How to Get a Business Loan in Australia

Getting a business loan in Australia involves checking eligibility, preparing the right information, submitting an application and working through the assessment process. The steps are straightforward when the business details are clear and the funding purpose is specific.

This guide covers the typical process for an unsecured business loan application with SimplyFunded. If you are still checking what documents are needed, our business loan requirements page covers that in more detail.

Most Australian lenders look for at least 6 months trading history and minimum AUD $5,000 monthly revenue. The business should have an active ABN, a clear funding need and a bank account that shows regular trading activity. Sole traders and companies assessed on the same basic criteria. Checking eligibility before applying helps avoid unnecessary credit enquiries.

Have your ABN, bank statements and business details ready. If the funding is for a specific cost such as stock, equipment or a supplier payment, note the amount and timing. A clear explanation of the funding purpose makes the application easier to assess.

Complete the online application with accurate business and contact details. Include the funding amount and a short description of what the funds will be used for. Incomplete or rushed applications may take longer to review.

The lender reviews the application against the eligibility criteria, revenue evidence and funding purpose. If more information is needed, the applicant is contacted. The review typically considers recent trading activity, account conduct, existing commitments and the reason for borrowing.

If approved, the lender presents the loan terms including the amount, repayment schedule and total cost. Once accepted, funds can be released to the business bank account. Repayments are made according to the agreed schedule, and the business should track these against cash flow.