industries, can be extremely valuable. The industry insights we provide will help you go into a funding application well-prepared and with the best chance of success. Additionally, we have access to funders other than traditional banks, who can potentially offer more attractive capital options.

We will work with you to develop a deep understanding of your business and business needs, so we can match you with the best funders from our carefully selected network.

Our level of insight comes from years of financial management and analysis and will help put your business on a strong growth path.

It will also give you peace of mind knowing that your capital funding is optimised and your chances of success for future financing are strong.

How Rebus Capital Partners can help

If you have concerns you’re not in the best position when it comes to capital structure, you’ve been turned down for funding, or you need some specialist advice to prepare for upcoming capital financing, Rebus can help by providing an initial capital review.

We provide an independent, unbiased review and you can be confident you’re getting focused time with a business financing specialist. We’re committed to meaningful, long term relationships with our clients, built on mutual trust and respect.

Get your balance sheet working for you. 

 

Get in touch with Rebus to get your business match fit for future growth.

Krissy HuxleyExecutive Director & Co-Founder

The Trustee for the Rebus Capital Partners Unit Trust ABN 88 452 904 420. Authorised Credit Representative 523233 under Australian Credit Licence 481728.