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.
Get started with the basics
At some point, most small businesses start to think about business growth and this usually comes with the need to look into getting some form of finance. Read our simple guide to business loans and finance to help you get across:
- the types of business loans available
- commonly used security for business loans
- what lenders look for when considering a loan application.
Understand which type of finance is suitable
Business loans are one of the ways that could help your business grow, but there are times when other options such as credit cards or overdrafts might suit your business needs better. Key considerations include:
- whether you need to borrow a one-off lump sum
- if you’re looking to improve your cashflow and need funding which you could pay off within 45 days
- recurring expenses that can put strain on your cashflow.
Knowing the difference between a business loan, credit card and overdraft can be vital to growing your business with the most cost effective options.
How we help small to medium businesses
Loans and cashflow solutions for small and medium businesses
Business loan: Borrow from $10k to help take the next step in your business plan.
Business overdraft: Support your cashflow with access to extra funds through your transaction account.
Insurance premium finance: Short-term finance that lets you spread a lump sum annual premium with monthly instalments.
What financing options are available for startups?
Business loan for startups: For businesses that have operated for less than 2 years.
Business vehicle and equipment finance: Borrow money to buy, lease or hire a vehicle or equipment for your new business.
Bank guarantee: Provide your suppliers and vendors with certainty of payment.
Backing more businesses
It's time to level the playing field. Women now represent 36% of small business owners*. Our $500 million female entrepreneurs fund has been expanded by another $500 million to $1 billion, to back more 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.
Your business trading history and experience help give lenders confidence in the sustainability of your business performance.
When considering business loan eligibility, the lender is likely to expect evidence of how much money your business makes under recent and normal trading conditions. Be prepared to share your business and personal financial history.
When considering your capacity to repay a loan, conditions such as a repayment schedule, interest rates and other terms are key considerations when calculating your loan.
Providing collateral can help reassure lenders, since having security assets will help lower the loan risk on their part. You could offer property, land, vehicle or other assets as collateral to support your application.
Why do you want to borrow money? Is it to pay vendors, expanding your premises or to buy or upgrade equipment? Lenders need to know details, the amount you need to borrow, when you’re planning for repayments to start and how much you might be able to pay over which duration.
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.