Business Loans for Tradies

1. Business Loans for Tradies

2. Loans for Tradies • Construction and technical service tradesmen make up a huge portion of the Australian workforce and a large percentage of those are small business owners or self-employed! • With the construction industry making up around 16% of Australia’s 2 million plus small businesses, it’s safe to say that tradies hold a pretty big slice of the market. Of those 2 million small businesses, around 1.3 million are non-employing – so think sole traders and independent contractors. • That’s a lot of self-employed tradies, with the Australian trade and construction industry growing many of them are looking for finance to grow or expand their business!

3. Just as the number of small business in Australia is growing, so too is the number of small businesses within the Construction industry. There were 346,499 businesses operating in 2016, with that number growing consistently year on year: 1.2%, 1.9% and 3.5% in 2014, -15 and -16 respectively. • Around 12% (just over one in ten) of the business loans we approve at Moula are for tradies; whether they’re builders, landscapers, electricians, plumbers, mechanics or anything in between. • While the number of tradies coming to us for business loans is fairly consistent, what they’re using the business loans for varies tremendously!

4. Here are Some of the Most Common Business Loan Uses for Tradies:

5. Vehicle Finance • Whether upgrading an old work vehicle or financing a new Ute, truck, van or other specialist trade vehicle, getting a loan can help you get on the road and back to work quicker.

6. Purchasing Equipment • Tools don’t come cheap, and most tradies will be able to feel the difference of premium tools! • Investing in some high quality equipment makes the job that much better.

7. Stock & Inventory • A lot of contractors and tradies that run their own small business also carry stock and inventory for customers and for job use. • Tradies know all too well the value of sourcing high quality stock.

8. Working Capital • Staying on top of cash flow is important for any business owner. • Taking out a small business loan can help keep the day-to-day business operations running smoothly. 

9. Will I Qualify for a Tradie Loan? • You don’t have to own a small business to take out a Moula business loan. If you’re self-employed or an independent contractor you could just as easily be eligible. To qualify for a business loan as a tradie all you will need is: • An ABN or CAN • Been in business for at least 12 months • At least $5,000 in monthly revenue • A fair or better credit history • So if you’re a tradie running your own business and your only employee is yourself, then you could definitely qualify! We lend to a lot of sole contractor tradies and because we assess applications online, it’s even easier to approve. All you’ll need to get started is some business data (BAS, online accounting data, invoices etc.).

10. Check These Out! • Moula was founded to help hard-working business owners in Australia access the funding they need to grow. In the past, getting funding meant going through weeks of paperwork, hassle, and hurdles. We use data to assess your loan application, which means we can keep things painless and lightning-speedy. • With Moula, you can apply online with no paperwork and no hassle, and have the funds in your account the next day. • For details about working capital Check out: https://moula.com.au/finance/understanding-working-capital