$10,000 Business Loans

Access the business loan you need by comparing a range of competitive offers in one place with Savvy.

Last updated on June 15th, 2022 at 02:50 pm by Thomas Perrotta

Compare $10,000 business loans

Even if you’re only looking at smaller business loans of around $10,000, it’s no less important to compare the best offers on the market. At Savvy, you can do just that, with a range of flexible lending partners from across the country gathered in one place to simplify the comparison process. Start comparing today.

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
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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 Lumi Lux Rate Reducing Business Loan
  Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee Annual Fee  
site-logos $200,000 $500,000 12 to 48
Months
3.50% $0
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Lumi Lux™ is an innovative rate-reducing business loan that rewards customers with good repayment histories and no contractual breaches throughout their loan term by dropping interest rates by 25 basis points (0.25%) every six months

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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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site-logos ebroker Unsecured & Secured Business Loans
  Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee Annual Fee  
site-logos $5,000 $3,000,000 6 to 360
Months
$0 $0
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Compare, find and match fast to over 80 bank and non-bank lenders accessing much needed working capital from a unsecured business loan.

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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 $10,000 business loans

Competitive interest rates

With competition in the market growing constantly, you’ll be able to find options starting from the lowest rates available to help you save throughout your loan.

Borrow over as little as three months

Business loan terms are flexible to suit your needs, so you’ll be able to repay your finance deal over as little as three months or as long as several years depending on which is better for you.

Unsecured finance deals

We work with lenders who offer business loans without any collateral requirements, meaning you won’t need to put a valuable asset against your loan to secure it.

No usage restrictions

As long as it’s for business purposes, you can make use of your loan for just about any purpose you may need, making them highly flexible to any business.

Fast online process

Because your application process takes place 100% online, the process can run more efficiently, with fast approvals and funding possible within just 24 hours.

Tax benefits available

The interest on your business loan repayments can be claimed as a tax deduction, potentially slashing the cost of your overall financing significantly.

Why you should compare $10,000 business loans with Savvy

Top tips for saving money on your $10,000 small business loan

Compare as many options as you can

When you compare different business loans, you can give yourself a better understanding of the costs of different loans when it comes to interest rates and fees in particular. These are two key aspects of your business loan which will form the foundation for its overall cost, so it’s important to consider as many options as possible before selecting your deal. You can save before you even sign your agreement.

Choose a shorter loan term

Interest is calculated daily based on your outstanding loan principal. This means that the faster your loan principal drops, the faster the cost of interest will also. As such, selecting a shorter term over which to repay your loan will cut down on the overall interest paid. For instance, a $10,000 business loan at 10% p.a. paid over six months would cost over $250 less in interest alone than the same loan over 12 months.

Make additional repayments

Following the same principle as a shorter loan term, making additional repayments across your loan will also cut down the interest you’ll be required to pay overall. This is because your loan principal will fall at a steeper rate, producing a similar result to a shorter term. Having this loan off your books sooner will help you increase your business credit rating and potentially secure better financing deals in the future.

Contribute savings where possible

If your business has leftover funds that can be dedicated to your desired purchase or covering of expenses, it might be worth your while doing so. This decreases your loan amount, essentially serving as an interest-free contribution to your finance deal. For example, a $10,000 loan repaid over 12 months at 10% p.a. would cost around $550 in interest overall. Paying $2,000 of your money and reducing this amount to $8,000 would save over $100, which can be a meaningful amount for many small businesses.

Frequently asked business loan questions

How long does my business need to be trading before I can get a loan?

Most lenders will require you to be trading for at least six months before you’re eligible to take out a business loan. This is part of the risk mitigation process taken on by your lender, as they don’t want to approve an application which poses any great risk of not returning their money. There are, however, specialist lenders operating in the market who can approve unsecured small business loans for startups less than six months old.

Which documents will be required as part of my application?

The documents you’ll need to supply alongside your lender’s application form will vary between lenders, but will always contain:

  • Identification such as your driver’s licence or passport
  • Active registration for ABN/ACN and GST
  • Business bank statements (accessed by supplying your account details)
  • Record of the cost regular expenses, such as rent
Are there any small business loans or grants from the Australian Government?

Yes – the Australian Government offers a range of grants to small businesses, with funding and other benefits available from state governments. Indigenous businesses can look to take out a loan with Indigenous Business Australia, while more rural businesses can receive funding from Regional Development Australia. If you’re just starting your business, you can apply for the New Business Assistance Scheme with NEIS. Check the federal and applicable state government websites to find out if you’re eligible.

Will I be required to provide a personal guarantee?

No – a personal guarantee is usually only required for larger loan sums. We work with lenders who won’t ask you or your business’ directors to provide a personal guarantee as part of the loan process, particularly for micro loans of just $10,000.

Do I need to pay a deposit?

No – deposits aren’t a mandatory part of the business loan process. As mentioned above, businesses are welcome to contribute some of their existing funds as part of the loan deal as a way of reducing the cost of their loan, but this isn’t mandatory. Our lending partners can approve your loan application for 100% or more of the cost of your expense.

Can I receive my loan funds on a weekend?

Probably not – because most lenders aren’t open on weekends, they won’t have the means to process your application before Monday if you send it through on a Saturday or Sunday. Some lenders will automate part of the application process, so you could be pre-approved for financing on the same day you apply, but this won’t always be the case.

Am I still able to take out a secured business loan?

Yes – adding security to your business loan comes with several key advantages. You’ll be able to access lower interest rates on your loan deal and potentially expand your borrowing range beyond the $500,000 cap that usually applies to unsecured small business loans. However, you may find these loans aren’t as common and accessible and that they take longer to process due to your lender’s need to consider your collateral, which will need to pass suitability checks itself. If you decided you wanted to borrow more than $10,000, such as take out a $20,000 business loan, attaching security may help you do that as a small business.