Tips on applying for a business loan
Head of Business Banking Charlton Nevis, gives his tips on how to prepare yourself before applying for a business loan.
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Primary producers can set aside pre-tax income in good years to use when the farm isn’t making as much money as usual or the season isn’t so great.
Farming can be a risky business so we’ve developed a Farm Management Deposit account to help primary producers manage some of this risk. In some circumstances, by depositing funds into a Farm Management Deposit account, you may be able to reduce your taxable income for the year by the amount of the deposit (up to a maximum amount of $800,000).
Features include:
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||
|---|---|---|
| Interest Rate | ||
| farm management term investment (12 months) | ||
| farm management term investment (24 months) | ||
| Interest paid - quarterly (deduct 0.10% from quoted interest rates); or annually; or at maturity | ||
| farm management account at call ($1,000 to $49,999) | ||
| farm management account at call ($50,000 to $800,000) | ||
| Tiered interest rates calculated on daily balances and paid quarterly | ||
| Account keeping fee | $0 |
| Transaction fee | $0 |
| Minimum opening balance | $1,000 |
| Minimum operating balance | $1,000 |
| Maximum operating balance | $800,000 |
Tips on applying for a business loan
Why separate your business and personal accounts
Dealing with cash shortfalls
Our specialists will help you find the right product and support you through every step of the purchase.
Or call 13 14 22 to speak to an expert