Banjo’s 5 tips for sorting speedy business loans

With this in mind, Banjo outlined five key considerations that should be made when organising SME loans in a hurry:

1. Timely inventory management

Quick working capital loans enable businesses to rapidly update their inventory, ensuring they can meet increased demand during busy seasons and avoid stockouts. Discussion with clients can assist them in swiftly purchasing and funding materials or finished goods to meet customer needs. Banjo said that it can facilitate time-critical funding in as little as 24 hours.

2. Securing seasonal staffing

Fast access to working capital allows small businesses to quickly hire and train additional staff to handle increased customer activity during peak seasons, ensuring efficient service and customer satisfaction. Banjo urges brokers to inquire how their client is managing their staffing and salary needs during peak times and explore how you can help them secure suitable financing.

3. Marketing and promotion

To attract more customers during busy seasons, small businesses can benefit from timely marketing campaigns, promotions, and discounts. A quick working capital loan can support these growth initiatives, including expenses for advertising, social media promotions, and other marketing activities. Banjo said that this can be great for maintaining business momentum.

4. Agile response to trends

Loans can offer the flexibility for small businesses to promptly respond to emerging trends, consumer preferences, and market changes. This includes adjustments in product offerings, services, or marketing strategies. This can help them stay relevant with customers and respond to changing market conditions.

5. Equipment and infrastructure upgrades, breakdowns, and repairs

Access to fast working capital allows small businesses to invest promptly in repairing or upgrading equipment and infrastructure. This includes costs associated with fixing breakdowns, maintaining equipment, and enhancing infrastructure to ensure smooth operations during peak seasons. Fast funding can be a lifeline for managing equipment.

[Related: Aussie SMEs have ‘gone into hibernation’]

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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