Business Loans Brisbane

Name: Business Loans Brisbane
Creator: Savvy
Published: 2022-01-20T11:06:19+10:30

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It won't affect your credit score.

Written by , updated on September 21st, 2023

The features and benefits of Brisbane small business loans

Borrow up to $500,000

These loans are designed to be malleable to any business use, meaning you can take them out for as little as $5,000 and as much as $500,000 (provided your business can cover the repayments).

Secure a competitive rate

With increasing competition in the market from a diverse range of lenders across the country, you can take advantage by locking in a competitive interest rate right from the outset.

Don’t provide asset collateral

There’s no need for you to put forward one of your valuable assets as collateral for your Brisbane commercial finance deal, as our lenders offer unsecured small business loans.

Choose your preferred repayment term

You have some control over the size of your repayments not only with your loan amount but also its term, with instalment periods available anywhere from three months to five years.

Lines of credit options

You’re not limited to standard business loans in Australia, either, with lines of credit providing a flexible alternative option allowing you to withdraw whenever and only pay interest on what you use.

Free early repayments available

Our lending partners can also enable you to make additional repayments above the minimum required amount, which can help you complete your loan repayments earlier and save.

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 speeding up your business loan application

Gather all of your documents in advance

Having everything ready to go is a simple way to help expedite the business loan application process. Submitting your application with pieces missing will hold your lender up from fully assessing your profile, delaying the time taken to advance the funds to you. In most cases, you’ll only need photo ID, business bank statements and your ABN and GST registration, but larger loans will require further business financials.

Hold a strong credit score

Your business’ credit score is a fast and easy way for your lender to assess how creditworthy it is and what its record repaying past loans is like. The better your score, the more likely your business is to be quickly approved for financing. You’ll be seen as a safer prospect than those with lower scores, as they’ll require further scrutiny on the part of your lender.

Only apply for what you need

It’s important to work out exactly what you want and need out of your loan before going ahead with your application. Plan out which costs need covering so you can come to your lender clear on the size and type of loan you need. This will go a long way towards minimising your chances of over- or under-applying. You can use our loan repayment calculator to help you work out what different loans might cost you overall.

Apply early in the day and week

Finally, simply submitting your application earlier in the day and week will increase your chances of faster approval. Applying early in the morning gives your lender more time during the day to process and approve it, limiting its chances of going over multiple days. The same applies to applying early in the week, as this essentially removes the risk of bleeding over into the weekend.

Applying for your Brisbane business loan, step by step

It’s important to approach the application process with an understanding of how it all works, as this will help you maximise the chances of a quick outcome.

Reading through these steps will give you a clearer idea of how to approach your Brisbane commercial finance deal, as well as insights for how your lender will handle the application.

With this knowledge, you’ll be in good stead to commence your online application and receive the funds you’re looking for before you know it.

Compare and choose with Savvy

Once you’ve compared your options thoroughly with Savvy, you can select your ideal lender and head to their site to apply.

Submit your documents and application

Ready your documents for submission, which you can do digitally alongside their online application form in a matter of minutes.

Receive an outcome and contract

Your lender can get back to you as soon as an hour after you send through your application and, if successful, will send through a contract for you to sign.

Have your funds advanced to your account

Once you’ve signed your loan agreement, your lender will be able to transfer the approved funds directly into your business’ bank account.

Frequently asked business loan questions

Can I use a commercial loan in Brisbane to buy an existing business?

Yes – purchasing an established business is possible with a business loan. However, there are often additional requirements, such as needing you to have owned and operated a business in the past, hold transferrable skills to the business you’re looking to buy and supplying asset security, such as property. Also, you’re likely to need extensive documents, such as two years of personal financials, those of your current business and your new business before your lender can approve your application.

Am I able to take out a loan for multiple purposes at once?

Yes – unsecured business loans aren’t tied to any collateral, meaning the loan you take out can be any amount your business can manage with its available cashflow. As such, you can use a loan for any number of purposes at once, from fitting out its interior to boosting its working capital and anything in between.

Should I look at equipment financing in Brisbane?

Equipment finance is another type of secured finance which is designed to enable businesses to purchase a particular asset, such as machinery. Because this equipment will act as collateral for the loan, it’ll need to be in good enough condition in the event they have to acquire and sell it to recoup funds. This can also only be used to purchase the specific asset you’re looking to buy, though, unlike unsecured loans which can be used for whatever business purpose you like.

Am I able to buy commercial property with a business loan?

Technically yes, but probably not – in almost all cases, commercial property will be purchased with a commercial property loan. This will utilise the property itself as security and grant you a longer potential borrowing term, with up to 20 to 30 years available making your repayments more manageable.

Are loans available to business owners receiving Centrelink benefits?

Yes – business loans are generally based on your business’ cashflow, rather than the money you earn yourself. Allowances such as New Business Assistance with NEIS which your business receives can also be counted towards your overall cashflow. However, if you’re looking for a startup commercial loan in Brisbane, you may find your ability to borrow is impacted by your Centrelink payments.

Can I claim my full loan repayment as a tax deduction?

No – only the interest portion of your small business loan repayment is able to be claimed as a tax deduction. The principal part of your repayment goes towards covering the payment of the loan itself, so this can’t be claimed on tax.