The first step in making smart business lending choices is to evaluate your business needs. Determine in detail why you need the funding, how much you need, and for how long you will need it. This will help you choose the right type of loan and repayment plan that will meet your business's financial requirements.
Do your research and compare lenders to find the best possible deal. Compare interest rates, repayment plans, fees, and the lender's reputation. In addition, before signing any loan agreement, it's essential to read and understand the terms and conditions. This includes the interest rate, fees, and repayment schedule.
Finally, smart financial decisions require planning for the future. Determine how the loan will impact your business's financial future and plan accordingly. This includes ensuring that your business has the cash flow to meet the loan repayments and still maintain operations.
Making smart financial decisions for business lending requires careful consideration and planning. You might now be wondering how we can help.
How can MTF Finance help?
Being local everywhere has a lot to do with our success helping SMEs get what they need to succeed - we understand the unique challenges that businesses in New Zealand face and can provide tailored solutions to meet your needs.
Meet Glen
Take Glen and the team at MTF Finance Mt Maunganui for example. Because a personal relationship with a manager is so uncommon in banking these days, they pride themselves on their connection with the Mount community; offering not only a fast financial decision, but friendly service from locals who can make that decision. And the secret to success in business, according to franchise Owner-operator Glen Strang, is all about delivering a professional service with a local touch.
“Growing up and doing business here in the Mount, it’s easy to see what is important when the locals want to finance their ambitions – we’re the local finance specialists. Our business customers appreciate that MTF Finance loans can allow the purchase of new equipment, freeing up of capital to invest in production, or improving cash flow and reducing interest costs”.
When it comes to local business, Glen’s passion for the regional economy comes to the fore.
“Clearly there’s an abundance of opportunities in business locally. MTF Finance Mt Maunganui has supported numerous ‘start-ups’ and existing well-established organisations to benefit from the region’s strong economic position by providing finance, advice and support so that dreams and ambitions are realised. Central to every good business relationship is understanding and commitment from everyone involved and that forms the basis of every longstanding business partnership with us – in the good times, and the challenging”.
A customer’s perspective
When Peter Bennett decided to start a new enterprise from scratch, he knew it would mean commitment, making sacrifices, and getting support from good partners.
Needing construction equipment quickly, he went in search of a business loan. After waiting days for answers and being treated like a number by banks and finance companies, he decided to reach out to a local - Tina Wilcock from MTF Finance Pukekohe.
“I instantly found her very easy to relate to, and had a ‘yes’ within an hour, which was just brilliant. She went well out of her way to meet me after hours to go over my finances face to face - I had a big job lined up ready to go and was waiting on heavy machinery, so it meant I could just get on with it”.
Tina says her personal approach is simply ‘all in a day’s work’, and she wouldn’t have it any other way. “I feel that this is how finance should be. MTF Finance has been helping New Zealanders to get the things they want for over 50 years, but it’s always just been locals helping locals, face to face. That’s how you get to understand what a customer really needs”.
