FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Helena Valley Small Business Loans
Let me know more about Helena Valley Small Business Loans
Helena Valley unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
What is how is the Unsecured Loan different from the traditional business loan?
It is possible to apply to your Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an instant response and the funds could be available in just 24 hours. Traditional company loans reference an interest rate per annum plus other fees and charges. We offer a business loan is a pre-paid loan which means you know in advance the total amount payable including any fees, charges or charges. This is then divided into a daily or weekly amount to be paid back.
What could be the Small Business Loan be used for?
It is a Small Business Loan can be used for nearly every company use, including control of cash flow company renovations, marketing to purchase inventory or new equipment, for general working capital and so much more. The loan is not available for personal purposes.
Concerning Larger Helena Valley Business Loans
What is the Larger Helena Valley Business Loan?
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term for up to 36 months. Repayments are weekly or fortnightly, depending on you cashflow.
How’s the Origination Fee determined?
A Larger Business Loan has an Origination Fee, determined at 2.5 percentage of the amount of the loan.
Am I eligible for the Larger Business Loan?
To qualify for a loan that is this large, your business needs to be operating for a minimum of 3 years with an annual turnover of at least $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
How can the funds be used for?
A larger company loan can be used for nearly every company need, including company renovations, purchase of new equipment or inventory or as general working capital and so much more. The loan cannot be used to fund personal expenses.
Is the Larger Business Loan one that requires security?
Asset security is necessary for funding of more than $150,000. This can be done in the form of a charge over assets, which could also include registering this on the PPSR or registering as a caveat.
A director’s or personal guarantee is a promise to repay credit that is generally based rather than stating the security of a specific asset. The person signing the ensure is personally liable in the event that the business creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It reflects security interests that are registered for personal property (including items or assets). The PPSR gives preference over private property granted according to the date a security interest that is registered.
Caveats are legal form of document to provide an official notice of a claim to a property.
What is a pre-approval without Credit Check?
When you’re applying for a Larger Business Loan that is greater than $250,000 we may be able to provide an initial pre-approval to make the process. It is possible to make this decision without credit checks and within six hours of your initial application. This pre-approval is made based on an initial assessment, which involves you answering some financial health checks. It’s not an offer or guarantee of financing. Unconditional approval is subject to an extensive credit evaluation and any offer that you might receive could be on different conditions.
The application process
Are I eligible for funding?
You may apply for an company loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are 18 years or older, have a New Zealand business (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months’ worth of transactions (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 application process is fast and simple. Complete the online form in just a few minutes, and a dedicated company loan specialist will be in touch to help you.
For a loan of up to $100,000, you’ll require the right identification documents (valid Driver’s License) as well as a valid NZBN/IRD and at least six months worth of bank statements.
For larger loan sizes, you’ll also require:
$100K to $250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Details for application including credit consent twelve months of bank statements, IRD statements as well as the two most recent years’ financial statements, plus interim financials for the current financial year such as age-related payables and aged Receivables summary.
How fast will I get an answer?
For an unsecured loan ($5K up to $100,000) we typically provide an answer in just one hour if you make your application in quality business time and let us utilise the advanced bank verification system to instantly verify your bank’s information online. If you want to send us copies of your bank statements , we will be able to offer the decision within just 1 company day.
If you are applying for a Larger Business Loan ($100K or more) we might be in a position to provide the conditional pre-approval in around six hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this can be quicker based on the particular circumstances of each application. Some offers have been approved within 24 hours.
The quickest way to apply would be to make sure you apply during standard business hours. Also, allow us to use our advanced bank verification system link to confirm your bank details online. If you decide to upload copies of your bank statements , it can take a bit longer.
What is the time frame to receive the cash?
For the Small Business Loan ($5K up to $100,000) We can usually offer an answer in just one hour – provided you apply at normal business time and permit us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you decide to upload copies of your banking statements, we will be able to provide a decision within the span of one business day.
For Larger Business Loans ($100K up to $500,000) we might be in a position to provide you with pre-approval conditional to your application in about 6 hours. After you’ve signed the pre-approval form, it will take around 2-3 days for final approval. However, this may be quicker depending on the particular circumstances of each application. Some deals have been approved within less than 24 hours.
The fastest method is to make sure you apply during normal business hours, and permit us to use the advanced bank verification system link to verify your bank account information online. If you decide to send us copies of your bank statements it will take a little longer.
How much can I borrow?
We offer loans ranging from $5,000 to $500,000. When you submit an application for a certain amount, we consider a variety of elements to determine what is the health that is your business and the amount of the repayments your company can support. The total amount of your loan will depend on the particular circumstances of your company.
If you apply for a certain amount, we will consider a number of elements to determine your health of the business as well as the amount of payments your business is able to afford. The total amount of the loan will be determined by the particulars the business.
Fees & repayments
How much do you charge for a business loan?
When you make an application for business loans with us business loan, we’ll assess the risk profile of your business and provide you with a customised offer that includes loan amount, term and interest rates. It is a company loan is an upfront cost loan and you’ll be aware of the total amount you will have to pay, including costs, fees, or interest rates.
What is the basis for the rate I am charged?
Business loan interest rates depend on a variety of factors like the amount of money borrowed, what business assets the funds will be used for, the industry the business operates in, how long the business has been in operation for, whether the business has sufficient cash flow to cover the loan, as well as the overall health or financial standing of the business.
What are the fees?
There are no hidden costs with our company loans. You’ll know exactly how much you’ll be required to pay and when, from day one. There’s not any compounding interest and the loan comes with no additional fees (as as long as you pay your payments punctually).
We don’t charge an Application Fee. You are able to make an application for loans absolutely no upfront cost and no obligation to proceed.
The Origination Fee covers the expenses involved with setting up and managing the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
Can I pay out the loan in advance?
You may choose to pay back the entire amount of the loan at any point in time.
If you choose to do this please talk to one of our helpful company credit professionals. We will provide you with the details of your repayment as well as an early payout amount. The figure will be calculated as the total of the principal balance and the accrued interest up to the date of early payout, plus 1.5 percent of the principal remaining and any outstanding fees.
How do you make repayments work?
In order to help you avoid missing repayments and to fit in with your cash flow standard, we provide repayments either daily or weekly. They will be automatically deducted from your designated business account.
Security & privacy
Will my data be protected?
Security of your data, and being transparent about how we collect the information we collect, use, share and safeguard your data, is of huge importance and is a crucial aspect of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 qualified for our commitment to the security of our clients as well as their privacy. We make use of an advanced bank verification system to instantly confirm your bank account information online to provide an immediate response.
About business loans
What’s an asset-based borrow (a secured loan)?
An asset-based loan is when a company owner utilises an asset that they own to get a loan. The asset can be an individual property, such as the family home, or a business asset like a truck or other piece of machinery.
The majority of banks, even the banks with the biggest size, prefer to make loans secured by an asset. If you’re having trouble paying back the loan, the asset might be offered for sale by the lender. In essence it’s a way of securing new financing by making use of the value of what you already own.
Should I need security to secure a company loan?
For loans up to $150,000 it is not necessary to secure assets prior to the loan’s access but we do need a personal guarantee. In the event that you fulfill the terms of your loan (as stipulated in the loan contract) the security of assets is not required. For loans over $150,000 generally there is the option of a personal ensure and security that is in the form an asset charge.