If you’re a New Zealand-based organisation looking for business funding but find yourself wondering how to get started, you are in the right place.

In this essential guide, we’ll take you step by step through everything you need to know to access business funding in NZ.

Business Funding NZ – A Guide

1. Find the right professional advice

Professional advisors should be seen as more of an investment than an expenditure. With an expert accountant or experienced broker, you can benefit significantly from the strategic advice offered as well as the network connections of lenders and other sources of business funding.

If you’re looking for an accountant, make sure to ask them what sort of industries they specialise in, what qualifications and experience they have and how they approach ensuring business profitability,

If you’re looking for a broker, ask them what sort of businesses they have experience assisting, what sort of industries they operate in, which lenders they use and what sort of fees they charge on top of commission.

2. Prepare your finances

Get your books in order

The more exact you are with your personal and business finances, the easier it will be to ultimately apply for funding. Here’s a starting list to help you get your books in order:

  • Check your tax record
  • Create a list of financial commitments
  • Compile a list of bank statements

Review your business plan

Business plans are essential for outlining the roadmap to success for your business. But it also allows providers of business funding to understand what your goals, achievements and strategy is.

Make sure your business plan includes the following financial components:

  • Profit and loss statement
  • Balance sheet
  • Budget
  • Cash flow forecast

Assess your creditworthiness

Part of the business funding NZ process with lenders is a creditworthiness check. Multiple applications can have a negative impact on your business’s credit rating so it’s important you take the time to check your personal and credit rating ahead of time.

You can find out more information about checking your credit rating and record here.

Consider your business funding needs

Business funding can be critical for sustainable growth and long term success. But it is important that you answer some fundamental questions before seeking funding and loans.

  • What are your business’s needs?
  • What level of debt can you service?
  • What sort of loan, i.e., secured or unsecured, suits your requirements?

3. Find the right business funding

You are now ready to consider the different funding choices for your business. Your business advisor or consultant can help direct you, or you can reach out to the team here at ScotPac New Zealand to better understand the different options available for your business.

In summary, there are two main types of business funding:

  • Debt – this is money borrowed from a financial provider that is repaid over time.
  • Equity – this is a secure investment in your business by partners who then hold equity in your company

Within both of these categories, there are a number of options. Debt can be both secured and unsecured. Equity can be secured through private investors, crowdfunding or peer-to-peer platforms or through venture capital firms.

However, there are also alternative forms of business funding. For example, in New Zealand there are several government-funded grants and various support programs to encourage business innovation, expansion, and sustainability.

4. Explore business finance solutions

If traditional bank loans and outside investors are not the right sources of funding for your business, a customised financial solution could be the smart way for your business to access the funds it needs to expand.

Financial solutions can take the stress out of searching for funding. By leveraging the expertise of lending specialists and access to a wide range of business funding products, your business can be best positioned for sustainable, successful growth.

So, how do you go about finding the right working capital solutions?

Finding the right working capital solutions

At ScotPac, we understand just how vital NZ business funding is for ensuring your business can maintain its cash flow and fuel its growth.

That is why our lending specialists consult directly with our clients to ensure tailor-made working capital solutions.

How can we help?

Invoice Finance

Invoice Finance unlocks the value in the invoices that you are owed by your customers or clients.

This business funding solution allows you to access the funds owed to you tomorrow, today, and meet the needs of your business’s operations, take advantage of growth opportunities in the market, or invest in ongoing research and development.

Trade Finance

Trade Finance helps businesses in New Zealand looking to import or export with international partners to boost their purchasing power.

With a customised Trade Finance solution courtesy of our team, the risks involved in international trade can be mitigated.

Business Loans

Business Loans are now available to ScotPac clients in New Zealand as well.

A customised business loan that suits the needs of your business can be the perfect working capital solution to fund your future success. Our team of specialist lenders are uniquely experienced in providing tailored business loans to fuel growing businesses.

Your partner in finding the right business funding in NZ

ScotPac is more than just the largest non-bank lender in New Zealand and Australia. We’re more than just a current financial supporter of more than 8,000 businesses. We’re more than just a solutions provider with over 35 years of experience.

We are a business partner ready to help your business grow.

Whether you are ready to explore the business funding solutions available to you or you’d like to find out more about a specific type of funding, contact our team today.