Business Loans Adelaide

Find and compare competitive business loan deals for your Adelaide venture right here with Savvy.

Last updated on June 17th, 2022 at 04:44 pm by Thomas Perrotta

Compare business loans Adelaide

Businesses of all shapes and sizes need a bit of financial help from time to time, whether operating in the city, on the outskirts of Adelaide in Gawler or deep into rural South Australia. You can compare small unsecured Adelaide business loans right here with Savvy from our diverse panel of lenders.

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 business loans in Adelaide

Borrow from $5,000 and up

With the help of a business loan, you can potentially borrow as much as $500,000 or as little as $5,000 depending on your business’ needs and financial situation.

Secure a competitive interest rate

The beauty of comparing so many loans with one another is that you can make a more educated decision on which has the best interest rate and thus can save you the most money.

Select your repayment term

Business loans give you the freedom to choose a payment period which reflects your business’ capabilities, with short terms of three months and longer, five-year terms available.

Free early repayments

We work with lenders who won’t charge you if you’re looking to take advantage of an increase in business revenue and complete your loan repayments early.

Unrestricted business use

As long as it’s used for business purposes, your loan funds can be distributed across your business in any way you like, from boosting your cashflow to fitting out your business.

No collateral loans

You can compare unsecured business loans with Savvy, providing options to business owners who don’t have the assets required to attach loan security to their deal.

Why Savvy is great for comparing Adelaide business loans

Top tips for maximising your business loan approval chances

Maintain a strong credit score

Your business’ credit score is one of the first areas your lender looks at when processing your application. By showing you have a strong history of servicing debt, whether that be through paying regular bills such as utilities or other loans in the past, you’re more likely to be approved for financing.

Show comfortable and consistent turnover

Of course, you can only take on payments your business can afford to manage. The greater your monthly and annual turnover, the more you’re eligible to borrow. Additionally, by showing the revenue your business generates is comfortable and consistent, lenders will be more confident in your ability to repay your loan.

Boast an extensive trading history

Displaying a long history of trading with your current business registers crucial runs on the board when it comes to your lender’s assessment. Newer businesses are, in most cases, considered riskier when it comes to lending, so established businesses are usually favoured by lenders.

Only apply for what you need

It can be useful to write up a plan for yourself before you apply to work out exactly what you need to borrow and how the funds will be distributed. This saves you from applying for more than you need, which can sink applications if lenders aren’t certain of your ability to service the loan comfortably.

How to apply for your Adelaide business loan

Our Process

Choose your loan

Once you’ve compared as many loans as you can, you can pick the one which best suits your needs and is affordable for your business in terms of rate and loan term.

Submit your application

From there, you can fill out your lender’s online application form, which will also include various documents such as your business’ bank statements and ABN registration.

Receive an outcome and sign your contract

You can have your application fully processed and approved in as little as one hour, after which you’ll receive a final contract to sign electronically.

Have your funds advanced

When your lender receives your signed contract, they can move to advance the required funds directly into your bank account to be used straight away.

Frequently asked questions about business loans in Adelaide

How do lenders decide my borrowing power?

There are several different factors which will determine how much you’re eligible to borrow. These include:

  • Your business’ credit score
  • Your business’ turnover and expenses
  • Your business’ trading time
  • Your business’ current assets and liabilities
  • Your business’ projected growth

 

If you wanted to work out a rough indication of what different loans might cost you, you can use Savvy’s business loan repayment calculator.

Which eligibility criteria do businesses have to meet?

The criteria you’ll have to meet in most cases when applying for a small business loan are:

  • Your business must have a minimum monthly turnover of $5,000
  • Your business must have been trading for at least six months
  • You mustn’t have a history of bankruptcy
What small business grants can I apply for in Adelaide?

The grants available to businesses in Adelaide and South Australia often change, both on the federal and state level. Because of this, you should always keep an eye on each of these government sites to see whether your business will be eligible to receive any grants or assistance. This can range from help training or re-training staff through WorkReady to grants designed to assist regional South Australian businesses.

Which secured business loan options can I consider for my business?

If you have loan security which you wish to use as collateral for your business loan, there are several options to pursue. By opting for a business loan secured by an asset such as your property, you can significantly increase your borrowing power and potential loan term, as well as decrease your interest rate. Alternatively, if you’re taking out a loan to buy a specific piece of machinery or equipment, you can source an equipment finance deal through Savvy (in which the asset you’re purchasing acts as collateral).

Can I use my business loan to buy another business?

Yes – you can take out a loan to buy a business, either standalone or a franchise. There are more steps involved in the process of purchasing a business with finance, such as assessing the last two years of financials for you, your current business and the one you’re looking to buy, as well as determining whether your history indicates you can successfully run the business and have the skills to do so. In these situations, you may benefit from seeking out the help of a business loan broker to assist you in finding a great deal to suit your needs.

What happens if I relocate my business to another city or state?

Moving your business interstate or to another city after you’ve already been approved won’t have a great bearing on your Australian business loan. Because the funds have been advanced to you, relocating your business won’t impact your lender’s demands for payment. If you’re paying off a secured loan, you’ll have to make sure you still have access to the asset itself should your lender be required to sell it.