Demystifying lending for small business
It can be easy to make assumptions about business lending. We’ve tackled the most common small business lending myths to help you make sense of lending options and understand what your business may need.
We’ve broken down the myths and requirements surrounding small business lending.
Business lending options like lines of credit and overdrafts allow you to only borrow the money you need, when you need it.
Depending on your circumstances, and the provider you choose, the outcome of an application can be determined and the loan paid out in a matter of hours.
So if you think your business needs to borrow money to move to the next level, here are the steps you need to take before applying.
Understanding the purpose of borrowing is the first step to choosing the right business lending option. Take time to analyse your finances to decide if you need help with any of the following:
Before applying, you’ll need to know:
Not sure whether you need a loan, overdraft or credit card? Read our helpful guide.
When you’re planning a loan, consider the following:
If you’re unsure what’s involved with unsecured options, the below is a good rule of thumb:
In contrast secured options typically involve the following:
Not sure what type of loan you need? Our Business Loan Finder can help you find and compare business loans.
When applying for a loan, you may need to provide the following information:
Choosing a loan for your business often simply comes down to understanding your options and matching them to your objectives.
Westpac’s products are subject to terms, conditions, fees and charges. Any application for finance is subject to Westpac’s normal lending criteria.
This information does not take into account your personal circumstances and is general. It is an overview only and should not be considered a comprehensive statement on any matter or relied upon. Consider obtaining personalised advice from a professional financial adviser and your accountant before making any financial decisions in relation to the matters discussed in this article, including when considering tax and finance options for your business.