Sole Trader Business Loan

DBA refers to ‘doing business as’ and is related to the trading name of your small business. As a sole trader, your business in Australia is registered automatically under your own name. For example, if you create a car wash business as a sole trader then your business name will be your own name. If you wish to trade under a specific business name, then you’ll need to register this business name on the Australian Business Register. Choosing a business name is a great way to help establish your brand. You could even create memorable marketing materials with your business name and contact details to help prompt customers so they know to return to your business.

A sole trader business loan from Prospa can be a great way to get the funds your business needs to launch a marketing campaign with loans for sole traders available for between $5,000 and $300,000 and with loan terms of between 3 and 36 months.
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Stimulus loans are among a range of support packages many governments have launched in order to help small businesses (including sole traders) remain afloat throughout the COVID-19 economic crisis. In Australia, the Federal Government has created the Coronavirus SME Guarantee Scheme, under which the Government is guaranteeing 50 per cent of new loans issued by approved lenders to eligible small businesses. For the most up to date information about the Australian Federal Government’s current Coronavirus business support for businesses (including sole traders), please follow this link.

Prospa continues to support local Aussie small businesses throughout this period with our range of business loans for sole traders and other small businesses. We work hard to ensure that the application process for our loan products is fast and hassle-free, and, if approved, can tailor your business’ loan repayments to help support your cash flow and business operations. Small business loans might be able to help cover cash tied up in outstanding invoices as well as support other areas of your business. Invoice financing options can sometimes be less flexible than generic lump sum business loans such as a sole trader business loan. Ask us about our range of financing options or apply now.

We are proud to offer our customers access to a fast and hassle-free online application process for our range of finance products, including a sole trader business loan.

To begin an application for a business loan of $250,000 or less you will need:

Your driver’s licence number
Your ABN
Your business BSB and bank account number
For loan applications requesting more than $150,000 you will also need basic business financial statements such as your P&L and cash flow.

Applications take as little as 10 minutes to complete online and when you apply within standard business hours you may receive a response within the hour. For applications approved and settled before 4pm on a business day, it is possible to receive your new funds into your business bank account the very next business day.

As a sole proprietor, you can apply for a small business loan with Prospa if you meet certain criteria and can demonstrate a healthy monthly turnover.

Prospa is committed to lending prudently which means that we will evaluate key factors of your business such as your credit history and income when you apply for a business loan. One of the application criteria for a sole trader business loan relates to your business monthly turnover and this criterion must be met in order to qualify for an small business loan. Business applicants must be able to demonstrate a minimum monthly turnover of $6,000 over the most recent 6 months. This information is used to assess whether your business is capable of supporting the loan repayments. Other criteria exist, but you should speak to Prospa to find out more or you can simply apply now.

When you apply for a small business loan (sometimes called a sole trader business loan) at Prospa, you enjoy a fast and easy application process completed online and in generally just 10 minutes. For amounts under $150,000 you will need to supply your driver’s licence number, ABN and your business bank account details. We use these details combined with our ‘credit decision engine’ to quickly evaluate new loan applications and possibly return an answer within the hour. If you would like to talk to a business lending specialist to discuss your options, please feel free to contact us Monday to Friday 8.30am to 7pm (AEST) on 1300 437 594.

If you think you have everything you need to begin your application then apply online today.