Need access to flexible business funding? Speak to the experts
Businesses of all shapes and sizes need a cash injection every now and then. From purchasing new equipment to expanding your marketing campaign, hiring new employees or even just to boost cashflow, a business loan is a fast, flexible and convenient way to help you achieve your short- or long-term goals.
That’s where Focus Finance comes in. We’re here to help Australian business owners and operators like you find the best available loan deal for your needs, handling all the heavy lifting to guide you through from application to settlement.
Get in touch with us today to receive a free, no-obligation pre-approval and have the funds you need transferred before you know it!
Why Focus Finance?
More choice
With access to over 50 of Australia’s top lenders, we’ll be able to compare more options to find the best one available to you.
Convenience
We do all the hard work for you in comparing loan products, interest rates, fees and lending criteria, saving you time and effort.
A modern approach
We make use of industry-leading technology to help connect you with your ideal lender as quickly as possible.
Personal touch
Your consultant will guide you through the whole process, keeping you informed and answering all your questions along the way.
Understanding
You won’t be treated like just another number. We make sure we understand your needs to find you the solution you’re after.
Brands you can trust
We’re accredited with reputable insurers, banks and non-bank lenders, so we’ll only connect you with trustworthy financiers.
How Business Loans Works
Business loans are a type of flexible finance that can help you cover a wide range of business expenses. There are two main types of business loans to consider:
Unsecured business loans
The most common and widely available type, you can use an unsecured business loan for just about any business expense you like. These loans don’t require any security, enabling them to be turned around as soon as within 24 hours. You may be able to borrow as much as $250,000 to $300,000 with an unsecured loan, with maximum repayment terms reaching as much as three to five years (for more experienced borrowers).
Secured business loans
These function in the same way as unsecured loans but, as you’ve probably guessed, do require an asset like a car, equipment or equity in property as security. Although security assessment can mean the process takes a bit longer, some lenders may be willing to approve up to $2 million over a term as long as 30 years in some cases. Interest rates and fees are also often much lower.
Both of the above work in the same way: when your loan is approved, your business will receive a lump sum and you’ll repay it over a period of between one and seven years in fixed instalments with interest and fees.
Business Loan Eligibility Criteria
While exact requirements vary between lenders, here are the key criteria you’ll typically need to meet when applying for a business loan:
Age & Residency – You must be at least 18 years old and an Australian citizen, permanent resident, or eligible visa holder.
ABN/ACN – Have an active ABN/ACN number.
Income & Banking – A steady income and having your income deposited into a bank account are essential for approval.
Credit Score – Your credit history should meet the lender’s minimum credit score requirements to demonstrate financial responsibility.
At Focus Finance, we work with a panel of trusted lenders to find the best loan for your circumstances. Our consultants will guide you through the process and match you with a lender that suits your needs.
Documents Needed for Your Business Loan Application
While requirements can vary between lenders, you’ll typically need the following documents to apply for a debt consolidation:
- Identification – A valid driver’s licence or another government-issued photo ID, such as a passport and/or Medicare card.
- Proof of Income – Your last two payslips to verify your earnings and financial stability.
- Bank Statements – Some lenders may request 3 months bank statements as a part of their assessment.
Your Focus Finance consultant will guide you through the process, ensuring you have everything needed to secure the best loan for your situation.
What can I use a business loan for?
Business loans are designed to be versatile. You can use them for any number of reasons, whether it be one big purchase or plugging small gaps where you need it across your business. Here are some of the potential uses for a business loan:
Consolidating business debts
Purchasing inventory
Fitting out your business space
Buying an existing business
Boosting your cashflow
Increasing your marketing budget
Hiring new staff
No matter the purpose of your loan, your Focus Finance consultant will handle the heavy lifting for you to maximise your chances of approval for the best deal available to you.
Frequently Asked Questions
Chattel mortgages also require an asset as security but, unlike secured business loans, they’re designed specifically for the purchase of that singular asset. This means that while you can distribute secured business loan funds across your business however you like, you could only use a chattel mortgage to buy a vehicle or equipment, which would then be the security itself.
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Tailoring the right loan to suit you and your needs not just the banks.
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