Finance Myths That Could Be Costing Your Business Growth

In business, what you believe about finance can determine how far you go. For many Australian SMEs, misconceptions about lending are doing more harm than they realise. It can hold back expansion, restrict cash flow, and limit opportunities that could transform their operations.

At Thrift Capital, we work with hundreds of businesses across industries like transport, construction, trades, and retail. And time and time again, we see great operators held back not by capability, but by myths.

Let’s clear up some of the most common ones that could be costing your business growth.

Common Myths in Business Finance

One of the biggest misconceptions among small business owners is that finance is only for the “big guys.” Many believe they need perfect credit, a long trading history, or two years of financial statements before they can even apply.

The reality? That’s simply outdated.

Finance today is more flexible than ever. Many lenders now offer products tailored for SMEs, contractors, and self-employed individuals. If you’ve been operating with an active ABN for at least six months, have steady income, and can provide recent bank statements, you may already qualify for business, car, or equipment loans.

And even if your credit history isn’t perfect, brokers like Thrift Capital can help you find lenders who understand your situation, not just your score.

Why Myths Hold Back SMEs

The danger of these myths isn’t just missed opportunity, it’s stagnation.

Many business owners delay key investments because they assume they won’t be approved or believe borrowing means financial weakness. But in reality, strategic finance is a growth tool, not a risk.

We’ve seen sole traders in transport delay truck upgrades, missing out on major freight contracts. We’ve seen cafés postpone renovations because they think fit-out finance requires high collateral. And we’ve seen construction firms wait months for “better timing,” only to face higher costs later.

Every month you delay an upgrade, expansion, or refinance, you could be losing contracts, customers, and competitive edge.

The truth is: the right finance structure helps your business stay agile, efficient, and ready for growth, not weighed down by it.

Car & Truck Finance Misconceptions

Few industries are more affected by finance myths than transport and logistics.

Here are a few common ones that stop owner-operators and fleet managers from moving forward:

“You need a large deposit to get approved.”

Not necessarily. Many lenders offer 100% truck and car finance, meaning you can get the asset you need without tying up working capital.

“New ABNs can’t get loans.”

False. Some lenders approve new ABNs with as little as 6 months of trading history if you can show consistent income or signed contracts.

“It’s better to wait until tax time.”

Waiting often costs more. Truck and equipment prices rarely go down, and interest rates or lender criteria may tighten. Acting while conditions are right can save thousands in the long run.

Asset finance, like chattel mortgages, also comes with tax benefits such as GST claims and depreciation deductions, meaning your finance may work for your cash flow, not against it.

Business Loan & Equipment Finance Myths

Business loan myths are equally damaging. Many owners believe loans are only for emergencies, not growth. This mindset can hold back expansion when cash could otherwise fuel opportunity.

For example, using finance to buy a new excavator or delivery vehicle can immediately increase your earning potential, while preserving cash for wages, fuel, and operations. Similarly, refinancing an older, high-interest loan or consolidating ATO debt can free up capital and stabilise cash flow.

Some also assume loan approvals take weeks. But many low-doc and alt-doc options now provide conditional approval within 24–48 hours. You don’t need to spend months waiting for your accountant, you just need the right finance partner.

How to Avoid These Traps

The best way to avoid finance traps is to stay informed and seek expert advice before making assumptions.

At Thrift Capital, we help SMEs like yours understand all available options by comparing offers from 40+ lenders to find the right fit. We look at your goals, industry, and cash flow to structure loans that make sense for your business, not just the lender’s checklist.

We believe that finance isn’t about taking on debt but about unlocking potential.

Whether you’re upgrading your truck, expanding your workspace, or managing tax obligations, the right finance strategy can help you move forward confidently, with cash still in your pocket.

Final Thought

Finance myths can quietly cost you opportunities. The contract you didn’t take, the truck you didn’t buy, the growth you postponed. But the truth? Most business owners qualify for more than they think.

Don’t let outdated beliefs keep your business from growing. With the right guidance, you can finance smarter, faster, and stronger.

📞 Talk to Thrift Capital today and let’s put fact over fiction when it comes to your business growth.