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Business Loans Perth
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The features and benefits of Perth business loans
Unsecured finance
Don’t worry about putting up your home or a valuable business asset as collateral for your deal, as our lenders offer unsecured small business loans in Perth to help you cover your business.
Get approved for up to $500,000
You can apply for loans large or small, with maximum borrowing ranges reaching as high as $500,000 or as low as $5,000 enabling you to custom-fit your loan to your needs.
Repay over three months to five years
Part of the custom-fitting process is deciding how long you should take to repay your loan, with a wide range of term lengths available from different lenders allowing you to find the best one for your business.
Unrestrictive usage
Whether you’re looking to finance equipment or machinery purchases, fitting out your shop’s interior or any other potential expense, a business loan can help you cover it.
As few as six months of trading
You don’t need to have been operating for years on end to access the funding your business needs, as most lenders will accept applications from businesses trading for at least six months.
Same-day funding possible
Another key aspect of these loans is that they’re incredibly quick, with outcomes able to be received in as little as one hour and funds sent through on the same day you apply.
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?
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.
The documents you’ll need for your business loan application
Personal ID
When applying for a small business loan, your lender needs to confirm that you’re who you say you are and will request personal photo identification as a result. In most cases, you’ll be asked for your driver’s licence, which must be valid at the time of your application, but a passport can also be used.
ABN/ACN and GST
Every business in Australia requires an Australian Business Number (ABN) or Australian Company Number (ACN), with many also needing registration for the Goods and Services Tax (GST). Your lender will request to see these documents as part of your application, although GST registration isn’t mandatory if your business generates less annual revenue (such as less than $75,000).
Business bank statements
Perhaps the most important documents are your business’ bank statements. These provide your lender with an indication of your business’ average turnover, as well as show how comfortable its financial position is at the time you apply, to ultimately form a clear picture of what loan you’re able to comfortably take on.
Record of rent
They’ll want to see the main expenses your business faces in addition to your revenue, a portion of which can be gleaned from your bank statements but may also request a written record of your rental commitments. This may come in the form of your lease contract.
Business financials
These are only really required for more substantial loans (typically above $200,000 to $250,000). Financials may include:
- Profit and loss statements
- Accounts receivable and payable
- Tax returns
- ATO Integrated Client Account (ICA)
- Business plan
How to apply for your unsecured Perth business loan
It’s all well and good deciding to apply for an unsecured commercial loan in Perth, but it’s just as important to understand the process as it is to put together your application.
There are several key steps to follow on the way and knowing these will put you in the best position to prepare thoroughly for your application.
Familiarise yourself with these points to help you increase your approval chances in good time and receive the funds you need fast.
Select your lender with Savvy
You can compare loans and lenders right here with Savvy to help you decide more accurately which is the best loan for you and your needs.
Gather all your required documents
Collate digital copies of each of your loan documents and prepare them to be sent off to your lender, making sure they’re all easily readable.
Submit your application and receive an outcome
Once you’ve done this, you can fill out your lender’s online application form and submit all documents together to receive a fast outcome.
Sign off on your deal
If approved, you’ll be sent through a contract to sign electronically, after which your lender can release the loan amount directly into your account.
Common loan queries from Perth business owners
There are several ways you can look to cut down on the total interest paid over the life of your small business loan in Perth. Perhaps the two most effective are making early repayments towards your loan amount to reduce your loan term (which sees your interest total reduce more sharply) and simply selecting a shorter loan term in the first place. Additionally, all costs coming from the interest rate on business loans are able to be claimed as a tax deduction, so you can cut it out altogether in some instances.
No – deposits are an optional part of the business loan process, as lenders are able to finance 100% or more of the expenses which need covering. However, paying a portion of your expenses with your business’ available cash will reduce the size of your loan, allowing you to take less time to pay off your debt and pay less interest and fees overall. Because of this, if you’re in a position to do so, it might be worthwhile paying some of your available funds instead of solely relying on a loan.
No – with access to lenders across Australia, you can be approved and funded regardless of where you or your lender are based. Your Perth business could receive funds from a lender in Cairns in theory, so geography won’t need to factor into your decision making. This gives you more freedom to compare a wide range of finance options with Savvy.
Yes – sole trader business loans are often considered a greater risk than larger businesses with more moving parts, as they generally come with a lower turnover and overall cashflow. Because of the fact that lenders assess them following the same criteria as any other business, they may sometimes find it more difficult to get approved for larger loan sums. However, this doesn’t mean you won’t be approved at all by any stretch of the imagination. You can still access the full suite of loan options provided your business is in a position to support its repayments, with our loan repayment calculator helping you see what different loans might cost overall.
If you’re looking to purchase a specific piece of machinery, for example, Perth equipment finance might be a good option for you. This is a type of loan which is designed specifically to purchase your chosen asset, which is then used as collateral for the loan. This type of finance brings with it a greater potential borrowing power (as there’s no real maximum amount), as well as longer loan terms up to seven years and lower interest rates.
One of the key qualification points is a required minimum turnover in order to be approved for financing in Australia. Some of the lenders we’re partnered with will set this as low as $5,000 monthly, but others require more revenue incoming, up to as much as $1 million annually and beyond.
Helpful business loan guides
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