Compare shop fit-out business loans
First impressions are crucial when it comes to running a business, which is why it’s so important to have a shop which can attract customers. If you’re looking to renovate or refurbish your business’ premises, front or back, you can compare business loan options right here with Savvy.
|Lumi Unsecured Business Loan|
Boost your business with fast hassle-free funding from Lumi. Apply online in five minutes without harming your credit score and get funds in as quickly as 24 hours. For a limited time: Business Loans with No Repayments for the first 6 weeks. T&C apply.More details
|Lumi Lux Rate Reducing Business Loan|
Lumi Lux™ is an innovative rate-reducing business loan that rewards customers with good repayment histories and no contractual breaches throughout their loan term by dropping interest rates by 25 basis points (0.25%) every six monthsMore details
|Valiant Finance Business Loan Broker|
Valiant is Australia’s leading business loan broker with a network of over 80+ lenders. Apply for a business loan between $5,000 and $1 million and get approved in as little as 24 hours.More details
|ebroker Unsecured & Secured Business Loans|
Compare, find and match fast to over 80 bank and non-bank lenders accessing much needed working capital from a unsecured business loan.More details
Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.
Shop fit-out finance
First impressions are crucial when it comes to running a business, which is why it’s so important to have a shop which can attract customers. If you’re looking to renovate or refurbish your business’ premises, front or back, shop fit-out finance might be the option for you.
At Savvy, we make it simple to compare business loans by breaking down offers from our reputable lending panel so you can assess them side-by-side to determine which is the best to suit your needs. Find out more about shop fit-out loans here so you can lock in a great deal.
How does shop fit-out finance work?
Accessing financing to fit out your shop is no different to obtaining a business loan for any other potential need. The products themselves and the way they work are the same, with the most common and popular option being an unsecured business loan. These are available from a range of lenders and can be compared right here with Savvy, with loan amounts ranging from as little as $5,000 all the way up to $500,000 without the need for any security. They can subsequently be repaid with interest in instalments over a loan term between three months and five years.
Alternatively, if you have a valuable asset such as property which can act as collateral for your loan, you might wish to fit out your shop with a secured business loan. Alternatively, you can look at equipment finance if you’re wanting to use a valuable piece of machinery or equipment as security. These expand your borrowing range significantly, up to and over $1 million, while exposing you to longer available loan terms (up to ten years) and lower interest rates. As such, this type of finance will save you money in the long term but will require you and your asset to meet eligibility checks to ensure they’re suitable.
There are alternative sources of financing which can be used to pay for your shop refitting, too. A business line of credit allows you to withdraw funds up to an approved limit whenever you need them, only paying interest on the amount you’ve used. Invoice finance is another potential choice which is useful for immediately boosting your business’ cashflow. This involves selling outstanding invoices to a financier, who can pay you up to 95% of their value up front and the remainder once your customer has paid (minus fees).
You can compare all of these types of finance with Savvy to help you make the most informed decision on which business investment offer is best for you.
What are the benefits of shop fit-out finance?
There’s a range of reasons why fit-out finance might be the best option for your shop. It’s crucial you consider these closely before committing to your loan, as you should always be certain it’s the best option for you. You can benefit from the following factors:
Maintains strong cashflow and boost capital
By opting for finance from a lender, your business’ cashflow won’t need to take a significant short-term hit to pay for refurbishing. Instead, it can remain at its current level or be increased by the loan, which can also boost your business’ working capital.
Repay costs at your own pace
Part of the appeal of business finance is that it allows you to repay your debt at a rate that suits your business’ needs. Whether you’re capable of completing your loan payments within a year or would prefer to stretch them out to make them more manageable for you, you can select your loan term.
Able to use funds however you like
Business loans are highly flexible in the way they can be used, with essentially no restrictions placed on them provided they’re used for business purposes. Some of the many things you can purchase when fitting out your shop include:
- Industrial refrigerators and food storage spaces
- Stove tops and new ovens
- Coffee machines
- Electrical upgrades, such as sockets and wiring
- Flooring and internal structural modifications
- Shelving, cabinets, counters and benches
Fast application and approval process
If your business needs to access funds quickly, you might be in luck. Unsecured business loans can be filled out, submitted, approved and paid online in the space of just 24 hours, giving your business the ability to get the ball rolling on the fit-out sooner.
A factor which should be closely considered by businesses is the potential savings which can be experienced via useful tax deductions. Specifically, the interest portion of your monthly business loan repayment is able to be claimed as a deduction, which can help your business save thousands over the life of your loan.
Top tips for saving money on shop fit-out finance
Surveying the market to compare as many options as possible is one of the simplest and most effective ways to save money. Fortunately, Savvy does the heavy lifting for you by listing offers from our lending partners and laying out all their key features so you can gain a clear understanding of the full picture.
Many of our partnered lenders will allow you to pay above the minimum required monthly contribution as a means of getting ahead and paying off your loan early. Completing your repayments ahead of schedule can slash the interest you’re required to pay by hundreds of dollars over the life of the loan.
By formulating a clear plan of what’s needed for your shop and using it as the foundation for your business loan, you can minimise the risk of going over your budget and having to repay more with interest. In doing this ahead of time, you can also avoid the potential for steeper costs brought on by last-minute arrangements.
Even if you’re not a qualified builder or have any idea about how to fit out a shop, you can reduce the cost of this process by doing some of the gutting and removal work yourself. There aren’t any qualifications required to knock down a hollow wall jutting out into your shop, after all.