Small business loans
Why get a small business loan?
Invest in a business
Hit the ground running by buying an existing business or franchise or renovating your current space.
Buy new equipment
From office supplies to bigger machinery, we've got you covered.
Build your brand
From social media to promotional flyers, launching your brand into the market can be a costly endeavour.
Build tech infrastructure
From keeping track of stock to having a customer database. A loan could help you get the tech you need.
Boost your finances
You’ve passed the startup stage and have been trading for over a year, but need a funding boost. If you have an asset to use as security, consider our secured business loan. Or explore our unsecured business overdraft, extra cash without the need for security.
Loan and overdraft eligibility
You’ll need…
- Minimum 1 year experience in the same or similar business
- All statutory payments up to date
- Clear credit report, including credit history of directors
- A good financial history with no frequent overdue payments
- Business and Individual Financial statements and Tax return and
- Proof of individual income
The must-haves…
- A business entity or an individual 18 years and above, domiciled in Australia; and
- Requires the funding for business or investment purposes other than investment in residential property; and
- Meets the credit criteria and credit policy requirements under an applicable offer for this product.
For unsecured overdraft there’s a fast and simple online application if you already bank with us.
Other finance options for small businesses
Backing more businesses
It's time to level the playing field. Women now represent 36% of small business owners^. We have made a $500 million commitment to back women to start-up and scale-up their business.
Is it hard to get approved for a small business loan?
While getting approved for a business loan can be a little more complex than a personal or home loan, it might not be as hard as you think. There are several factors that affect your business loan approval. Keeping these factors in mind might help put you in a better position to get approved.
Understand the differences
Get started with the basics
Take a look at our simple guide to business loans and finance, you’ll learn about:
- Different types of business financing to align your business needs
- Commonly used security for business loans such as residential and commercial property
- When you may be asked to be a guarantor
- What lenders may look for when considering a loan application
Explore all finance options
There are times when other options such as credit cards or overdrafts might suit your business needs better. Key considerations may be:
- Whether you need to borrow a one-off lump sum
- Reoccurring expenses that put strain on your cashflow seasonally
- How much you need to borrow and how long to repay
- Fees and interest rates
Knowing the difference between a business loan, credit card and overdraft can be vital to growing your business with the most cost effective options.
Things you should know
^ According to the Organisation for Economic Co-operation and Development (OECD), women represent around 36 per cent of Australian small businesses owners.
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
Eligibility, credit criteria, fees, charges, terms and conditions apply. Talk to your banker for more details.
# LVR stands for the loan-to-value ratio. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage.