What are business term loans?
A business term loan gives you access to a lump sum of funds with fixed repayments over an agreed period, typically weekly or monthly. Depending on your business profile, lender, and loan amount, a business loan can be secured or unsecured.
Business term loans are ideal for businesses looking to grow, invest in equipment, or manage cash flow.
Benefits of business term loans
Business term loans provide predictable repayments, flexible funding, and help build business credit. They offer quick access to funds, support growth, and include flexible secured or unsecured terms.
Quick access to funds
Get funds deposited directly into your business bank account.
Flexible funding
Use funds for equipment, inventory, expansion, or other growth initiatives.
Predictable repayments
Fixed repayment schedules allow you to budget effectively.
Flexible terms and options
Choose loan terms that suit your business, with the option for secured or unsecured financing.
Support business growth
Access to capital can help you take advantage of new opportunities and expand operations.
Build business credit
Repaying your loan on time can help establish or improve your business credit history.
Things to consider when applying
Common uses
Business term loans can be used for the following purposes and business needs:
Purchasing equipment not covered under asset finance
Expanding or renovating business operations
Hiring staff or managing payroll
Refinancing existing debts
Investing in technology or software
Funding marketing and advertising campaigns
Managing tax payments
Eligibility criteria
To qualify for a business term loan, you generally need to meet the following requirements:
Minimum 6 months trading history with an ABN
Monthly turnover of $5,000 or more
Satisfactory business and personal credit score
Ability to make loan repayments
Able to provide recent bank statements
Business owner 18 years or older
Australian Citizen or permanent resident
Business term loans summarised
Loan amount
From $5,000 up to $2,000,000+
Loan term
12 to 84 months
Repayment schedule
Weekly, fortnightly or monthly repayments, depending on the lender.
Purpose
Flexible use for business growth, equipment, payroll, or other initiatives
Security options
Secured or unsecured depending on lender and business profile
How to apply for a business term loan
Applying for a business term loan is straightforward if you follow these steps:
Step 1:
Determine Your Eligibility
Provide basic business information and consent. We'll review to see if you're eligible and calculate your borrowing capacity without affecting your credit score.
Step 2:
Finding the Right Lender
We compare to see which lender is right for your business loan needs. We'll then submit your application to the chosen lender and monitor its progress.
Step 3:
Approval and Settlement
Once approved, we organise the settlement for funds to be transferred to your account, giving your business access to capital normally within one business day.
Let's get started