For small and medium sized enterprises (SME) in Australia, knowing how to get a line of credit can be critical for ensuring access to the working capital you need to succeed.
A business line of credit allows you to access flexible funding when you need it. As an SME, this can help you in a number of ways:
- Manage cash flow
- Purchase new stock and inventory
- Meet payroll
- Invest in new growth opportunities
- Cover unexpected business expenses
You can explore ScotPac’s business line of credit offering right here.
Why choose ScotPac for your line of credit?
With ScotPac, you can borrow up to $500,000, limited to up to 150% of your average monthly turnover. Plus, funds can be approved within 24 hours of your line of credit application.
With interest only charged on the amount you actually draw on, a flexible line of credit through ScotPac can give your business the fuel it needs to grow.
How do you get a Line of Credit?
The ScotPac team have leveraged the latest in technology to ensure your line of credit application is quick, simple and easy.
To get started, follow these step-by-step instructions.
1. What are your business funding needs?
The first step is to determine what your business funding needs are.
This can include:
- Why do you need credit? I.e., for what purpose?
- How much do you need to be able to borrow?
- Which working capital solution offered by ScotPac best suits your needs?
2. Are you eligible to apply for a business line of credit?
While ScotPac offers tailored working capital solutions for SMEs, there are still minimum eligibility criteria.
To save you time and hassle, make sure you meet the below criteria:
- Are you, or the business owner, 18 or older?
- Are you, or the business owner, an Australian citizen or a permanent resident?
- Has your business been trading for at least 12 months?
- Do you have consistent sales with a minimum average monthly turnover of $50,000?
- Can you provide photo identification of all directors or borrowers?
If the answer is yes to the above, then you may well be eligible for a line of credit.
3. Do you have all of the documentation to apply?
The next step is to ensure you have gathered all of the necessary documents. Unlike traditional bank loans, ScotPac requires just minimal documentation to process your line of credit application.
But you will need the following and to ensure your application is as smooth as possible, it helps to gather them upfront and have them ready:
- 6 months’ worth of business bank statements
- Business owners and directors’ photo ID
- Online completed form
- Collateral documentation, if required
4. Have you completed the online application form?
The next step is to formally apply.
This can be done completely online through ScotPac’s easy-to-use and intuitive portal. It will require you to fill in your business details and application details and upload your documents.
In most instances, the entire application process can take as little as 5 minutes to complete.
5. Have you received approval?
Once your line of credit application is submitted, the credit team here at ScotPac will review your submitted request, financials, and determine your business’s viability.
Fortunately, the assessment process is very fast, and you can expect a credit decision in as little as 24 hours.
6. Have you reviewed the loan terms and accepted the offer?
When your application is approved, you can then review the terms and conditions. This will outline the interest rates, any relevant fees, and the repayment schedule for your line of credit.
Our lending specialists are always on hand to assist you and ensure you understand everything. Once you have reviewed the terms, you can accept the offer.
7. Do you know how to get your line of credit funding?
Once you have received approval, you can quickly access your funding. Funds are transferred on the same day in many cases.
If you are not sure how to access your line of credit funding, speak to your local ScotPac team.
8. Do you know how to manage your line of credit facility?
The last step is to ensure you know how to best utilise this working capital solution.
ScotPac’s online tools allow you to draw funds as needed, make scheduled repayments, monitor credit limits, and access statements.
Are you ready to apply for your line of credit?
Applying for a line of credit with ScotPac is easy and fast to ensure you can access the funds you need as quickly as you need them.
Start your line of credit application today and discover why over 9,300 businesses turn to ScotPac for their business funding needs.