SimplyFunded Business loan eligibility criteria
Check out the common criteria for a SimplyFunded unsecured business loan before you apply, including trading history, revenue, ownership and documents.
Check eligibilityAm I eligible?
You probably are, you just need:
- An active ABN or ACN
- 6+ months in business
- $5,000+ in monthly revenue
Check your basic fit
These are guidelines, not approval, or a guarantee of funding. We assess each application on its own information and circumstances.
Minimum Requirements
Start with these four checkpoints. If they describe your business, you can move on to the application and provide the supporting information.
An active business
An Australian ABN or company registration in the applicant's name.
$5,000+ monthly revenue
Regular revenue from genuine business trading activity.
The right trading history
At least 6 months for homeowners or 12 months for non-homeowners.
Recent records
Six months of business bank statements in PDF format, plus basic business details.
Different applicants, different checks
Home ownership can be one factor in the assessment. You still need to show active business trading and the ability to manage repayments.
Homeowner criteria
Home ownership can be one factor in the assessment. You still need to show active business trading and the ability to manage repayments.
- At least 6 months of business trading
- 25% or more shareholder ownership where applicable
- $5,000 or more in monthly business revenue
- Adverse credit may be considered
- Any default judgment must be settled or managed under a payment plan
Non-homeowner criteria
Non-homeowner applications may require a longer trading history and stronger evidence of business performance.
- At least 12 months of business trading
- 25% or more shareholder ownership where applicable
- $5,000 or more in monthly business revenue
- Profit and loss information may be requested
- A default judgment must be settled or managed under a payment plan
Prepare before you apply
A complete application helps us understand your business, funding purpose, and repayment capacity.
Have your information ready
For an unsecured business loan, we review your business structure, trading history, revenue and recent account conduct.
Explain what the funds are for and have your bank statements and registration details ready. Final approval and terms are subject to assessment.
- Company name and registration number
- Director name, address and date of birth
- Six months of business bank statements in PDF format
- The amount you need and what the funds are for
- Details of existing business loans or repayment commitments
Eligibility is a starting point, not an approval
Meeting the basic criteria means your business may be suitable to apply. It does not confirm that finance will be approved or that a particular amount will be offered.
Every application is assessed using the information available about the business and its circumstances. The minimum trading history and monthly revenue requirements are useful for first checks, but they do not tell the whole story. The assessment also needs to make sense of the business’s recent trading, the reason for the request, and whether the proposed repayments are manageable.
For example, two businesses with similar monthly revenue may have different financial commitments, trading patterns, or cash requirements. A seasonal business may need to explain how busy and quiet periods affect cash in the bank. A business buying stock may need to describe when it expects that stock to sell and how customer receipts will support repayments. The purpose is to understand the request in its trading context, rather than rely on one number alone.
Be specific about the amount you are seeking and what it will pay for. A defined expense, such as a supplier in order or equipment-related cost, is easier to understand than a general request for extra funds. If you are still estimating your short-term cash needs, our guide to working capital in Australia explains how to review current assets and liabilities.
Make your business information easy to assess
A few checks before submitting can make the application clearer and help reduce avoidable follow-up questions.
Use complete statements
Provide the requested six months of business bank statements as full PDF statements. Check that the statement period is complete, and the account name and transaction history are visible.
Check business details
Make sure your business name, ABN or company registration details and director information match across the application and supporting records. Explain any trading name or account name differences.
Explain unusual activity
If revenue varies by season or a statement includes a large one-off deposit, be ready to explain what it relates to. A Clear context helps distinguish normal trading from unusual transactions.
Describe the funding purpose
State the amount required, the expense it will cover, and when the business needs it. Include a quote, invoice, or other supporting information if it is available and relevant.
Also list existing business finance and regular repayment commitments accurately. These affect how much cash is available after repayments and ordinary expenses. If you are unsure about which records may be needed, review the business loan requirements before applying.
Consider repayment fit before you apply
Eligibility includes more than meeting application thresholds. It is important to consider whether repayments can fit the business’s ordinary cash flow.
Look at a normal trading month and account for supplier bills, wages, rent, tax, existing finance repayments and other regular costs. Then consider how the new repayment would fit alongside them. If the business is seasonal, test the repayment against a quieter period as well as a strong month. This can help you avoid relying on your best-case sales forecast.
Think about how the funding will be repaid. For example, if it is being used for a stock purchase, estimate when the stock will be sold and when customers are likely to pay. If the funds are for an operating expense, identify the trading income that will support repayments. Include some allowance for delays, lower sales, or unexpected costs.
Borrowing the maximum amount available is not necessarily the right choice. Request an amount tied to a clear business purpose and review the total repayment, fees, payment frequency and term before accepting an offer. The business loan calculator can help you explore a repayment estimate; actual costs and terms depend on the offer and assessment.
What happens after you apply?
The application is reviewed against the information provided and the lender’s criteria. The steps below are a general guide; timing and information requests can vary.
1. Provide your details
Submit your business information, funding purpose and requested amount, together with the supporting documents requested for your application.
2. Assessment and follow-up
The application and available records are reviewed. The team may ask for clarification or additional information where needed to understand the business or the request.
3. Review any offer
If an offer is made, read the amount, total repayment, fees, payment schedule, term and any other obligations before deciding whether to accept.
An application does not require you to accept an offer. Take time to understand the terms and check that repayments remain manageable alongside the business’s normal commitments.
SimplyFunded Restricted industries
SimplyFunded explicitly excludes the following industries from receiving funding:
If you are unsure whether your business falls within a restricted industry, you can contact our team before applying. Eligibility and approval are subject to our lending criteria.
Think you may be eligible?
Start an application online and provide a few details about your business. Final approval, loan amount, fees, and terms are subject to assessment.
Homeowners may be considered for 6 months of trading. Non-homeowners generally need at least 12 months of trading. All applications are subject to assessment.
The guide indicates minimum monthly business revenue of $5,000. Revenue must be supported by recent business bank statements and other information requested during the assessment.
Homeowners may be considered where adverse credit is present. Non-homeowner applications are generally considered where a default judgment has been settled or is being managed under a payment plan. Credit history is only one part of the assessment.
You will generally need your company name and registration number, director details, and 6 months of business bank statements in PDF format. Additional documents may be requested depending on your application.