FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Beeliar Small Business Loans
Tell me how you can avail the Beeliar Small Business Loans
Beeliar unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 month and cash flow friendly repayments that are either daily or weekly.
How is what makes the Unsecured Loan different from an traditional business loan?
You can apply to get the Small Business Loan in under 10 minutes on the internet or over the phone, receive an immediate response, and have the funds in your account within 24 hours. Traditional business loans have an annual interest rate plus other fees and charges. We offer a company loan is an upfront priced loan therefore you’ll be aware in advance of the amount you will have to pay, including any fees, interest or charges. This is then broken down into either a daily or weekly payment amount.
What could you use the Small Business Loan be used for?
The Small Business Loan can be used for nearly every business reason, such as managing cash flows, company remodeling, marketing to purchase inventory or new equipment, to fund general working capital and so much more. The loan cannot be used for personal use.
About Larger Beeliar Business Loans
What is the Larger Beeliar Business Loan?
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans are between $100,000 and $500,000 with a fixed-term up to 36 months. The repayments are made weekly or fortnightly to work with your cash flow.
How’s the Origination Fee determined?
The Larger Business Loan has an Origination Fee, determined at 2.5 percent of the loan amount.
Am I eligible for the Larger Business Loan?
In order to be eligible for a loan that is this large the company needs to have been in operation for at least 3 years and generate an annual revenue of $700,000. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
What can the funding be used for?
A larger company loan can be used for nearly all business reason, such as business renovations, to purchase equipment or inventory or as general working capital and so much more. The loan cannot be used for personal use.
Is the Larger Business Loan one that requires security?
Asset security is required for funding of more than $150,000. It’s in the form of a charge on assets, and could include registration through the PPSR or filing a caveat.
A personal or director’s guarantee is a guarantee to pay back a loan that is generally in nature rather than stipulating the security for a particular asset. The person who is signing the ensure is personally liable in the event that the company creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It contains security interests which are registered with respect to personal property (including goods or assets). The PPSR gives preference over private property granted depending on the date that a security interest has been registered.
A caveat is a legal document filed to offer notice of a legal claim to property.
What is a pre-approval that does not require Credit Check?
If you’re requesting an enterprise loan of $250,000 or more it is possible to offer an initial pre-approval that will help ease the process. It is possible to apply for this without a credit verification and within 6 hours of your initial application. This pre-approval is based on a preliminary assessment which includes you answering some financial health checks. It is not an offer of credit or guarantee of finance. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer that you might receive could be on different terms.
The application process
Do I have the right to receive funds?
You are eligible to apply for a company loan if you:
- are a New Zealand Citizen (or Permanent Resident)
- are over the age of 18 and have a New Zealand company (with a valid NZBN/IRD)
- you must prove at least 6 months worth of trade (for you to qualify for unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K or $500K)
How do I apply?
The process for applying is fast and simple. Complete the online form in few minutes and an experienced business lending specialist will call you to assist you.
For a loan of up to $100,000 you’ll require the right identification documents (valid Driver’s Licence) along with a valid NZBN/IRD as well as at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K to $250K: Application details including credit consent, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Details of the application, including credit consent and 12 months bank statement, an IRD statements Last 2 years’ finalised financial statements, plus interim financials from the current financial year as well as Aged Payables and Receivables reports.
What speed will I be able to get a decision?
For an unsecured loan ($5K up to $100,000) We can usually provide an answer within one hour, provided you apply within standard company times and you allow us to use the advanced bank verification system to immediately verify your bank account information online. If you choose to upload copies of your banking statements , we’ll be able to offer an answer within the span of one company day.
For Larger Business Loans ($100K or more) we could be likely to offer the conditional pre-approval in about six hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this could be shorter based upon the circumstances for each application. Some transactions have received approval within just 24 hours.
The fastest way is to make sure you apply during normal business hours and permit us to use the advance bank verification link to check your bank’s information online. If you opt to upload documents from your account accounts, it can take a bit longer.
How fast will I get the cash?
For the Small Business Loan ($5K to $100K) we usually provide an answer within one hour if you submit your request within normal business times and allow us to use the bank verification system to immediately verify your bank account information online. If you want to upload copies of your bank statements, we’ll be able to provide an answer in as little as 1 business day.
If you are applying for Larger Business Loans ($100K and up) we might be able to offer you with pre-approval conditional to your application in around six hours. Once you have signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this could be shorter based on the specifics of each application. Some agreements have been approved within 24 hours.
The most efficient method would be to make sure you apply during normal business hours. You can also let us use the advance bank verification link to check your bank’s information online. If you opt to send us copies of your bank accounts, it may take a bit longer.
What’s the minimum amount I can borrow?
We provide loan amounts between $5,000 to $500,000. When you submit an application for a certain amount, we look at a variety of aspects in order to assess what is the well-being of the business and the level of repayments your business will be able to support. The amount you receive from the loan will be determined by the specifics of your company.
When you make an application for a set amount, we look at a range of aspects to assess how much we can lend you such as well-being that is your business and the level of payments your company can support. The amount you receive from your loan will be contingent on the particular circumstances the business.
Fees & repayments
How much should you charge for the cost of a company loan?
When you apply for the company loans, we’ll assess the risk profile for your business and provide you with a tailored offer, including the amount of the loan, the duration and the interest rates. This business loan is an upfront priced loan and you’ll be aware of the total amount to be paid, including any interest rates, fees or charges.
What determines the rate that I’m charged?
The interest rates on business loans rates differ based on various factors including the amount borrowed, the company assets the funds will be used for in addition to the industry that the business operates in, how long the company has been operating, what percentage of the business has sufficient cash flow to support the loan, and general health or financial standing of the company.
What are the fees?
There are no hidden costs with our company loans, and you’ll be aware of the amount it is that you be required to pay, and when, from the very first day. There’s not any compounding interest and there are no additional charges (as as you make your payments in time).
We do not charge an Application Fee. You are able to request a credit loan with no upfront cost or the obligation to take action.
The Origination Fee is the cost associated with the setting up and management of the loan. It is only charged for this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
Do I have the option of paying off the loan earlier?
You may choose to pay back all of your loan in full at any time.
If you decide to do this please speak to our friendly business loan experts. They will provide you with details for repayment and an early payout figure. It will be calculated using the sum of the principal remaining and any accrued interest at the date of early payout and 1.5 percent of the principal balance and any fees that remain unpaid.
What are the repayment methods?
In order to help you avoid missing due dates and also to be in line your cash flow schedule, we provide payments that are either daily or weekly. They will be automatically deducted from your designated company account.
Security & privacy
Will my data be protected?
The security of your personal information, as well as knowing the ways we gather, use, exchange and secure your information, is crucial and a vital element of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our commitment to protecting the security of clients and security. We utilise a sophisticated bank verification system that allows you to immediately verify your bank account details online so we can provide rapid response.
About business loans
What exactly is an asset-based loan (a secured loan)?
The term "asset-based" refers to borrowing where a company owner makes use of an asset that they own to make the funds for a loan. The asset may be an individual property, such as the family home or a company asset such as a truck or piece or equipment.
The vast majority of lenders, including the largest banks, are inclined to secure loans against assets. If you have trouble paying back the loan then your asset may be transferred to the lender. In essence it is means of securing new funding taking advantage of the value of what you already have.
What do I need security for an company loan?
Up to $150K in loans it is not necessary to secure assets upfront to access the money However, we require a personal guarantee. need a personal guarantee. So long as you comply with the loan terms (as detailed in your loan contract) the security of assets is not needed. For loans of over $150,000 generally, you are able to get an individual guarantee and security is provided in the form of a charge over assets.