How To Make The Most Of Business Funding Before Christmas
With Christmas just around the corner, it’s undoubtedly a crucial time for making important decisions before everyone takes a massive break.
If you currently have access to business funding before Christmas or are thinking of applying for a business loan, it’s essential to consider and leverage the numerous benefits to maximise its advantages before the festivities kick in.
Notable Benefits Of Business Funding Before Christmas
Beyond the typical advantages of small business loans—providing working capital during low cash flow, empowering business growth, and offering greater flexibility in finance management—there are other practical benefits that you could seize.
Many lenders, including established banks, allow small business owners to customise their loans based on unique circumstances and needs.
At Lumi, the most valuable benefits associated with business funding before Christmas are Payment Pause and Rate Ease™. These options can provide an excellent opportunity for you to capitalise on funding opportunities.
Payment Holiday
Running and managing a business can be financially challenging, and most lenders understand this struggle. Financial Hardship and Business Loan Support are readily available, not only from traditional banks but also from various financial institutions. This option is available from major banks such as NAB and Commonwealth Bank, as well as from a variety of lenders in the market.
Nonetheless, Lumi’s Payment Holiday benefit provides the flexibility to secure funds for your business when needed.
With the option to defer repayments for up to six weeks, our Payment Holiday offers you a break from loan repayments, providing the freedom to spend and invest the necessary funds during this critical time. By applying for business funding before Christmas, you can opt to pause fees and repayments to allocate funds to bonuses for employees, product launches, promotions to boost sales, and more.
Eligible businesses approved for a Lumi Business Loan can apply for this option and enjoy a repayment pause of up to six weeks at the start of the loan period. Check your eligibility, apply for the funds in just minutes. Once approved, you may have instant access to your funds within one business day, allowing you to invest the extra cash in your business plans during this repayment break.
The best part? Repayment is deferred until the New Year, giving you the freedom to spend during Christmas, accomplish your goals before the New Year, and then return stronger with a fresh start.
Rate Ease™
For those unfamiliar with the term, Lumi is introducing the first-ever Rate-Reducing Business Loan in Australia.
How to get it? It’s super easy. Once you know whether you’re eligible and you’ve been granted Rate Ease™ as part of your business loan, you simply need to do one thing: pay back on time and the interest rate automatically decreases each month.
On average, businesses can save up to 11% on interest charges. Let’s delve into a practical example! Imagine a business that applies for a $200,000 business loan for a 24-month term with weekly repayments of $2,788. In this scenario, the total interest would decrease by over 7%, resulting in potential savings of $6,768 just on interest payments.
Determine the amount of interest you can save with Rate Ease™ using our calculator.
The process is once again, the most simple and straightforward. Check your eligibility on our website, submit a loan application, secure prompt approval, and make four consecutive on-time payments to access the Rate Ease™ benefit.
Also no need for refinancing in the future, you can enjoy improved rates seamlessly for the coming year by considering applying for business funding before Christmas with the Lumi Rate Ease™ benefit.
What To Do With The Extra Cash You Get From These Benefits?
With more money in your accounts by applying for the above benefits of business funding before Christmas, there are lots of ways in which you can try to take your business to the next level during the peak season.
Timely allocation of funds to enhance marketing efforts
With consumer spending on the rise during the holiday season, businesses can leverage their funding to launch targeted and impactful marketing campaigns. This might include creating seasonal promotions, running special discounts, and employing social media strategies to boost brand visibility. The goal is to capture the attention of holiday shoppers and drive increased traffic to the business.
Investing in inventory
Ensuring an ample supply of popular products allows businesses to meet increasing demand and take advantage of the surge in consumer spending.
This proactive approach can enhance customer satisfaction by preventing stock outs and maximise sales during this peak period. Businesses can use the funds to diversify their product offerings, introduce limited-edition holiday items, and stay ahead of market trends. This is one of the most crucial ways to make the most of business funding before Christmas.
Technology upgrades
Allocating business funding before Christmas to enhance digital infrastructure, improve online platforms, and implement e-commerce solutions can streamline processes and facilitate a seamless customer journey.
This is particularly relevant during the holiday season when online shopping is prevalent. Businesses can invest in secure payment gateways, mobile-friendly websites, and efficient order fulfillment systems to provide a positive and hassle-free shopping experience for customers.
Employee engagement
Offering holiday bonuses, incentives, or organising festive celebrations for employees fosters a sense of appreciation and loyalty among the workforce.
Enhancing employee engagement during the holiday season is another area where businesses can direct funding to create a positive impact. A motivated and contented team is likely to be more productive and contribute to the overall success of the business.
Conclusion
Making the most of business funding before Christmas requires a thoughtful and strategic approach. By focusing on the aspects that your businesses need the most and start investing wisely, businesses can position themselves to thrive during the holiday season and set the foundation for a prosperous New Year.
Smart allocation of funds during this critical period can yield lasting benefits and contribute to the overall success of the business.
With the two exceptional benefits from a Lumi Business Loan, you can make the most of your business funding before Christmas, entering the holiday season in the knowledge that your business has flexible and fast access to funds. Receive the funds for Christmas and repay next year with Payment Holiday, or opt for Rate Ease™ to ease the stress when the New Year comes. At Lumi, we aim to see your business flourish and provide the support you need, especially during important seasons like Christmas.
