Business Loans Australia

Flexible business funding solutions to support your small business. Speak with Australia's #1 online lender to small business and get access to funds in hours.

  • Borrow from $5k to $500K
  • Fast decision and funding possible in 24 hours
  • No property security required upfront to access Prospa funding up to $150K

Unlocking Opportunities

In the ever-evolving landscape of Australian small businesses, securing adequate funding is crucial for growth and success. At Prospa, we understand the unique challenges faced by entrepreneurs and offer flexible business loan solutions that empower businesses to thrive. We provide flexible lending options and quick loan processes to support your aspirations. Discover how our business loans in Australia can fuel your entrepreneurial journey.

Your Prospa business lending solutions in a snapshot

How to apply for a business loan?

Applying for a business loan with Prospa is a streamlined process designed to meet the specific needs of Australian small businesses. Here's how you can get started:

Begin by assessing your financial requirements and determining the loan amount you need. Evaluate whether you meet the eligibility criteria. To apply with Prospa, for example, you need to be an Australian citizen or permanent resident aged over 18 years with a valid ABN/CAN and a minimum monthly turnover of $6K. For many lenders, you may also need to have business plan, revenue projections and credit history to understand your eligibility.

Submit a loan application online. Many financial services providers require lengthy forms but at Prospa the application takes under 10 minutes. You may need to provide financial statements, business details, and other relevant documents.

At Prospa, our team of business lending specialists will guide you through the application process and help you gather all the necessary information – including at a minimum your driver licence, ABN, BSB and account number.

Our team of experts will review your application promptly, considering various factors such as creditworthiness, business viability, and repayment capacity.

Once your loan application is approved, we’ll guide you through the terms and conditions, ensuring clarity and understanding before settling your loan.

Once your loan is approved, the funds are automatically transferred and could be in your account as soon as the next business day.

Success story

Quick turnaround on a Prospa small business loan helped Australian business PUPSTYLE restock products to fulfil an unexpected influx of orders and triple the business’s revenue in a year.

How fast can I get a business loan?

At Prospa, we have worked with small businesses for over 10 years. We understand that time is of the essence. We have streamlined our loan processes to ensure quick approvals and disbursements. Depending on the complexity of your loan application and the completeness of the supporting documentation, you may receive a decision on the same day. Once approved, funds are swiftly disbursed, providing you with the capital needed to seize opportunities without delay.

Do I need a deposit?

Unlike traditional lending institutions that may require a substantial upfront deposit, our business loan solutions offer flexible options for Australian small businesses. We understand that cash flow management is vital for entrepreneurs, and our loans are structured to accommodate your unique circumstances. By Prospa, you can access the funds you need without a deposit, allowing you to allocate your resources more effectively.

How much can I borrow?

At Prospa, we believe in empowering small businesses with access to the necessary capital. The loan amount you can borrow depends on several factors, including the financial health of your business, revenue projections and creditworthiness. We offer Business Loans ranging from $5K up to $500K and a Business Line of Credit between $2K and $150K based on your business circumstances^. With Prospa you could secure the funding required to propel your business forward. Our dedicated team will work closely with you to determine the optimal loan amount that aligns with your specific goals.

What is the interest rate?

As an Australian small business owner, you understand the importance of competitive interest rates but you also understand the importance of being able to access the finance you need, when you need it. At Prospa, we help Aussie small businesses with funds to make business happen so they can avoid missing out on valuable opportunities for growth. Our rates are determined based on various factors, including the loan amount, loan term, credit history and industry-specific considerations. We will work with you to get the funds that suit your business needs.

Why might I need funding?

As a small business owner in Australia, running your business takes planning and focus. Having funds on hand when you need them to keep your business moving is a major part of that. While a healthy cash flow can support growth opportunities, many businesses may need to borrow funds at certain points to keep things moving, and so they don’t miss important opportunities.

Some of the reasons businesses borrow funds from Prospa include to support working capital or to invest in growth opportunities for the business. Our customers have used a Prospa Small Business Loan to invest in things like tools and equipment or to buy new office or café furniture. Some of our customers use funds to run a marketing campaign or build a website. Supporting working capital also features high on the list of why Australian businesses borrow funds from Prospa. Our Business Line of Credit is a great way to cover invoice gaps, pay suppliers and staff, and manage seasonal fluctuations.

Talk to a business lending specialist

Talk to a business lending specialist

Talk to a business lending specialist

Talk to a business lending specialist

Talk to a business lending specialist

Are repayments tax-deductible?

In Australia, the tax deductibility of business loan repayments depends on the loan purpose. Generally, if the loan was used for business-related purposes, such as purchasing equipment, funding expansions, or working capital requirements, the interest paid on the loan may be tax-deductible. However, we strongly recommend consulting with a qualified tax professional to understand the specific implications for your business and ensure compliance with applicable tax laws.

Can I make a lump sum repayment?

A lump sum payment in the context of business loans refers to a single, large payment made to the lender that reduces the outstanding balance of the loan. This payment can be made in addition to the regular monthly or periodic loan payments.

When you make a lump sum payment, the lender applies it directly to the principal balance of the loan.

With the lump sum payment and any subsequent adjustments, you continue making regular payments until the loan is fully paid off.

Is there any early repayment fees?

There are no early payout fees. However, you will be required to pay a small percentage of the outstanding principal amount.

Related Articles:

NSW > Sydney

VIC > Melbourne

QLD > Brisbane

WA > Perth

SA > Adelaide

ACT > Canberra

TAS > Hobart

Eligibility and approval criteria, fees and charges and terms and conditions may apply to Prospa’s products and services.