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Business loans are lending products designed to help business owners fund business operations, purchase stock, pay staff, manage cash flow or expand.
The right business loan can keep your business afloat when you're dealing with seasonal cash flow or just short on cash. It could also help you seize on an opportunity and grow your business to new heights.
Unlike a personal loan, a business loan must be specifically for business or investment purposes. To get a loan approved the lender considers the performance and history of your business, plus your own credit history.
You can get a business loan from most Australian banks or from online business lenders.
The amount you can borrow, your interest rate and whether you need security all depend on your lender's requirements and your business's size, needs and financial position.
Things that will affect how your business loan works are:
Choosing the right business loan depends on your business and what you're trying to achieve.
The most straightforward business loan, where you apply for a loan and receive the funds in a lump sum. You can get secured and unsecured business loans for flexible amounts, and can receive a variable or fixed interest . These loans are useful when you're trying to cover large expenses.
Samantha runs a catering business. She needs to borrow $60,000 to cover a kitchen expansion. Samantha needs a single lump sum. But she also wants the ability to repay the loan quickly. She expects her revenue to increase as a result of the expansion and wants to clear the debt sooner.
She opts for a business loan with a variable interest rate, as variable rates tend to come with no early repayment fees.
A business line of credit gives you a pool of money that you can withdraw and pay off whenever you want. Once you're approved for a line of credit you can spend money flexibly, up to the credit limit amount. You only pay interest on the money you withdraw, not the overall limit you're approved for.
This is useful for businesses that have to cover multiple smaller expenses over time or have seasonal spikes and dips in revenue.
Glen runs a landscaping business with 5 employees. He's approaching a quiet few months for the business and wants to have money on hand to cover a few expenses he has been putting off.
On top of paying his employees, he wants to renovate his office and upgrade his equipment. He takes out a line of credit, and is able to get a quote for his upgrades and withdraw that exact amount each time.
When his cash runs low during this quiet season, he also withdraws money in order to meet payroll. When business picks up, he pays off his withdrawals and is able to reuse that credit the next year.
Loans to cover the purchase of business vehicles including cars and trucks. These come with a range of options, such as leasing the vehicles or buying the vehicles outright. They can be used to buy individual vehicles or an entire fleet.
Loans to cover the purchase of business equipment, such as computers, tools, coffee machines, or kitchen fit-outs. You can rent, lease or buy outright.
Invoice financing lets you use outstanding invoices, which represent future payments, to get cash when you need it now. A cut of the outstanding invoice is paid to the lender in return for the upfront funds.
If you have a business bank account you can get an approved overdraft limit to borrow beyond what's in the account. This is useful to cover brief cash flow shortfalls that are not predictable enough to require a line of credit.
Business credit cards let you cover business expenses now and pay them off over time. Useful for sole traders, small businesses, or to fund the business needs of trusted staff.
Startups and very small businesses might find it harder to get a business loan because they likely have fewer assets, less consistent cash flow or, in a startup's case, no established track record of business activity.
There are business loans that cater to start ups, but in general lenders only lend to startups who have been running for at least 6-12 months and meet certain revenue figures and financial crtieria.
Because new, unproven businesses are riskier customers these loans will have higher interest rates.
There are also business groups like Tech Ready Women who offer funding for startups and expansion.
Small businesses will find it easier to get a business loan approved if:
Even when you've decided which type of business loan your business needs, there are still other things to consider before landing on the right loan for you.
Business loan interest rates will vary depending on your lender, your loan type, and your own (and your business's) financial position. You can choose between a variable rate or a fixed rate. Lenders can move their variable rates in line with the cash rate and you have more flexibility to make extra repayments. Fixed rates stay the same for the life of the loan, but you generally can't make extra repayments.
Factor in the cost of loan fees along with the interest payments to know the true cost of the loan.
The most common business loan fees include:
If you have a commercial or residential property to offer as security you can get a loan with a lower interest rate.
Longer loan terms suit larger loan amounts. Longer terms also mean smaller monthly repayments but more interest charged over time. Shorter terms increase your monthly repayments but you pay less interest.
Look for a flexible loan. If you can repay a loan early you can save money. Flexible business loans let you redraw extra repayments in an emergency.
Ask yourself what your business needs the loan for, how established your business is and what the business financial situation is. Your business profile and situation will have an impact on what loan you choose or are approved for.
For example, if you need to cover multiple small expenses over a short time, you might look at an overdraft, line of credit or business credit card.
"When lenders assess your business loan application they will consider your business purpose, your historical business finances and your financial projections. They'll also consider the business credit score as well as your personal credit score and financial situation.
Because of this it's really important to do all the calculations and collate all the information to put the best application forward.
It's also a good idea to speak to your accountant or finance broker for help and support."
Online business lenders can approve applications quickly. A traditional bank may take longer and you have to speak to a lending specialist from the bank first.
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these ):
You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.
You save time. We spend 100s of hours researching business loans so you can sort the gold from the junk faster.
You compare more. Our comparison tools bring you more business loans from across the market.
Justine released her book Become A Business Money Magnet - Simple habits to manage your money and supercharge your profits in 2024; she is a registered BAS Agent, Ladies Finance Club Ambassador, and named one of Coach Foundation's Top Female Business Coaches for 2022.
Purchase, replace or upgrade new or used equipment up to $500,000.
If you're after a business car, compare your vehicle finance and car loan options and get your business on the road.
Whether you're looking to support cash flow, grow your business or purchase new equipment, BankSA may have a business loan option for you.
It's not always easy to know exactly how much money you need to keep your business cash flow healthy. Heritage Bank's Business Line of Credit lets you draw down what you need, up to a limit.
Heritage Bank's Fully Drawn Business Loan is a flexible business finance offering with both fixed and variable rate options, a high maximum loan term and no limit on borrowing power.
A guide to customer finance options for small businesses, including 0% interest finance.
Buying a petrol station? Here’s how to find the right business and compare petrol station loans to finance your purchase.
Find out about Westpac's business offerings including secured and unsecured business loans, overdrafts and credit cards.
Benefit from a fixed or variable rate small business loan with St.George.
Take advantage of a fixed rate or variable rate business loan with CommBank.
i am recently retired man. i am on aged pension. i need business loan to purchase established business. i want to put some $25000 –$ 35000/ in to it from super annuation funds. i am regularly getting aged pension from centrelink.please guide me the lenders who are liberal in granting business loan to me.
Hi Vinod!
Thanks for reaching out to us.
To apply for a business loan, generally, you will need a summary of your business’ financials, a business plan, financial forecasts (including cash flow forecasts), and your personal information. However, many new lenders simply request to log into your business’ accounting software to get this information for themselves.
You may refer to our list of Centrelink business loans to know which lender may consider you for a loan. Please click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Hope this helps.
Regards,
Nikki
my question is l am looking for information for a business online banking account, what will be the monthly fees be to have this online account? l have obtained information from NAB and CWB that the account will be zero a month for an online account when you do not use the branch, all banking is done online. to have an OD attached to this online banking business account the fees are below for an unsecured amount.
for OD facility NAB is 14.5% with 1.75% annual fees
for OF facility with CWB 14.75% with 1.75% annual fees
what is will the account fees be with ANZ and Westpac
l cannot see where l find these on your site.
also how long back did a zero fee for online banking start with an online banking account, what year?
Hi Claire,
Thank you for your questions.
1. l am looking for information for a business online banking account, what will be the monthly fees be to have this online account?
Depending on the type of account, some banks have nil monthly fees, others may charge as much as $20. You may refer to our list of business bank accounts to compare your options. Most banking accounts these days can be done easily online.
2. What is will the account fees be with ANZ and Westpac?
You can find more information about ANZ business accounts and its fees from our comparison table. For Westpac, Depending on the account, they charge $10 monthly account fee for their Westpac Business One Account – Low Plan and $20 for Westpac Business One Account – High Plan
3. How long back did a zero fee for online banking start with an online banking account, what year?
I’m afraid we don’t have information in that regard. But most banks offer cheaper if not zero fees on some of their online bank accounts to their customers helping them save money on monthly charges.
Hope this helps.
Cheers,
May
small business unsecured loan of 300,000. to buy an existing profitable business , with low fixed interest , no early payout fee ,over 5years approx. Have financial statements of business and $800,000. assets of my own , so could be secured loan.
Hi Tom,
Thank you for your inquiry.
Buying a business is a great undertaking and requires a lot of work. If you haven’t already, you might find our guide in buying a business useful. On the page is a comparison table you can use to find the right lender for you. Once done comparing, you may tick the “Go to Site” or to request a call click the available “Enquire now” button. Before applying for a loan, it would be good to check their eligibility requirements as well as their terms and conditions.
Best regards,
Rench
Hello,
Just wondering if there are any finance options available for me. Right now all I have is my business plan and projections from my account. That’s it, no assets, no defaults on my credit score however I do have 3 inquiries(Business related). I’m looking for funding for my equipment, without the equipment we can’t start. Is there any chance at all for me?
Regards,
Mike.
Hi Mike,
Thanks for contacting finder.
You may visit these links https://www.finder.com.au/business-loans and https://www.finder.com.au/business-loans/equipment-finance for you to get a better look on the business loan, equipment funding and funding options available to you, and how you can determine the best type of financing for your business.
Cheers,
Joanne
Is there a possibility of being funded without collateral and a guarantor? Low doc, etc..?
Hi Trevor,
Thank you for your inquiry.
You may want to consider the following low doc loans.
– Low Doc Personal Loans
– Low Doc Home Loans
I hope this information has helped.
Cheers,
Harold