Business loans Australia

Speed through to business loans and other lending options – get your business rolling with Swoop

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Swoop is a credit broker and does not provide capital. We work with a range of companies to offer clear comparisons that allow customers to make choices on financial products & services. Swoop may receive a commission, which may vary by product but typically in the form of a fixed percentage of the loan amount. For certain lenders, we do have influence over the interest rate, and this can impact the amount you pay under the agreement.

Let’s get your business off the blocks

No matter if you’re a sole trader, a start-up, or an SME, it’s likely that at some point in your business’ life, you’ll need extra funds to power growth. Instead of seeking cash investors, fast and cost-effective business loans can be a better option. Acquisitions, debt reduction, solid working capital. Stop waiting on slow cashflow or investors to expand. Boost your company’s growth with a loan that’s purpose-built for business needs.

What is a business loan?

A business loan is a loan that companies make to fund their start-up expenses or expansions. It is provided either by a bank or a lending firm. Like all loans, a business loan is required to be repaid within a certain frame and at a certain interest rate, as agreed by both parties. 

What types of business loans are available in Australia?

Business loans Australia have a range of options available for small business owners which are as follows:

  • Traditional bank term loans
  • Business overdraft
  • Business equity loan
  • Unsecured business loans
  • Business credit cards
  • Business line of credit
  • Low-doc or no-doc business loan in Australia
  • Invoice financing

Use the funds for...

How do I get a business loan?

When getting a business loan, you need to first work out how much money you need which can be determined by identifying what exactly you need the loan for. 

Then, prepare a business plan outlining your financial situation and goals of your business. Most private lenders that offer traditional business loans don’t process loan applications if they don’t come with a detailed business plan.

You also need to decide whether you plan on securing your loan from a bank or an online lender.

We’ve funded businesses from all industries

What are the requirements for a business loan in Australia?

The following are the documents you should prepare before proceeding with your application:

  • Business and individual financial statements and tax returns that cover at least two years
  • Personal statement of financial position
  • Proof of individual income

Other documents and identification may be requested further along the process.

How to apply for a business loan

To apply for a business loan in Australia, follow these steps:

  • Assess your eligibility and make sure to proactively fix any problems that might come up.
  • Make sure your credit score is in good shape so the lenders know that you’re a responsible borrower. This can increase your likelihood of securing a loan. 
  • Know your financial limits and don’t apply for a loan amount that you know your business won’t be able to comfortably repay. 
  • Do your research and compare the different types of business loans to see which one would be more suitable for your circumstances.
  • Organize your paperwork such as your driver’s license or other ID, your financial documents, and a comprehensive business plan.
  • Apply for a loan from your chosen lender then wait for a response.

Some loan applications can take days or weeks before approval, so it’s important to be patient. Remember, applying for numerous loans from different lenders could harm your credit rating.

Business loan calculator – how much can you afford to borrow?

A business loan calculator is a great starting point to understanding the cost of your loan. Use our free loan calculator below to work out your average monthly interest payments and the total monthly repayment amount, as well as the total interest paid and the total cost of the loan.

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This calculator is intended for illustration purposes only and exact payment terms should be agreed with a lender before taking out a loan.

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What affects my chances at getting funding?

These are the aspects of your business that lets lenders determine whether or not to approve your loan request:

  • Professional profile and credibility
  • Viability of the project
  • Financial strength
  • Signed guarantee

Find the right funding with Swoop

With Swoop, searching for the right funding for your business is straightforward and hassle-free. We sift through various funding products and lenders to find the right solution your business needs. Swoop helps to streamline the funding process so that you only apply to lenders suited to your financial position. 

Using Swoop allows you to have your own virtual CFO.

Let Swoop swiftly guide you through the loan application process

Don’t waste time, there’s plenty of funding and saving solutions to help your business grow

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