Small businesses in Australia are the backbone of the economy, contributing over $250 billion to GDP each year. Over half (54%) of employed Australians work for small or medium-sized enterprises (SME). As these SMEs grow and prosper, their need for outside funding also grows; because banks don’t give loans to new business owners with bad credit ratings easily.
Here are top-rated unsecured small business loans that you can apply for right now:
1. OZEX Business Loans
OZEX is a peer-to-peer lending marketplace that provides small business loans of up to $500,000. The company has been providing loans since 2012 and offers a range of flexible options for borrowers, including interest-only payments and balloon repayments. In February, they announced the launch of their new home loan calculator, which allows potential borrowers to find out how much they can borrow before applying – this reduces uncertainty when it comes time to apply for a loan from OZEX.
2. ING Direct
ING offers personal loans and business loans ranging from $5,000 – $1,000,000 that can be used for “business growth and development”. These include adding equipment (such as equipment or machinery) to expand your business; buying stock; expanding premises; replacement of existing equipment; cash flow assistance; repayment of pre-existing debt; purchase of new vehicles including cars, boats and caravans; credit card consolidation and refinancing fees/costs. ING offers unsecured personal loans and business loans ranging from $5,000 – $1,000,000 that can be used for business growth.
RaboDirect is part of Australia’s largest home loan provider, the National Australia Bank. Their Small Business Loan products include a line of credit, spending limit account and loans for over 50 years that have been trading for at least 3 years. The rates vary depending on the loan type selected but overall are very competitive, especially when compared to other short term business loans. RaboDirect offers unsecured small business loans, including a line of credit, spending limit account and loans for over 50 years.
Kabbage offers several different online lending options, including invoice finance, asset finance and working capital finance. Your application is approved based on your company’s performance as reported by data from feeds from over 20 major accounting platforms such as Xero, QuickBooks Online and Harvest. Kabbage offers unsecured business loans that include invoice finance, asset finance and working capital finance.
5. Access Finance
Access Finance is Australia’s leading online provider of small business loans; they claim to have provided over $175 million in funds for Australian businesses since 2010. They specialise in financing new and established companies with a turnover below $10 million or an average balance sheet (less than one year old) and can service all states except Tasmania and Northern Territory. Access Finance is Australia’s leading online provider of small business loans; they claim to have provided over $175 million.
If you have been on the hunt for a small business loan in Australia, it may be time to explore some alternatives. Here are the top picks for the best unsecured small business loans in Australia so far this year. When deciding which one is right for your company, consider their rates and terms and any additional features that might appeal to your needs or goals.