Business Loans

Compare business loans from a range of flexible lenders across Australia all in one place with Savvy.

Last updated on April 21st, 2022 at 02:05 pm by Thomas Perrotta

Compare and apply for competitive business loans

Running a business is no small feat, so it’s important to know your options if you find yourself short on funds or are looking for a helping hand. You can compare a range of business loan offers right here with Savvy, with lending partners across the country to help you access financing wherever you are.

site-logos OnDeck Business Loan
  Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee Annual Fee  
site-logos $10,000 $250,000 6 to 24
Months
3% $0
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Lightning business loans up to $150K can be funded in as fast as 2 hours - simply provide 6 months of recent bank statements.

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site-logos Lumi Unsecured Business Loan
  Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee Annual Fee  
site-logos $5,000 $500,000 3 to 36
Months
2.5% $0
Go to site

Boost your business with fast hassle-free funding from Lumi. Apply online in five minutes without harming your credit score and get funds in as quickly as 24 hours. For a limited time: Business Loans with No Repayments for the first 6 weeks. T&C apply.

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site-logos Valiant Finance Business Loan Broker
  Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee Annual Fee  
site-logos $5,000 $1,000,000 3 to 60
Months
$0 $0
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Valiant is Australia’s leading business loan broker with a network of over 80+ lenders. Apply for a business loan between $5,000 and $1 million and get approved in as little as 24 hours.

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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.

You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.

The features and benefits of business loans

Borrow up to $500,000

Business financing is versatile and can be taken out for small or large amounts, from as little as $5,000 all the way up to $500,000 with some lenders.

Competitive interest rates

Thanks to a highly competitive market, you can benefit from lenders offering affordable interest rates and fees on their business loans to help you reduce the cost of financing.

Repay over three months to five years

Whether you need a short-term injection of funds or a more significant investment to be repaid over time, you can structure your loan to suit your repayment needs.

No security required

Crucially, you don’t need to worry about putting any personal or business assets up as collateral for your loan, as the lenders we work with offer unsecured financing.

Fast approvals and 24-hour funding

You can secure the funds you need quickly, with easy online applications and money transferred in as little as 24 hours from the start of your application.

Free early repayments available

You’ll be able to compare business loan options without any penalties for completing your repayments ahead of schedule, enabling you to save on interest and fees.

100% online

The entire process is conducted over the internet, so you won’t need to worry about messy paperwork or in-office visits to your lender as part of receiving your funds.

Use it however you like

Whether you need money to boost cashflow, help pay for your employees’ salaries or buy expensive equipment, a business loan can be used for just about any commercial purpose.

Why business owners compare loans with Savvy

How to compare business loans

Applying for a business loan

Our Process

Review your lender’s criteria

Make sure you’re eligible to borrow. You’ll need to have been trading for at least six months, with some requiring a minimum monthly turnover of $5,000.

Gather your documents

Different lenders will require different documents, but you’ll need your ABN, GST, personal identification and select business financials for larger loans.

Apply and sign your contract

You can fill out your application form and submit it with your documents for a fast outcome and, if successful, your lender will send you a contract to sign.

Funds in your account

Once you’ve returned your contract, your lender can release the funds directly to your listed bank account, after which you can use them how you wish.

Common queries about business loans

Do I need a deposit for my business loan?

No – lenders won’t require you to make a deposit at the beginning of your business loan. You’ll be able to access up to and beyond 100% of the funds you need to cover expenses. However, contributing a portion of your savings towards the purchase or expenses you’re looking to cover will reduce the loan amount required and potentially save you hundreds on interest (if not more).

Am I able to get a loan for my startup business?

Yes – there are lenders in the market who can help new businesses who are just starting out access financing to enable them to get off the ground. However, because these are considered riskier than standard business loans, you’re likely to attract a higher interest rate and lower borrowing range of around $30,000 on a small business startup loan. The credit history of any previous businesses and your company’s director/s will be taken into consideration when assessing a startup loan application, as well as any transferrable skills you have as an owner.

What financial statements will I need for my application?

Although you won’t need to supply recent business financials in many cases, you may be required to do so for larger loans. Some of these documents include:

  • Balance sheets
  • Profit and loss statements
  • Bank statements
  • ATO Integrated Client Account (ICA) information
  • Tax returns
  • Accounts receivable and accounts payable
  • Business plan
Is there any government assistance available for small businesses?

Yes – there are many grants available both at the federal and state government level for eligible small businesses and startups. One such program is the New Business Assistance Scheme through NEIS, which helps eligible applicants who are working 25 hours per week or less start up their business idea with a weekly allowance equivalent to JobSeeker payments for single people with no children. Other federal grants include the CSIRO Kick-Start program and Regional Development Australia. Check both your state and federal government websites to find out if you’re eligible for assistance.

Should I take out a line of credit instead?

Lines of credit are preferred by many borrowers thanks to their flexibility. They function in the same way as a credit card, enabling you to draw down funds up to a set amount established at the beginning of your agreement. You only pay interest on the amount outstanding on your line and can either expire after a set period or be revolving. These typically come with higher rates than loans, though, and you’ll be charged fees even if you don’t withdraw in a given month.

Will my business loan come with a fixed or variable interest rate?

In most cases, business loans come with fixed term interest rates. These are often preferred by borrowers on longer-term loans who believe interest rates will rise throughout their repayment period, with the other key benefit being that they bring stability and consistency to your payments. Variable rates are occasionally offered, which enable you to take advantage of potential decreases in the market, but you’ll be equally susceptible to rate increases.

What is a personal guarantee?

A personal guarantee is a guarantee made by you to fulfil the legal obligations taken on by your business in agreeing to your loan. If it becomes unable to sustain the financial obligation, your lender will pursue you and your personal assets to ensure the remaining debt is repaid. Some lenders will require personal guarantees from a business’ director/s as part of the application, but this isn’t always the case.