Small Business Loans

Chat with us about your small business loan options

Enquire Now

What is a small business loan?

A small business loan provides you with a lump sum of money that you can use to cover any business expense. This is a flexible finance option that can be tailored to your particular business needs.

Common uses for small business loans

• Purchase new or used equipment
• Purchase property or real estate
• Repair or replace machinery
• Take advantage of investment opportunities
• Expand business operations
• Help maintain cash flow

No matter the expense, our friendly brokers will help you get a better deal on all your business finances.

How do small business loans work?

A small business loan includes the following features:

• Loan amount: you can borrow up to $500,000. This comes with flexible weekly, fortnightly and monthly repayments.
• Loan duration: small business loans through Oceania Finance come with a loan term of 4 years.
• Rates and fees: as each lender is different, the exact rates and fees will vary. A loan broker can help negotiate a better interest rate on your behalf and help you save on your loan.
• Loan types: you can choose from an unsecured loan, which is not protected by collateral, or a secured loan, which is secured by an asset.

Benefits of a small business loan

A business loan can benefit small businesses in a number of ways. Here are just some of the pros of getting a small business loan:

• Free up your cash flow to take advantage of expansion or investment opportunities
• Meet seasonal cash flow needs
• Improve your credit score and diversify your credit mix
• Make repairs or purchase new equipment

Types of small business loans

• Business credit card – Works like a personal credit card but tailored to business purposes and typically comes with a higher limit.
• Term loan – Receive a lump sum of money and pay it off in instalments over a set period of time.
• Unsecured business loan – Get business finance without having to use an asset as collateral for the loan
• Line of credit loan – A flexible finance option that often suits small businesses. Unlike a term loan, you can continuously borrow and pay back the money as needed up to your loan limit. Learn more: line of credit loan
• Business overdraft – A pre-approved additional amount of money you can borrow over your bank account limit when you have unexpected expenses or cash flow disruptions.
• Equipment loan – A specialised term loan for people who are looking to purchase equipment for their business. Learn more: equipment loans
• Cash flow finance – Your loan is backed by your expected cash flow, not a physical asset like a house or car.
• Low doc loan – An alternative finance option for business owners who don’t have the usual requirement documents for a loan. Learn more: low doc loan
• Invoice finance – Help manage your cash flow by using your unpaid invoices to access cash immediately.

Eligibility for small business loans

Although eligibility requirements for a small business loan in Australia will depend on the individual lender, you will need to:

• Be 18 years of age or older
• Be an Australian tax resident
• Have an ABN/ACN
• Have good credit – if your credit isn’t good, a business loan broker can help determine if a small business loan is suitable for your circumstances

Required documents

Small business finance loan requirements will depend on the particular lender. But you can expect to provide the following when you apply for a small business loan:

• Australian Business Number/Australian Company Number
• Personal identification
• Business verification

A small business finance broker can handle all the documents and specific details that are needed in your application. So you can relax knowing all the necessary documents have been provided.

How to get a small business loan in Australia

1. Apply online or in-store

If you’re confident handling the loan process yourself, you can apply online or in-store with a bank or a private lender. Depending on how much you’re borrowing and whether you’re prepared, this can be quite a fast process.

2. Government small business grants

The government offers a range of interest-free small business grants across many industries, including start-ups and farms. You can see what’s available on the government grants and programs finder.

3. Use the services of a loan broker

Loan brokers have access to a wide range of lenders. So you’re not pigeon-holed into a loan with the first lender you happen to find. Brokers know what to look for and how to negotiate to get better rates on your loan. Their experience helps to speed up the loan process, while still getting you a great deal on your loan.

Loans for every business

Need a business loan for another reason? Learn more about these loans below:

• Cash flow finance
• Vehicle loan
• Agriculture finance