eCentral Business Show©

Valuable insights from business experts.


I want a loan. Can I run a business on the side? Laura Sillano, Pod Financial

Tue 10:00am 09 Oct 2018
Podcast Audio

When sitting down with Laura Sillano, it's wise to empty your cup, put on a lender's lens, and be expectant of new insight. Here she talks about how helpful, or how inconvenient, it is applying for a loan considering that you have a job and you're running a business on the side.

For some of us that are waiting for the pay cheque in order to get by, it is tempting to start a business on the side to bring in more money. So you try to cut back on your expenses to save up for your start-up, and then you finally launch your side business. Eventually, you bump into a situation where you need to apply for a loan.

How the lender will view the fact that you have a job, and a business on the side is of heavy importance here. Having a business doesn't automatically translate to you bringing in more money. The question still stands; is this side business profitable?

If the list of expenses of handling the business is put side-to-side with the income your job brings in, will the latter outweigh the former? Or is it the other way around? The lender will always look at how your current cash flow will service the loan you're applying for.

Another important thing to remember when running a business on the side, you have to meet the policy parameters for self-employed income which is basically two years tax returns. You have to show more documentation to prove to the lender that you are good for the loan.

Profitability is at the centre of all the questions about how helpful a business on the side is on your loan application. If it's not making money, it's a hobby, not a business. When applying for a loan, have a strategic look at your finances before sitting down with a lender. A better way to go is to talk to an expert like Laura Sillano. You can reach Laura through her phone number 0422 320 497.

DISCLAIMER: The discussion shown in the video and the accompanying media are not to be considered advice and are shared for general information purposes only. Every person's situation is particularly unique and deserves a thorough conversation with an expert. Again, Laura Sillano can be reached through her phone number at 0422 320 497. A conversation with Laura may help strategise your next financial move.


Meet our resident experts

Robert King

Robert King

Accountant

Robert is a fully qualified Chartered Accountant, Registered Tax Agent & Xero Guru. He spends his time helping clients through all stages of the business cycle from setting up a business through to its eventual sale.

Laura Sillano

Laura Sillano

Mortgage Lending

Laura is a Residential Mortgage Broker with over 11 years experience. She is passionate about educating her clients about their options, and provides mortgage lending advice that is grounded by life experience.

Helen Baker

Helen Baker

Financial Planning

Helen Baker, founder of On Your Own Two Feet, is an experienced financial adviser and firmly believes in the benefits of having a strong team of professionals to underpin your financial foundations.



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