The features and benefits of Brisbane small business loans
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).
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.
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.
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.
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
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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?
Top tips for speeding up your business loan application
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.
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.
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.
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.
Frequently asked business loan questions
Helpful business loan guides
Still looking for the right finance for your business?
Explore a range of business loan options suitable to your financing needs and apply online through Savvy today.