Declined by BizFund Australia with an ATO debt or a deadline?

If BizFund Australia declined you while an ATO debt, BAS or payroll is due, the tax debt itself is often why. For HomeSec, an ATO debt is a reason for a loan, not a barrier. We lend $20,000 to $5,000,000 secured on real estate, can pay the ATO directly at settlement and offer up to six months of no repayments.

If BizFund Australia declined your application, or it stalled while a deadline got closer, you are probably juggling something with a date on it: the ATO, a BAS, wages, super. HomeSec offers Australia's fastest and most flexible business loans, with up to 6 months no payments, and funding is possible in as little as 24 hours from a clean, complete scenario.

About BizFund Australia, briefly

BizFund Australia (bizfund.com.au) is a business lending specialist offering unsecured business loans, typically over shorter terms. For a business with steady trading that needs a smaller sum quickly, that kind of loan can do the job.

Why urgent applications get declined

The very thing that makes the need urgent is often what an unsecured lender is most wary of:

• An ATO debt or a payment plan. Many unsecured lenders will not lend while a tax debt is outstanding, even when the loan would clear it. Clearing an ATO debt.
• A tax debt reported to the credit bureaus. Once the ATO reports a business tax debt, it shows to every lender that checks. ATO intent to disclose.
• BAS or super behind. Overdue lodgements or unpaid super are common reasons for a system to stop. When the BAS cannot be paid.
• Recent dishonours. Payroll or a direct debit that bounced while money was tight looks worse on a statement than it was.
• The amount needed is bigger than trading supports. Clearing a tax debt in one go can need far more than a short unsecured loan allows.

Clear the deadline with a loan secured on property

For us, an ATO debt is often the reason for the loan rather than a reason to decline it. A HomeSec loan is secured on real estate and assessed on the property, the equity in it, the business purpose and how the loan is repaid. At settlement, funds can be paid directly to the ATO, to creditors or to your account, wherever you tell us.

Then the pressure eases. Interest can be prepaid or added to the loan for up to six months, so there is nothing to pay while the business gets back on track, and the term is open. More on when payroll is due and the money is not there and unpaid superannuation.

What to do in the next 24 hours

1. Write down every deadline and amount. ATO, BAS, wages, super, suppliers. Put the hardest date first.
2. Get your ATO balance. Your accountant or the ATO's online services can confirm it. Find your ATO payment reference.
3. Gather the property details: address, rough value and what is owing on it.
4. Stop applying to more lenders. Time spent on applications that will not fund is time off the deadline.
5. Call a Lending Manager today. Tell them the date; you will usually have an indicative answer on the call.