Business Loans

Better Loan Solutions in Mornington Peninsula • Services

Taking your business to the next level.

As a business owner, your needs and overall approach to lending takes a different approach to a loan for personal reasons.
If you're not already a business client of Smart Business Solutions, we'll start with taking some time to understand your business and your lending needs. We work closely with accountants, insurance brokers, financial advisors and other relevant business professionals, and collaborate whenever possible, with your financial controller, bookkeeper and other office personnel, to ensure your business loan is a smooth process.

Step one: Determine your eligibility
A consultation with a Smart Mortgage and Lending credit expert can swiftly determine your eligibility for various business loans, lease, or line of credit products that cater to your business's distinctive requirements. Our FBAA approved credit advisors can suggest specific lenders based on your funding needs and provide an estimate of the time required to secure your funding. This information is particularly vital if time is of the essence.

Step two: Submit your loan or lease application
Our team will guide you through the completion of your loan or lease application and the requisite verification documentation, including the development of your business profile.
Your business profile should encompass the following details:

The nature of your business operations
Annual sales figures for your company
Total headcount of your employees
A profit and loss statement
Duration of your company's establishment
Details of previous ownership history

For a start-up company, the lender will typically require your business plan. Personal and business financial statements are also necessary. If the loan is secured, you must provide information about the collateral being offered, which may include personal real estate, property, business equipment, accounts receivable, inventory and supplies, or business real estate. What is the repayment period for business loans? Typically, business loans are established for a duration of one to fifteen years, although this may differ among lenders. The loan term is also impacted by the borrowing amount. For instance, a business loan secured by residential property can have a term of up to thirty years with certain lenders. Loans may also be structured as interest-only, but be mindful that the principal amount will still be due upon loan maturity.

Step three: Assessment

After submitting your loan or lease application, the lender will evaluate your documentation, credit file, credit rating, and business financial history for authenticity and eligibility. Throughout this process, your Smart Mortgage and Lending broker will keep you informed with regular progress reports.

Step four: Loan Approval

If your application meets the lender's eligibility criteria, you and the lender will sign all required documentation before the funds are disbursed or your loan settles (in the case of a property purchase).

Business Loan FAQs

How long does it take to receive loan approval?

The time it takes to receive approval for a business loan or lease can vary depending on the lender and the specific circumstances of the business. While some loans can be approved within days, others may take several months due to the complexity of the transaction. Your Smart Mortgage & Lending credit adviser can help you estimate the time it may take for loan approval at the beginning of the application process.

What are the available options for business loan and lease financing?

Secured financing is prevalent nowadays, and many lenders provide diverse financing options to business owners. Below are some of the most typical financing options:

Start-up financing
Business growth financing
Financing for debtors/inventory
Motor vehicle financing
Equipment and machinery financing
Financing for business property
Trade financing

What is the maximum amount my business can borrow?

Businesses with a good credit rating, offering substantial security, and providing robust financial history or projections to support their application have a high likelihood of succeeding with their application. The exact amount that a business can borrow depends on the lender, the borrower's circumstances, and the type of financing they are seeking.

What is the repayment period for business loans?

Typically, business loans are established for a duration of one to fifteen years, although this may differ among lenders. The loan term is also impacted by the borrowing amount. For instance, a business loan secured by residential property can have a term of up to thirty years with certain lenders. Loans may also be structured as interest-only, but be mindful that the principal amount will still be due upon loan maturity.

Can I use my SMSF to get a business loan?

Yes, it is possible to use your Self-Managed Super Fund (SMSF) to obtain a business loan. However, there are certain restrictions and regulations that need to be followed. The Australian Taxation Office (ATO) has outlined specific guidelines for SMSF trustees to ensure that they make appropriate investments and don't engage in transactions that breach the Superannuation Industry (Supervision) Act. It is recommended that you seek professional advice from a financial advisor or accountant who has experience with SMSF loans before proceeding. Our team of financial advisors at Smart Private Wealth can assist in setting up your SMSF, alongside our accountants and tax advisors who will collaborate to create the appropriate corporate structures with your overall business in mind.

Need help?
Ask an expert.

Ready to invest in your business?

Applying for a business loan can be intimidating for borrowers new to the process, but rest assured, the loan application process is fairly straightforward with Smart Mortgage & Lending.

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