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A Guide to Applying for a Business Loan in Australia

Business Loan

Whether you’re a current business owner or want to start one, business loans and commercial property loans can help you get started or expand your operation.

Demand for business loans and commercial property loans is increasing as more Australians choose to work for themselves or start their own businesses. Working money, equipment, leases, acquisitions, advertising, corporate cars, and commercial property mortgages are common needs for established firms and start-ups.

Nowadays, company owners may choose from several credit options to meet their individual requirements. Whether you need a few thousand dollars, a few hundred thousand dollars, or perhaps a few million dollars, the correct commercial or business loan may keep your company expanding without disturbing operations.

How Do I Get a Business Loan in Australia?

While every loan is different and has its own criteria, the process can be broken down into the following steps:

1. Determine Your Needs

Before applying for a business loan, you need to figure out what you need the money for. Is it working capital, equipment, a start-up, a new lease, a commercial property mortgage, or something else entirely? Take some time to consider all options.

2. Get a Business Plan Ready

After you know what you need the money for, you need to prepare a business plan. This doesn’t have to be an in-depth plan with charts and graphs; it just needs to clearly outline your goals and how the loan will help you achieve them.

3. Establish Your Budget

A business budget lets you see how much money you have coming in and going out. This gives you a sense of how much money you can afford to pay back each month.

4. Determine the Loan Type You Need

Are you looking for business finance or commercial property finance? First, decide whether you’re looking for a secured or unsecured loan. Secured loans are backed by some form of collateral—usually your existing business assets. Unsecured loans don’t have any collateral behind them. If you can’t provide collateral, you might need to look at alternative funding options. Next, decide whether you’re looking for a loan or a line of credit. Business loans usually come in a fixed amount for a set amount of time—typically 5 years or less. Lines of credit are drawn down when you need to make payments and don’t have to be repaid until you pay off the entire balance.

5. Prepare the Necessary Paperwork

Next, you need to gather the necessary paperwork. This includes your business plan, financial statements, tax returns, and other documentation requested.

6. Seek Professional Advice

When applying for a business loan or commercial property loan, your business’ finances are at stake. This often makes it especially important to seek professional advice from a financial institution or commercial lender well versed in business and commercial property loans.

Conclusion

Business loans and commercial property loans are a great way to keep your business growing. Not only are they a flexible, easy-to-get option, they also help you reach your goals. When you’re trying to start a business or expand an existing one, the right loan can give you the extra boost you need.

If you’re looking to apply for commercial loans in Australia, look no further than Shore Financial! We’ll help you understand the loan criteria and potential risks and liabilities for both your business and you as an individual. And we’ll work with you to navigate, evaluate and understand the many different loan features and options to get the best rates and conditions that suit your circumstances and the requirements of your business. Reach out to us and talk to a broker today!






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