3 Steps to Get Small Business Loan in Australia

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Taking a small business loan in Australia can be the reason why your small business would have a lift in 2022 and beyond.

So many businesses took a hit due to the pandemic and the economic crisis that followed but as small businesses open again in Australia and around the world, you can access a small business loan up to $5,000 to help lift your small business and give it a better chance at competing with other businesses that has better working capital.

Have you been looking for a business loan that would help get you back on track?

This resourceful article would help show you the 3 basic steps get a small business loan in Australia to the tune of $5,000.

These steps are easy to take from the comfort of your home or office and does not require so much money knowledge.

But first, let us look at some possible reason why a small business would want to take a loan in Australia

Why Businesses Take a Small Business Loan in Australia

There are so many possibilities that a loan facility can give to you and your business but why take a loan in the first place?

Below are some of the possible reasons why you or any other reasonable business person may want to get a loan facility in Australia:

  1. Purchase Real Estate
  2. Renovations
  3. Buy Inventory and Stock
  4. Buy Equipment and Machinery
  5. Increase Working Capital
  6. Advertising and Marketing
  7. Move Premises or Locations
  8. Buy a Competitor Out
  9. Staff and Tax Payment
  10. Alternative Business Investments

Whatever your reasons may be, be sure to have the ability to seriously turn such a loan facility into profits so that you can comfortably pay back without being pushed to do so.

Let us now look at those three basic steps below:

How to get a Small Business Loan in Australia

1.       Visit Your Chosen Lender’s Website to get Small Business Loan in Australia

Every of these lenders have an online presence and operate from their websites.

You should visit the website of your chosen lender to find out what loan facilities they have, their rates, and repayment terms.

Be careful to read and understand those terms and conditions as there may be a few lines that would hold you by the throat if you do not clearly understand and put them into consideration while choosing a lender to access a loan facility from.

Reading and understanding their terms and conditions is as important as the loan in itself and if you do not take care, you would take loans that would rather put you at a disadvantage.

At the end of this article we would list a few loan platform that are already highly rated and with the best working conditions

2.       Complete an Online Application Form

Now that you have made an informed decision about a lender, your next step is to fill and online application form that would be provided for you on the lender’s website [or online portal].

  • Some of the details you would need to fill the online form as provided are:
  • Your business details
  • How much you want to borrow and for how long
  • How you will use the funds
  • Basic details about yourself (especially where you are required to provide a personal guarantee)

 These required details are easy to find, especially if you have been running your small business for a while.

You should know exactly how much loan you need to infuse into your business before reaching out for a loan. You should be aware of how you will use the said funds when released to you and how long it would take for you to pay back.

Interestingly, some lenders have a flexible repayment plan that makes it really easy for you to repay the money without stress.

3.       Upload Your Supporting Documents

Aside filling out an online form that will be provided, you would be asked to upload some important supporting documents that would help them verify you and your business’ identity and also help them disburse the funds to your preferred bank account.

Your location, mostly, does not matter. Whether you are in Sydney, Melbourne, or even Darwin, your loan will be issued to you provided you meet the requirements that cover the loan amount you are requesting for.

Below is a list of some of the possible supporting documents you may be asked to upload.

  • Your bank statements for the last 4 to 6 months
  • Your credit sales / merchant statements for the last 4 to 6 months
  • Proof that you have been operating for the lender’s minimum required period
  • Proof that you meet the lender’s minimum turnover requirements
  • Personal identification documents

Are these details not easy to get?

Now that you know the three basic steps to get a small business loan in Australia, let us look at some of Australia’s highly rated lenders you should consider while looking for a small business loan to help boost your business and give you a better chance at survival or growth.

Read Also:

10 Best Platforms to get Small Business Loan in Australia

Prospa

Lumi

Lend

Max Funding

OnDeck

Zip Business Loans

Butn

Capify

Shift

Business Fuel

Whichever lender you choose, be sure to utilize the disbursed funds properly so that you can have an easy ride while paying back. Nothing is more painful than paying back a loan you mismanaged.

Once you have fulfilled all obligations, you will be accessed to find out if your business is credit worthy. You will be asked to sign a loan agreement if it checks out and the loan issued in a short while.

Before you accept any loan, however, be sure to understand all the terms, fees, and charges.

Be sure that you are getting the best deal that you can afford to pay back.

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What Other Types of Business Loans are Available in Australia?

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