Solutions Guide | Banjo Business Loan Express | Banjo Business Loan Excel | Banjo Business Loan Flexi | Banjo Business Loan Bridge |
Description | Access funds quickly to realise a growth opportunity | Unlock cashflow to give growing business a boost | Fund a seasonal period of reduced cashflow | Release funds now ahead of a future cash inflow |
Loan amounts | $20k-$250k | $250k-$2m | $20k-$1m | $20k-$1m |
Loan terms | 12, 18, 24, 36, 48 or 60 months | 12, 18, 24, 36, 48 or 60 months | 12 or 16 months | 2-6 months |
Repayments | Weekly or fortnightly | Weekly, fortnightly or monthly | Weekly, fortnightly or monthly, up to 4 months interest-expense-only | Weekly, fortnightly or monthly, interest-expense-only, principal paid at maturity |
Minimum Application Requirements | ||||||
$20k-$250k | 12 months linked bank statement data + ATO portal statements (ITA, ICA and Super Guarantee) + ESG Statement | |||||
$250k-$500k | As above + 2 years accountant prepared financials + year-to-date management accounts + latest BAS | |||||
$500k-$1m | As above + aged debtor and creditor listings | |||||
$1m-$2m | As above + corporate structure chart + cashflow forecast + director statement of position | |||||
Minimum Security | ||||||
$20k-$250k | Director Guarantee/s | |||||
$250k-$2m | As above + General Security Agreement (GSA) + Caveat / 2nd Mortgage for tiers where property backing may be required | |||||
Indicative Pricing Structure* | AAA | AA | A | BB | B | C |
Annual Percentage Rate (APR) | 13.95% | 18.95% | 22.95% | 26.95% | 29.95% | 34.95% |
Simple Annual Rate (for 12 month loan term) | 7.40% | 10.14% | 12.35% | 14.59% | 16.29% | 19.15% |
Qualifying Criteria | ||||||
Annual turnover | $10m+ | $5-10m | $2.5m-$5m | $500k-$2.5m | Refer to Banjo credit policy minimums. | |
Time in business | 5+ years | 2+ years | ||||
Equifax score | 850 | 750 | 700 | 650 | 600 | |
Property backed | Required | Not required | ||||
Excluded industries | Property Developers, Pre-Farmgate Agribusiness, Utilities, Mining, Metal or Explosive Manufacturing, Taxi & Ride Share, Tobacco, Nightclubs, Adult, Gambling Activities and Not for Profit | |||||
Credit Criteria | ||||||
Credit history | Clean credit history | Minimal or immaterial derogatories | Some derogatories | |||
Bank statements | No dishonours past 12 months | No dishonours for past 3 months | Some dishonours | |||
ATO portal | No ATO arrears | Manageable arrears with payment plan in place | ||||
High cost lenders | None within last 12 months | Minimal | ||||
Loading adjustments | Construction and Transport, Postal and Warehousing industries attract a loading. Business Acquisition, Debt Consolidation, and Tax Payment loan purposes attract a loading. | |||||
The rates and criteria above are indicative only. Unless stated otherwise the interest expense is charged as a fixed fee which accrues upfront and is payable in graduated instalments. The base Annual Percentage Rate (APR) is based on the Qualifying Criteria. For Credit Criteria not met, a loading of +2% is applied up to a maximum of +5% to APR, at Banjo's discretion. | ||||||
Fees & Charges* | |
Origination fee | A base amount equal to the Referral Fee (used to pay the Referral Fee see below). |
Early repayment fees | Express and Excel: No early repayment fees apply** Flexi and Bridge: Early repayment fees apply*** |
Other fees | Other fees and charges may apply, for example direct debit dishonour fees and costs relating to registration of securities. |
**The borrower only pays a pro rata of the instalment of the interest cost for that payment period. ***The borrower will pay the NPV of the remaining instalment of the interest cost using a discount rate of 20%. | |
Referral Partner Commissions | |
Referral fee | 0-4% of the net new loan amount for new and returning clients, as agreed with the Referral Partner, charged to the client as an Origination Fee. |
Payment | Referral fees paid weekly following the settlement of the loan. |
Solutions Guide | Description | Loan amounts | Loan terms | Repayments |
Banjo Business Loan Express | Access funds quickly to realise a growth opportunity | $20k-$250k | 12, 18, 24, 36, 48 or 60 months | Weekly or fortnightly |
Banjo Business Loan Excel | Unlock cashflow to give growing business a boost | $250k-$2m | 12, 18, 24, 36, 48 or 60 months | Weekly, fortnightly or monthly |
Banjo Business Loan Flexi | Fund a seasonal period of reduced cashflow | $20k-$1m | 12 or 16 months | Weekly, fortnightly or monthly, up to 4 months interest-expense-only |
Banjo Business Loan Bridge | Release funds now ahead of a future cash inflow | $20k-$1m | 2-6 months | Weekly, fortnightly or monthly, interest-expense-only, principal paid at maturity |
Minimum Application Requirements | ||||||
$20k-$250k | 12 months linked bank statement data + ATO portal statements (ITA, ICA and Super Guarantee) + ESG Statement | |||||
$250k-$500k | As above + 2 years accountant prepared financials + year-to-date management accounts + latest BAS | |||||
$500k-$1m | As above + aged debtor and creditor listings | |||||
$1m-$2m | As above + corporate structure chart + cashflow forecast + director statement of position | |||||
Minimum Security | ||||||
$20k-$250k | Director Guarantee/s | |||||
$250k-$2m | As above + General Security Agreement (GSA) + Caveat / 2nd Mortgage for tiers where property backing may be required | |||||
Indicative Pricing Structure* | AAA | AA | A | BB | B | C |
Annual Percentage Rate (APR) | 13.95% | 18.95% | 22.95% | 26.95% | 29.95% | 34.95% |
Simple Annual Rate (for 12 month loan term) | 7.40% | 10.14% | 12.35% | 14.59% | 16.29% | 19.15% |
Qualifying Criteria | ||||||
Annual turnover | $10m+ | $5-10m | $2.5m-$5m | $500k-$2.5m | Refer to Banjo credit policy minimums. 48 and 60 months loan terms not available. | |
Time In Business | 5+ years | 2+ years | ||||
Equifax score | 850 | 750 | 700 | 650 | 600 | |
Property backed | Required | Not required | ||||
Excluded industries | Property Developers, Pre-Farmgate Agribusiness, Utilities, Mining, Metal or Explosive Manufacturing, Taxi & Ride Share, Tobacco, Nightclubs, Adult, Gambling Activities and Not for Profit | |||||
Credit Criteria | ||||||
Credit History | Clean Credit History | Minimal or immaterial derogatories | Some derogatories | |||
Bank Statements | No dishonours for past 12 months | No dishonours for past 3 months | Some dishonours | |||
ATO Portal | No ATO arrears | Manageable arrears with payment plan in place | ||||
High cost lenders | None within last 12 months | Minimal | ||||
Loading adjustments | Construction and Transport, Postal and Warehousing industries attract a loading. Business Acquisition, Debt Consolidation, and Tax Payment loan purposes attract a loading. | |||||
* | The rates and criteria above are indicative only. Unless stated otherwise the interest expense is charged as a fixed fee which accrues upfront and is payable in graduated instalments. The base Annual Percentage Rate (APR) is based on the Qualifying Criteria. For Credit Criteria not met, a loading of +2% is applied up to a maximum of +5% to APR, at Banjo's discretion. | |||||
Fees & Charges* | |
Origination fee | A base amount equal to the Referral Fee (used to pay the Referral Fee see below). |
Early repayment fees | Express and Excel: No early repayment fees apply** Flexi and Bridge: Early repayment fees apply*** |
Other fees | Other fees and charges may apply, for example direct debit dishonour fees and costs relating to registration of securities. |
**The borrower only pays a pro rata of the instalment of the interest cost for that payment period. ***The borrower will pay the NPV of the remaining instalment of the interest cost using a discount rate of 20%. | |
Referral Partner Commissions | |
Referral fee | 0-4% of the net new loan amount for new and returning clients, as agreed with the Referral Partner, charged to the client as an Origination Fee. |
Payment | Referral fees paid weekly following the settlement of the loan. |
