Bank Loan for Business

Are you thinking about ways you could grow your small business? You may need a bank loan for business to help you get things off the ground. However, there are alternatives you could consider to get the best option for your business.

Could Prospa offer the right small business loan for your business?

Whether you need a smaller amount of money for a one-off purchase or a larger amount to invest in your business, a Prospa business loan can give you quick access to $5,000 up to $500,000. And with our straightforward application process, you can apply online in under 10 minutes with funding possible in 24 hours.

When you apply for a small business loan online with Prospa, our automated system will check your eligibility in real-time. If approved, the funds can be deposited into your nominated bank account as soon as the next business day.

Australia’s #1 online lender to small business

If you are applying for a bank loan for business or any other small business funding, ensure you select a lender you can trust. If you are seeking funding to act as a commercial loan with Prospa, you’ll be joining thousands of other businesses who have thrived with our support.

You don’t have to take our word for it, check out our 6,600+ reviews on Trustpilot and find out what our customers are saying.

Find out more.

What Aussie small to medium businesses are investing in

Although times have been tough for some small to medium businesses (SMBs) over the last couple of years, it is definitely not all doom and gloom. In fact, in a recent survey of SMBs, almost all respondents said they would recommend starting a small business to others and agreed that Australia is a great place to be an SMB owner. From rebranding and creating a new website to developing custom digital platforms, offering new services, and more, find out what 7 SMBs are investing in now and why.

If you are looking for stories, articles, tips, and tools designed to keep your small business moving, head to the Prospa blog for more inspiration.

Loans for business made easy

If you are looking for a bank loan for your business, consider Prospa. We offer hassle-free small business funding. Whether you need quick access to $10,000 to cover costs or $400,000 to invest in your next business growth opportunity, our loans for business have you covered:

Prospa Small Business Loan

  • Quick access to $5K–$150K with a decision in 24 hours
  • No asset security required upfront to access Prospa funding up to $150k
  • Term up to 24 months
  • Minimum 6 months trading and $5,000 monthly turnover to apply

Prospa Plus Business Loan

  • Access to larger loans of $150K–$500K
  • Upfront asset security required
  • Term up to 36 months
  • Minimum 3 years trading and $1M monthly turnover to apply
  • Dedicated business lending specialist

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Another alternative to a bank loan for business is a line of credit. Prospa offers a line of credit with limits up to $150,000. It’s another great way to support your day-to-day business cash flow. Find out more here. [Link to prospa.com/line-of-credit]

What business funding could do for your business

There are many reasons you might want to apply for a bank loan for your business:

  • expand your business
  • purchase extra inventory
  • boost your marketing strategy
  • do some renovations
  • improve your business cash flow.

As an alternative to a bank loan for business, a Prospa small business loan can also be used for a wide range of business purposes.

Whether you need $5,000 for a new photocopier and printer or $500,000 for some major office renovations, Prospa has you covered. Having access to competitive business funding when you need it can not only help you weather anything that comes your way but investing in your business can really make it thrive.

Is your business eligible for a Prospa loan?

To be eligible for an SME business loan from Prospa, you need to fulfil the following conditions:

  • be over 18 years of age;
  • be an Australian citizen or permanent resident; and
  • own an Australian business with a valid ABN/ACN.

To apply for a loan between $5K and $150K, you’ll also need minimum $5K monthly turnover and 6 months trading. To apply for larger loans of $150K–$500K, you’ll need a minimum $1M annual turnover, 3 years trading, and upfront asset security.

Talk to Australia’s #1 online lender to small business

No more compromising or missed opportunities with Prospa by your side. With hassle-free application, this time tomorrow you could have access to funds for growth and cash flow support. It’s just what we do.

We’re Australia’s #1 online lender to small business.

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Flexibility

Fast application and decision, and funding possible in 24 hours on flexible options up to $500,000.

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Support

A dedicated Business Lending Specialist will get to know you and your business and provide a personalised solution.

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Confidence

Join thousands of Aussie small businesses who thrive with the support of Australia's #1 online lender to small business.

Or call us at 1300 882 867. Our team is available to support you.

FAQs

When you apply for a bank loan for your business, the documents will vary depending on the lender you are looking to get your loan from. To apply for funds to act as a business loan from Prospa, you need to be:

  • over 18 years old;
  • an Australian citizen or permanent resident; and
  • an Australian business owner with a valid ABN/ACN.

If you are applying for a Prospa Small Business Loan up to $150K, you’ll need to have a monthly turnover of more than $5,000 and demonstrate 6 months of trading for a new business (or 3 months of trading if you have purchased an existing business). When you apply for our Prospa Plus Business Loan up to $500K, you’ll need to demonstrate 3 years of trading and have a minimum of $1M turnover.

All financial institutions are different and have varying terms and conditions. At Prospa, we currently offer business loans from $5K up to $500K. Every business is unique, so when determining the exact amount of money you can borrow, we’ll look at a variety of factors. We’ll then use this information to assess the financial health of your business and come up with a funding recommendation. If you’re not sure what your repayments might look like for a particular loan amount, we have developed a handy business loan repayment calculator to help you.

Many SME owners think applying for a bank loan for their business will be a complicated and time-consuming process (possibly taking weeks to complete). As an online lender, the application process with Prospa is much quicker. To apply for a Prospa business loan, you’ll need to provide basic details about your business such as your monthly sales and trading time as well as a valid ABN/ACN. The whole process can be done online or over the phone in just 10 minutes, and if you apply for business loan today, you could even have the funds in your account this time tomorrow.

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