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Are You Eligible to Apply for Small Business Loans? Find Out

The minimum requirement to get short term finance is that your business needs to be a year old. Lenders provide unsecured loans to businesses that have been operating for a year to ensure that it is in a position to repay the amount.

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Are You Eligible to Apply for Small Business Loans? Find Out

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  1. Are You Eligible to Apply for Small Business Loans Find Out securedlending.com.au

  2. Age of the Business How old is your business? The minimum requirement to get short term finance is that your business needs to be a year old. Lenders provide unsecured loans to businesses that have been operating for a year to ensure that it is in a position to repay the amount. Some lenders do provide finance for start-up but the interest rate is higher. Invoice factoring and equipment loans can be obtained within a few months of operation while a line of credit and overdrafts are provided only to established enterprises. securedlending.com.au

  3. Turnover How much profit does your business make? Your business should be making a fixed turnover in order to be eligible. The lenders may calculate it on a monthly or yearly basis and the amount can range from $50,000 to $200,000 per annum. securedlending.com.au

  4. Credit Profile How well do you manage your money and debts? The lenders will check your credit history to ensure that you are a trustworthy candidate. The company’s credit will also be analysed along with any current debts. You will need a good credit score to get a business loan. securedlending.com.au

  5. ABN Is your business is registered or not? You will have to get an Australian Business Number for your enterprise prior to applying for a loan. This ensures that you are doing your business legally for security purposes. securedlending.com.au

  6. Thank You securedlending.com.au

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