Business loans and commercial finance
Grow your business with flexible, affordable finance
Take your business to the next level
Wondering if your business qualifies for finance? Not sure about your options? Looking for a trusted broker to guide you?
At My Finance Agent, we understand that the key to sustainable business growth can hinge on having flexible, affordable financial support. That's where business loans come into play. Whether you're a tradesman, small business owner or leading a large company, business and commercial finance can fund growth and prosperity to levels that are not possible through savings and cash flow alone.
That's why we've made it our mission to help Australian businesses to unlock their potential. We are quietly proud that our lending services are the driving force behind many examples of Australian business innovation, expansion, and profitability for companies of all shapes and sizes.
Keep reading to discover...
Everything you need to know about getting a loan for your business or business assets:
Tailored business loan solutions - there's no one-size-fits-all approach when it comes to commercial finance
Different types of business loans - secured vs unsecured, lump-sum vs revolving credit loans, and more
How to apply for a business loan - discover if you're eligible and what documents you'll need
Business loan case studies - see how we've helped other Australians get business finance
Understanding business loans in Australia
When it comes to finance for your business, it's essential to understand the various types of loans available. Each type serves a specific purpose. Knowing which one aligns with your business needs can make all the difference to your success.
That's one of the key benefits of working with My Finance Agent. Our expertise helps us to understand your specific needs and develop a solution that's the perfect fit. Whether you require a lump sum to kickstart a project or ongoing access to funds through revolving credit, choosing the right loan type is a pivotal step in your business journey.
Lump-sum vs revolving credit
Business loans come in two options: lump-sum loans and revolving credit. Your choice between the two will depend on your financial requirements + your preferences for repayment flexibility.
Let's compare the two:
Lump-sum loans for business
A lump-sum loan provides you with a single, upfront "lump" of money. This sort of loan is ideal for businesses with well-defined projects or specific purchases in mind. You receive a fixed sum and pay the balance back over an agreed-upon term, generally ranging from three months to five years. A lump-sum business loan usually comes with a fixed interest rate to ensure predictable, stable repayments.
Revolving credit loans for business
If flexibility is what you need, revolving credit may be the answer. This type of loan, also known as a line of credit, allows you to borrow, repay, and reborrow funds up to your credit limit, if and as needed. Interest is charged only on the amount you use, making it a versatile choice for businesses with evolving financial demands.
Secured and unsecured loans each have different risks and advantages. Your choice between the two should align with your business needs and financial circumstances. We will also help you consider factors, such as risk exposure and borrowing capacity.
Let's take a closer look:
Secured business loans
For businesses looking to secure a favourable interest rate and access larger loan amounts, secured business loans may be the right solution. To obtain a secured business loan, you'll need to use an asset, typically residential or commercial property, as collateral (security) against the loan. This collateral reduces the lender's risk, resulting in lower interest rates and increased borrowing capacity.
Key benefits of secured lending:
Lower interest rates
Higher loan amounts
Increased likelihood of loan approval
Secured vs unsecured loans
Unsecured business loans
Unsecured business loans provide an alternative for businesses that may not own valuable assets to use as collateral (security), or who don't want to put their assets at risk. Without the need for collateral, unsecured business loans offer greater accessibility, but they often come with higher interest rates due to increased risk to the lender.
Key benefits of secured lending:
No asset collateral needed
Accessible to businesses that don't have appropriate assets
Easier, faster application process
Getting approved for business finance involves meeting specific eligibility criteria, each designed to assess your business's financial health and ability to repay the loan. Let's explore the key criteria that lenders consider when evaluating your eligibility.
You have an ABN or ACN
Before you can qualify for any form of business finance, you'll need to have either an Australian Business Number (ABN) or an Australian Company Number (ACN). These unique identifiers are essential for conducting business transactions in Australia and are a prerequisite for getting a business loan or commercial finance.
Age of the business
Most lenders typically require a minimum operating period, ranging from six to twelve months. Exceptions may exist for certain types of loans, such as startup finance.
Revenue plays an important role in determining your eligibility for a business loan. Lenders may specify monthly or annual turnover thresholds, which can vary from $50,000 to $200,000 or more per annum. Some lenders may also require access to your accounting software during the application process, in order to analyse your cash flow and financial position.
Lenders may assess both your personal and company's credit histories. Is your credit history less than perfect? This does not necessarily rule out finance. Many lenders - niche lenders, in particular - understand that maintaining a pristine credit record is not always possible when riding the ups and downs of business.
Business loan eligibility
A lot of business owners aren’t aware of the benefits of buying equipment with affordable, flexible finance, rather than depleting their savings or racking up their credit cards. We can help you break free of that cycle with a tailored business loan.
Director and finance broker
Business loan process
Whether you're a dynamic startup looking to make your mark, a small business ready to take the next step, or an established enterprise seeking to diversify, the right financial solution can be a game-changer.
This is the business loan process:
Step 1: Determine your business needs
The first step in the business loan process is to clearly define your needs. This might be obvious—such as buying a piece of equipment—or more complex, such as smoothing cash flow. Ask yourself what you really need the money for. Is it for expansion, working capital, equipment, to hire more staff or some other purpose? Your accountant or bookkeeper is usually a good person to speak with. We can also work with you to help clarify your needs and borrowing goals.
Step 2: Research your lender options
This is our job. Once we're clear about your loan needs, it's time for us to explore your options. Being lending experts, we have access to specialist and niche commercial lenders that will look at standard, non-traditional and customised lending options. As we research and compare different lenders, we will be looking at a wide range of factors (interest rates, repayment terms, fees and charges, loan eligibility, and so on) and how these combine into a total picture. We will come back to you with our detailed findings, analysis and recommendations based on your needs.
Step 3: Confirm your eligibility
Having narrowed down your preferences, we'll assess your eligibility with your chosen lender(s) before applying. Lenders will consider factors like business age, revenue, credit score, and the legal structure of your business. This step in the process is a great way to get lender feedback before progressing to an application.
Step 4: Prepare your supporting documents
While we are communicating with lenders in Step 3, you can prepare your loan supporting documents. Requirements will differ slightly between lenders, but you will commonly need to supply financial statements, tax returns, business plans + personal and business credit reports. With secured lending, you will also need to provide details of the secured asset. Our streamlined process makes preparing and submitting your supporting documents fast and easy.
Step 5: Complete the loan application
With your supporting documents already in order, we will prepare your loan application and submit it on your behalf to your chosen lender. Given the amount of pre-work done already, you might expect to receive a reply in less than a week. Application turnaround times depend largely on the lender and the complexity of your loan.
Step 6: Lender review and approval
After submitting your application, the lender will review your financial information and business plan to assess your creditworthiness. The underwriter may have extra questions or ask for additional information. In the case of secured loan applications, the lender may conduct an independent valuation of the secured asset.
Step 7: Receive and review a loan offer
Once your application is approved, you'll receive a formal loan offer from the lender. Before you sign and accept the offer, we'll help you review the contract carefully, checking all terms and fees. In the case of multiple loan offers, we will help you compare the pros and cons of each.
Step 8: Accept the loan contract and receive the funds
After selecting the loan offer and signing the contract, the lender will initiate the disbursement of funds. Funds may be transferred directly to your business bank account, or as a business line of credit account, or by another agreed disbursement method.
Step 9: Use the funds wisely
Once the funds are in your account, it's time to use them for the intended purpose. Ensure that the funds are allocated according to your business plan. Your aim is to maximise the positive impacts that finance can have towards your business success.
Step 10: Make your repayments
Once the loan is operating, it's important to make on-time repayments. Meeting your loan commitments is essential for ensuring a smooth borrowing experience for all of your future financial needs!
A business line of credit can provide much-needed flexibility and resilience – the ability to access and use funds as your business needs them.
Tailored finance for specialised business sectors
We understand that some business sectors have unique financing needs that extend beyond traditional loan structures.
Where one size does not fit all, we can help with bespoke loans that are designed to accommodate tailored loan and repayment structures across specialised industries, such as:
Hospitality (pubs and hotels)
Aged care, health and medical
Childcare and education
Gyms and fitness centres
Business loan case studies
Amy and Simon got a business loan to pursue their fitness passion
Amy and Simon, friends with a shared passion for fitness, decided to take their interest in health and well-being to the next level. They dreamt of opening their own gym in Sydney, and the popular F45 franchise seemed like the perfect fit. However, turning their dream into a reality required substantial capital. My Finance Agent helped Amy and Simon get approved for a business loan that funded the purchase price, as well as some extra for equipment, marketing, and operational expenses.
Grant jumped from residential into commercial property
Grant was already one of our clients, a seasoned real estate enthusiast, with a home and two residential investment properties. His aim, however, was to diversify his portfolio into commercial property. We helped Grant work out what he could afford, as well as explaining the differences between residential and commercial lending. Were even able to help Grant identify a prime commercial real estate opportunity in Western Sydney through our network of trusted real estate professionals.
We've helped businesses that were knocking back work because they thought they couldn't afford more staff or equipment. It's inspiring to see those businesses thriving to the next level.
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