$100,000 Business Loans

Name: $100,000 Business Loans
Creator: Savvy
Published: 2022-01-05T09:25:12+10:30

Home > Business Loans > $100,000 Business Loans

It won't affect your credit score.

Written by , updated on July 26th, 2023

The features and benefits of $100,000 business loans

Receive your funds in 24 hours

From the point you submit your online business loan application, your lender can process, approve and advance the required money to you in the space of just 24 hours.

Set your repayment schedule

Your business can repay the loan at a frequency and over a term which suits your needs, with short or long repayment periods available from three months up to as many as five years.

Compare interest and fees

By looking at different business loan interest rates and fees, you’ll be able to find the most affordable deals available, as lenders offer highly competitive loans to help win you as a customer.

Unsecured business loans

Small businesses without eligible assets, or business owners who don’t want to put up personal assets, won’t have to thanks to our lenders’ unsecured business loan offers.

Use it how you like

Whether you need the money to renovate or refit your premises, help with expansion to another location or simply boost your cashflow, loans can be used for any number of business purposes.

Different finance types

Whether you’re looking for a standard business loan or prefer to take out a business line of credit for added flexibility, you can compare offers right here to help with your decision.

Types of business loan

Unsecured business loans

The most common type of business finance, unsecured loans enable businesses to access the funds they need without attaching an asset to the loan as security. Some lenders may allow you to borrow up to $500,000 and, because there's no collateral, offer same-day approval.

Secured business loans

If your business already owns valuable assets, such as property or expensive equipment, you may choose a secured business loan instead. These loans may increase your borrowing power beyond what an unsecured loan can offer and, crucially, typically come with lower interest rates.

Small business loans

Business loans don't always have to be worth hundreds of thousands. If you're operating a small business and need a boost to help you keep on top of your expenses or expand your company, you may be able to take out a loan starting from as little as $5,000 and unlock further capital.

Low doc business loans

Just because you don't have all the required documents for a standard business loan doesn't mean you're out of options. Low doc finance enables you to use alternative documentation, such as other business financials, in the application process to access the funds you need.

Lines of credit

A commercial line of credit allows you to draw from your loan account whenever your business needs access to their funds, instead of managing a lump sum and repaying it like a regular loan. This can add flexibility to your finance arrangement, providing money when you need it.

Invoice finance

Invoice finance presents another option to business operators looking to free up cash through outstanding invoices yet to be paid by their customers. Your invoice finance can either be invoice discounting or factoring, which present different options when it comes to your invoices.

Equipment loans

A common reason for seeking out a loan is to purchase commercial equipment. You can do this either with an unsecured arrangement or one with the equipment itself as collateral, with the latter potentially increasing your borrowing power and lowering your interest rate.

Supply chain finance

With this finance, when your business purchases product, your supplier provides an invoice which you send to your financier and pledge to repay by a set date. From there, your supplier sells the invoice to your financier at a discounted rate, while you repay the full amount to your financier.

Inventory finance

Under an inventory finance agreement, your lender pays your supplier directly for inventory, which allows it to be signed off and sent to you. From there, you can pay off your debt within a pre-determined period to your lender, which may be longer than the regular debtor period.

Overdraft facility

An overdraft facility is attached to an existing financial account belonging to your business, such as a transaction or savings account, and enables you to borrow up to a set limit after the account’s balance reaches zero. These overdrafts are repaid with interest, but only on what you use.

Cash flow loans

You may simply be in a position where your business needs a boost to its cash flow. If this is the case, there’s a range of stop-gap solutions which may be suitable for your situation, from standard unsecured loans to specialist cash flow loans, invoice finance or even an overdraft.

Why compare business loans through Savvy?

100% free service

It won't cost you a cent to compare a range of business loans through Savvy, enabling you to come back at any time.

Reputable lending partners

You can compare business loan offers through a range of trusted Australian lenders, giving you more confidence in the process.

Online comparison process

You can fill out our simple online form to generate business finance quotes tailored to your business' needs in minutes.

Top tips for maximising your business loan borrowing power

Have a good business credit score

Your business’ credit score is one of the key areas which your lender will assess when processing your application. This provides an indication of how reliable your business has been in the past at covering its debts, whether that be paying bills on time or repaying other previous loans. Lowering the limits on credit cards and paying off your bills (or continuing to pay them on time) will help increase your score.

Show positive, consistent cashflow

Of course, the more money you generate, the larger the loan you can be approved for. This is because you’ll boast a greater monthly revenue with which to support your loan repayments. Lenders will factor your monthly expenses into this, as they won’t allow you to take too much on each month, but providing solid proof of consistency will also instil confidence in your lender that you’ll be able to service the loan across your term.

Hold an extensive trading history

Part of lenders assessing your business’ creditworthiness is also looking at your track record throughout your time trading. Longer-standing businesses with a proven history of consistently comfortable revenue will almost always be seen as a safer bet for a business loan than a six-month-old company. With more runs on the board as a business, you can maximise your borrowing power thanks to your positive record.

Set a manageable repayment schedule

Finally, the term over which you repay your loan can factor heavily into your lender’s assessment of your application. They’re most concerned with what’s comfortable for you to take on and repay regularly. By tailoring your loan term to maximise its affordability to your business, you may be able to borrow more than you would if you were only applying for a short-term loan. Always ensure your loan is comfortable for you.

Frequently asked business loan questions

How do I work out the amount I should apply for?

With an eye to your business’ available cashflow, it’s important to map out each of the areas in which you need financial assistance from a loan before commencing your application. This means you should carefully consider the aspects of your business which require further investment from a finance deal and determine how much money should be distributed throughout these areas. Doing this will help you enter the application with a clear mind and minimise the risk of borrowing more than you need and ultimately costing your business more overall.

Can I borrow to buy a small business?

Yes – business loans can be used to purchase a pre-existing business or franchise. There are several key benefits to buying a business, such as an existing cashflow, staff already working with set internal processes and the intangible value of its brand already being somewhat established. However, you may find that because it’s already established, it’ll cost more to purchase, so $100,000 may not be enough in many cases. Additionally, lenders will require further documentation, with financials for both your current and new business from the last two years and details on your assets, liabilities and any transferrable skills. For instance, caravan park finance is more likely to be approved if you have a history of working in caravan parks.

Are there fees for early loan repayments?

Not always – many of our lending partners won’t penalise borrowers for submitting instalments above the minimum required amount. It’s highly recommended that you look for a loan deal which offers free additional payments, as having this added flexibility can help you save a significant amount of money throughout your loan and allow you to get it off your books sooner if your business suddenly enjoys a burst of available funds.

Are business loans available to all types of businesses?

Not all businesses – while lenders will typically be more than happy to grant funds for your business, particularly if you’re a medical professional or working in an industry with high earning potential. However, some lenders will have a list of industries for which they won’t provide funding, such as foreign currency exchange, not-for-profit, stockbroker and pawnbroker businesses. Check with your lender before you apply to find out whether your business is on their excluded industry list.

How long does my business need to have been trading to qualify for financing?

Most lenders will implement a minimum of six months’ worth of trading before they’ll consider your application, but others may raise this to 12 months. However, there are some lenders who may consider startup businesses trading for fewer than six months in certain circumstances, such as if they’re owned by an experienced business operator.

Should I contribute a deposit for my loan?

You can – deposits aren’t a necessary part of business loans, with 100% financing and beyond available for whatever you need (provided it’s business-related). However, you may find there are benefits to doing so which makes paying a lump sum of your own money towards your expenses a sensible decision. Taking out a deposit of less than 100% of the funds you need and supplementing it with your business’ cash can reduce the payable interest on your loan considerably, as well as make it easier for you to pay it off sooner.