Small Business Loans A small business loan matched to the purpose, unsecured or secured.
Expanding, or just keeping cash flow steady? Greenline helps small business owners find the right loan for the purpose, from a panel of lenders and a specialist unsecured funder.
Unsecured loans from $10,000 to $250,000 · 50+ lenders · Based in Bella Vista, NSW
Why choose Greenline for your small business loan?
If you are a small business owner aiming to expand your operations, or simply wanting to manage cash flow with limited working capital, Greenline Home Loans is here to support your small business with the right loan.
There are many small business loans on the market, so the first step is understanding what each one is for. Here at Greenline Home Loans, we can help you find the most suitable lender for each type of small business loan you require.
What to look for in a small business loan
When you are choosing a small business loan there is more to consider than the interest rate. The right structure can save you time, effort and money in the long run, so it is worth understanding what is available and what each feature does.
Flexible repayment options
Choose a fixed rate, with the certainty of knowing what each repayment will be, or a variable rate with the flexibility to make extra repayments and reduce the interest paid over the life of the loan.
Fast approval and access to funds
Specialist lenders can often indicate your borrowing capacity quickly. Having your documents and information ready keeps the process as fast as possible.
Potential tax benefits
The interest and fees on a loan used for business purposes may be tax-deductible for the business. Speak to your accountant about how a loan fits your situation.
Unsecured or secured small business loan
An unsecured small business loan needs no property or asset as security: our partner lender provides them from $10,000 to $250,000, assessed on the trading history and cash flow of the business, which makes them fast to arrange. Because the lender carries more risk, the rate is higher than secured lending and the amounts are smaller.
A secured loan uses property, equipment or receivables as security, so larger amounts and lower rates are possible. If the purpose is a vehicle or machinery, asset finance uses the asset itself as security; if it is your premises, see commercial property loans; if it is a short-term cash flow gap, a business overdraft or line of credit may cost less than a lump-sum loan.
What lenders look at
Lenders assess how long you have been trading and your turnover, usually from bank statements and financial statements; your personal and business credit history; what the loan is for; and, for secured lending, the security and your own contribution. There are no fixed rules, so the same business can get a different answer from different lenders. A broker puts your application in front of the one most likely to approve it on good terms.
Start-ups and sole traders
A business that has been trading for less than two years, or a sole trader without company financials, is harder to finance with a bank but not impossible: some lenders assess start-ups on a business plan, a cash flow forecast and the owner's own position, often with a director's guarantee and a smaller limit, and a merchant cash advance or invoice financing can suit a young business with sales or invoices. Tell us how long you have been trading and what you have to show for it, and we will say honestly which lenders are worth approaching.
How fast is a small business loan?
Specialist unsecured lenders can indicate your borrowing capacity quickly and, with your documents ready, approve and fund quickly once your documents are in; secured loans take longer because of valuations and security documents. Have your bank statements, financial statements, identification and, for a start-up, projections and a business plan ready before you apply. See how the finance process works.
Small business loan FAQs
What is a small business loan?
A loan designed for business purposes: starting a business, expanding operations, buying stock or equipment, or managing cash flow. It can be unsecured, assessed on the business's trading and cash flow, or secured by property or assets.
How much can a small business borrow?
Our partner lender provides unsecured small business loans from $10,000 to $250,000. Larger or secured amounts depend on the lender's assessment of your business, its cash flow and the security available, which we compare across our panel.
Do I need security for a small business loan?
Not for an unsecured loan, which is assessed on the business's trading history and cash flow but carries a higher rate and a smaller limit. Secured loans use property, equipment or receivables as security and can be larger and cheaper.
Can a start-up get a small business loan?
It is harder, because lenders like to see trading history, but it is possible with a strong business plan, cash-flow projections and often some security or personal contribution. A merchant cash advance or invoice financing can also suit a young business with sales or invoices. Ask a broker which lenders consider start-ups.
How fast can I get a small business loan?
Unsecured lenders can indicate your capacity quickly and, with complete documents, fund quickly. Secured loans take longer because the lender values the security. The fastest route is a complete application the first time, which is what a broker prepares.
What interest rate will I pay on a small business loan?
It depends on whether the loan is secured, the lender, the loan size and term, and the strength of your business. Unsecured loans cost more than secured ones. Rather than quote a figure that will not apply to you, we compare the options and show you the rate and fees each lender would offer.
Is the interest on a small business loan tax-deductible?
The interest and fees on a loan used for business purposes are generally deductible business expenses, but the treatment depends on how the funds are used. Speak to your accountant about your situation.
Do you need a small business loan?
Get started on your business loan and commercial loan journey with Greenline Home Loans. We're here to help! Speak to one of our professional finance brokers today.
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