How do you get a small business loan?

How do you get a small business loan?

Published on 2021-12-16

Category: Small Business Owners, Small Business Finance

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If you are a small business owner in Australia looking to secure a business loan, there are a few ways you can do the same. But before you do that, there are a few things you must consider based on your loan requirement and business objectives. Once you ascertain these factors, you might be in a position to secure a loan suited to your needs and avoid unnecessary hassles in the process of securing a loan.

Here are some factors to consider before securing a small business loan

Listed below are a few things you must consider before you apply for a small business loan.

  1. How soon can I get a small business loan?

If you are in urgent need of funds for your business priorities, then an unsecured business loan might be the best available option. These funds are available in real quick time and require minimum efforts to secure. While there are a lot of options, you can take the help of a business loan broker to identify the best option suited to your industry and business. Bank loans usually take time due to the various levels of documentation and approvals.

  1. How much loan can I get for my small business?

Small business loans from non-bank lenders are usually available based on your business turnover and the health of your business. Hence, if you are looking for small amounts for cash flow, marketing, stock purchase, or other activities, this is an ideal option since the funds are available quickly with minimal paperwork. On the other hand, if you are looking for a large amount for acquiring another business, etc., then you can explore secured loans which can get you larger amounts. However, this requires you to provide a collateral or security against the loan and the documentation can take up to a week or more to secure the funds.

  1. What is the eligibility criteria for a small business loan?

Before a small business is approved for a loan, there are certain conditions set by most non-bank lenders that must be fulfilled. Some of the key ones are listed below.

  • Your business must be at least 6 months old with a valid ABN
  • The minimum average monthly turnover must be at least $5,000
  • You must have a fair credit history

If you fulfill the above basic criteria, your business is considered eligible for a small business loan.

Here is how you can get your small business loan

Now that you have understood the basic criteria and factors that affect your business loan application, we can look at how to go about applying for a small business loan. Before you start applying for a loan, it is strongly advised that you put a plan together to understand the amount you require and how you are going to utilize the funds. This will help you avoid unnecessary spending and ensure a better return on the borrowed amount. Once this is done, you can reach out to a business loan specialist like Capital Boost where our lending specialists will help understand your business and requirement better and match your requirement to the appropriate lender.

There are a lot of non-bank lenders in Australia who provide loans to small businesses. But each lending partner has their own criteria on who they lend to, how much they lend, etc. This is based on your business, the amount required, your credit score, etc. Rejections in application can adversely affect your credit score. Hence it is important that you apply for a loan with the right lender to improve your chances of loan application. At Capital Boost, we have tied up with multiple non-bank lenders across Australia and can help identify your requirement and match you to the right lender while you continue to focus on your business.

To know more about small business loans and if you qualify for one, speak to one of our lending specialists by filling up the loan application form. Once you submit the same, one of our lending specialists will call you soon to discuss your options. This is a free no-obligations consulting and will help you understand your business loan options.

Tags: Small business loans, Business loans, Business finance, Non-Bank Lenders in Australia, Small Business Loan FAQ, Small business loan eligibility, Business loan Questions, Secure Small Business loan, Applying Small business loans. Small business loan process, Small Business Loans in NSW


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