Compare small business loans
Whether you need money to expand your business’ premises, buy new equipment or machinery or simply to help cover staff salaries, a small business loan can help your company reach its financial goals. Compare a range of loan offers with Savvy to ensure you lock in the best deal available to your business.
|Lumi Unsecured Business Loan|
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.More details
|Valiant Finance Business Loan Broker|
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.More details
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 small business loans
Business loans come in all shapes and sizes, enabling you to apply for one to cover minor expenses just out of your reach or more substantial costs up to a maximum of half a million dollars.
Unsecured business loans require no assets to be used as collateral, meaning your business’ valuable equipment or even your home remain separated from the loan.
You can opt for a short-term loan as short as three months in length or arrange an agreement to repay your financing over as long as five years, ensuring you can stay comfortable with repayments.
There are plenty of lenders in the market vying for business and can offer more affordable interest rates and lower fees to the right borrowers to help you save.
Your online business loan application will only take a matter of minutes to complete, with a simple application form on your lender’s site and a few documents enabling you to send it off quickly.
Your business doesn’t need to be well-established by the time you apply for your loan: we’re partnered with lenders who can offer to businesses with just six months’ worth of trading.
If you want a more flexible source of funds that you can draw on whenever you like, and only pay interest on what you use, a business line of credit might suit your needs.
Why Australian small business owners compare financing with Savvy
Top tips for maximising your small business loan approval chances
One key area that lenders look to when assessing your application is your business’ credit score. Depending on the type and age of the business that you own, they may also look to your personal score in addition to this. By boosting this score, you give yourself a greater chance of approval for a greater sum and lower interest rate. You can do this in several different ways, such as paying bills on time and lowering business credit card limits.
It seems simple, but it’s true: the more money you earn as a business, the more likely you are to be approved for a loan. This is because successful businesses and those with consistently high turnover are considered safer and lenders will be more willing to approve them, particularly for greater sums and at lower rates. If your business is earning a comfortable amount each month and has been doing so for a sustained period, you’ll stand the best chance of approval.
Some lenders will ask for a business plan as part of the application process, which forecasts your business’ revenue over the coming months or years. By preparing a thorough plan which clearly demonstrates how your business will achieve these predictions, rather than simply stating you expect to generate a certain amount of cash, you can increase your lender’s confidence in you and boost your overall approval chances.
One of the simplest ways to increase your chances of small business loan approval is to have a record of repaying business loans. This is especially the case if you’ve done so previously with the same lender, as ease of approval is increased significantly when you’ve established a relationship with a particular financier. If they were happy with the way you serviced your debt previously, you’re more likely to be approved on favourable terms this time around.