Who’s Eligible for a Business Loan?

Curious about whether you qualify for a business loan?

Here’s the lowdown on the minimum eligibility requirements for a small business loan in Australia:

• Aussie Citizenship or Permanent Residency: You need to be an Australian citizen or a permanent resident.

• Active ABN or ACN: Your business should have an active Australian Business Number (ABN) or Australian Company Number (ACN).

• GST Registration: Depending on the lender, your business might need to be GST-registered. (If NOT, no problem)

• Trading History: Your business should have at least 3 months of trading history under its belt.

• Annual Turnover: A minimum annual business turnover of $75,000 to $100,000 is typically required.

• Financial Documentation: Be ready to provide financials or bank statements. Especially if your business is under the 12 month mark. (Lenders will go off your ABN age on the ABN look-up.)

• Good Credit Score: The minimum business credit score is 500; for company directors, it’s about 500 (it might be less if you’re a homeowner). If you not sure what your credit score is and don't want to pay for a report. Send me a text on 0420 771 212 and I'll run a soft touch on your file. (This WON'T leave a trace on your file)

• Industry Eligibility: You should operate in a non-excluded industry. Some lenders won’t lend to businesses involved in gambling, debt collection, or tattoo studios. Dry hire and taxi/uber businesses are also not loved as much but I can help you find a home for your loan.

Think you’ve got what it takes?

If you check these boxes, you’re on your way to securing a business loan.

If you have more questions or just want to get a realistic idea of what your loan optons might be. Book a free strategy call with me here. 100% credit score safe.