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What you should know about business loans

Have questions? Speak to our experts!

What makes me eligible for a business loan?

As the name suggests, Secured Business Loans are loans backed by a security in any form. Secured Business Loans are mostly popular among new businesses which are yet to start operations or start-up businesses with minimal or no cash flows.

Business loans backed by security can help small businesses get their ideal loan amounts with favourable terms because they are seen as lower risk by lenders.

What makes me eligible for a Secured business loan?

Generally, to be eligible for a secured business loan, you need to

Have an active ABN

Must be trading for at least 6 months

Average monthly income to be >$5k

Have an asset to offer as security

However, there are few secured business loan products where you don’t require to be trading for a minimum period or generating any revenue. In case you are a start-up business or planning to start/buy a business without any trading history or revenue stream, please contact us to discuss your scenario and find the best suited business loan product for you.

How do I apply?

Check your eligibility

Check the basic loan eligibility of your business and complete the application form which takes 60 seconds.

Apply now 1300 253 041

Submit your application

Once you complete your application form. We get in touch to discuss your business requirement and advice the documents required.

Get you approved as quick as 24 hrs

Once we get all the documents required, we login your application with the most suited lender and get the loan approval in as low as 24 hours.

Get pre-approved without any credit checks!

Choose loan options

Explore the top 10 business loans in Australia

Business loans are essential requirements for any business looking for a growth. Sooner or later all the businesses come across a phase where they need to borrow from external sources like lenders, venture capitalists etc to transition into next phase of the grow. Generally business loans are one of the easiest ways to secure timely funding. However, at times, it becomes a tedious and time-consuming task to compare and choose from the right business loan product for your business.

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Most popular

Unsecured business loans

An unsecured business loan can be obtained without the need of pledging any asset as a security.

No security needed

Hassle free approval

Less required documentation

Loan term 3-36 months

Borrowing limits

$5k - $500k

Interest rate from

7.99%

Term

3 - 36mths

Turnaround times

24 - 48hrs

Learn More

Small business loans

Financing option that provides a lump sum of cash in exchange for future repayment of the principal and interest.

Quick approval

Funding possible within 24 hrs

Less required documentation

Loan term 3-60 months

Borrowing limits

$5k - $1m

Interest rate from

7.99%

Term

3 - 60mths

Turnaround times

24 - 48hrs

Learn More

Secured business loans

Secured business loans are backed by security in any form and get more ideal terms because they are considered less risky.

Security required

Start-up/New businesses accepted

Flexible repayments

Loan term 3-60 months

Borrowing limits

>20k

Interest rate from

5.99%

Term

25 yrs+

Turnaround times

3 - 7 days

Learn More

Business line of credit

Like a credit card, the lender sets up a certain fund limit for business use. Your business can draw and repay the loan when needed.

No security needed

Hassle free process

Less required documentation

Loan term 3-60 months

Borrowing limits

$5k - $500k

Interest rate from

7.99%

Term

upto 5 yrs

Turnaround times

24 - 48hrs

Learn More

Invoice finance

This loan allows you to access funds in advance according to your invoices. Draw funds within a set limit and pay it off when the invoice is paid.

Similar to business line of credit

Up to 95% of invoice value

Either disclosed or undisclosed facility

Up to $150m

Borrowing limits

$10k - $150m

Interest rate from

9.99%

Term

Ongoing

Turnaround times

24 - 72hrs

Learn More

Debtors finance

Similar to invoice financing - the lender provides a limit against the accounts receivables ledger of the business to draw funds.

Similar to business line of credit

Up to 80-85% of receivables ledger

Up to $150m

Borrowing limits

$10k - $150m

Interest rate from

9.99%

Term

Ongoing

Turnaround times

24 - 72hrs

Learn More

Trade finance

Enables you to pay your supplier up to 100% upfront or in advance before receiving goods.

No security needed

Early payment discounts available

Flexible repayments

Reduced payment (FX risks)

Borrowing limits

$10k - $150m

Interest rate from

9.99%

Term

Ongoing

Turnaround times

24 - 72hrs

Learn More

Vehicle & equipment finance

A business vehicle or equipment loan is backed by the underlying purchased asset so no additional real estate security is required.

100% funding possible

Approval possible in 24-48 hrs

No doc approvals upto $250k

Primary & secondary assets

Borrowing limits

$10k - $1m

Interest rate from

5.99%

Term

2 - 7yrs

Turnaround times

24 - 48hrs

Learn More

Start-up business loans

For businesses with no active trading or trading <12 months. The loan is generally secured and required to be backed by a real estate security.

Real estate security needed

Funded up to 80% LVR

1st/2nd Mortgage options

Obtain an existing business

Borrowing limits

$20k - $30m

Interest rate from

1.5% p.m.

Term

3 - 24mths

Turnaround times

3 - 7 days

Learn More

Bad credit business loans

A second chance for businesses to recover and potentially improve your credit history if you have a current and consistent cash flow.

Shorter term 3-12 mths

Unsecured facility possible

Daily/weekly repayments

Approval possible in 24-48 hrs

Borrowing limits

$5k - $500k

Interest rate from

1.5% p.m.

Term

3 - 24mths

Turnaround times

3 - 7 days

Learn More

*The information provided above is intended as a guide only. Please contact us for more information.

What’s the difference?

Discover the differences between our loans.

Unsecured vs. Secured Business Loan

Unsecured

No need for security, no risk of losing any asset.

Can borrow up to $500,000 depending on the strength of the business and borrower’s creditworthiness.

Place more risk on lenders, as borrowers have no risk of losing any asset owned.

Loan terms are generally shorter with higher interest rates.

Quick funding possible within 24 hours

Secured

An asset needs to be pledged as collateral.

No cap on borrowing, the loan amount depends on the value of the asset pledged.

Borrowers are at risk of losing the asset if unable to repay the loan.

Loan terms can be of longer tenor with competitive interest rates

Secured business loan may not be as quick as an unsecured business loan as the lender needs to lodge a caveat on your security before releasing the funds.

Business vs. Personal Loan

Business

No need for security, no risk of losing any asset.

Can borrow up to $500,000 depending on the strength of the business and borrower’s creditworthiness.

Place more risk on lenders, as borrowers have no risk of losing any asset owned.

Loan terms are generally shorter with higher interest rates.

Quick funding possible within 24 hours

Personal

An asset needs to be pledged as collateral.

No cap on borrowing, the loan amount depends on the value of the asset pledged.

Borrowers are at risk of losing the asset if unable to repay the loan.

Loan terms can be of longer tenor with competitive interest rates

Secured business loan may not be as quick as an unsecured business loan as the lender needs to lodge a caveat on your security before releasing the funds.

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55+ customer reviews

5.0

Niteesha Nagowah

We had an incredible experience working with Saroj from Broc Finance. He is incredibly knowledgeable, responsive, and guided us through the purchase of our company vehicle with expertise. The attention to detail and commitment to finding the best possible options truly set him apart. Highly recommend his services for anyone navigating the complexities of obtaining a finance. Thank you again for outstanding assistance.

Manpreet Kaur

Our sincere thanks to Saroj ji & his team for their invaluable assistance in securing the loan. We are extremely greatful for his exceptional service & support throughout the process. Highly recommend!

Matthew

Broc Finance were awesome…really responsive and solutions focussed. We especially appreciated having a broker who was an advocate for our interests when engaging with lenders.

Ibrahim Alpay

Saroj and his team is amazing have been using him for business funding for over a year he has found surprising solutions when others couldn’t make it happen very skill full with negotiating high loan amounts that I would never expect at wonderful terms and rates look no further I recommend broc finance for your business lending purposes look no further and don’t think twice much appreciated won’t go to any other broker at all many thanks to his team !!!!!!

vishal srivastava

We have used Broc Finance over last 2 years for various business line of credits and vehicle loan. Broc finance have been very professional in this journey. They have understood our needs as business and catered the solutions as per requirement . They look around in market and get one the best financial solution for the business be at vehicle of line of credits . I would strongly recommend the business for there services

Nasir sabiry

Thank you very much in helping me with financing a car SAS. You have been very professional and responsive every time I needed information. Fully recommend to any looking to finance a car.

Ajay Kanumuri

I would strongly recommend. Saroj Shah helped to get my loan with in span of three days. He was very supportive and clearly explained the loan process.

Scott Filby

Excellent experience with the service of Saroj! He did all the hard work and helped me find what I required. Saroj offered excellent suggestions and went the extra mile with his advice, which won my respect and helped in achieving the outcome required.

Frequently asked questions

To qualify for a business loan, you at least need to hold an active ABN.
However, generally, to be eligible for a business loan, you need to:

Have an active ABN
Be operating for minimum 6 months
Have minimum trading income of $5k per month.

The borrowing capacity of your business depends on various factors like the cash flow position, turnover, financial strength, industry, credit history of the business. If you wish to know your loan eligibility criteria, please send us an enquiry and one of our lending specialists will get in touch to discuss your scenario and suggest an indicative quote for your business.

The timeframe to get a business loan depends on the business loan product you are looking for. However, there are business loan which can get approved within as low as 24 hours.

You need to understand the nature of your business and its financing requirements to select the right product for your business. To highlight few of the factors, you need to assess whether it’s a long term or short-term requirement, seasonal or ongoing requirement, does your business have delayed invoice payment issues etc. We understand that choosing business loan product from the range of options could be a stressful task and hence, we provide an obligation free personal consultation to our customers to understand their requirements and suggest the best suited option for their business.

Yes, absolutely, you can get a business loan either to start a new business or buy an existing business if you hold an active ABN. However, there are limited options for new or start-up business loans and you would require pledging an asset as a security.

Getting a business loan with bad credit history could be tough and expensive however, it’s not impossible. We have tie up with lenders who are happy to look at businesses who had bad credit history in past but have robust cash flow at present. Please get in touch with us for a free consultation.

Simply submit your application through Apply now or send us a message/ call 1300 253 041 for one of our lending specialists to give you a call and discuss your requirements.

At Broc Finance, we endeavour to get the most adequate facility suitable to the business requirements of our clients. In most of the cases logged in through us, we try to get an indicative offer from the lender for our client’s consideration before proceeding with formal application and consent to credit check. This approach helps our clients to avoid unwanted rejections and credit checks which can significantly impact their credit score. Please feel free to contact us if you have any other questions. We would be more than happy to answer it.