Sole Trader Business Loan

Fast application process for funding a sole trader business

A sole trader business loan is a type of business loan. It is designed to help small businesses take advantage of growth opportunities or maintain healthy day to day cash flow. Sole traders can use business loans to expand and explore new markets, launch new products and roll out important marketing campaigns, update or upgrade existing capital assets and much more. If you are approved for a sole trader business loan you will receive a lump sum cash injection directly into your business bank account, which can be used to help create long term stability and growth. Talk to Prospa about how a sole trader business loan might be able to help your business.

Prospa has already funded over $1.65 billion with more than 29,400 businesses in Australia and New Zealand through different types of loans – including business loans and business lines of credit. We understand that every business is different and try to match a funding product to the individual needs of our business customers. We work with approved individual businesses or sole traders and tailor the loan product, setting up fixed daily or weekly repayment terms. We are committed to maintaining our 4.9/5 TrustScore, by finding new and innovative ways to ensure that the application process for our business loans is accessible and hassle-free. You can complete your loan application online for a sole trader business loan with Prospa in as little as 10 minutes.

Why Prospa? It’s today’s way to borrow.

We’ve helped more than 29,400 small businesses with funds to seize opportunities or to support cash flow. We continue to fund eligible small businesses with a range of options.

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Choice

Borrow up to $300K with 10 minute application, fast decision and funding possible in 24 hours

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Support

Talk to real people. Business Lending Specialists who are focused on getting you what you need, sooner.

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Confidence

More than 29,400 small businesses have borrowed over $1.65 billion from Prospa so far. Join them.

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

“I got on the phone and had an answer almost straight away. We didn’t have to go into a bank. We didn’t have to fill out forms. Prospa was quick and simple.”

Craig Dolbel
Test ‘N’ Tag, NSW

Frequently asked questions about cash flow

Can you get a business loan with a DBA?

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 24 months. Apply now.

Are stimulus loans for sole traders?

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.

What is the business loan to get?

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 $150,000 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.

Can a sole proprietor get a small business loan?

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.

Is it hard to get approved for a small business loan?

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 882 867.

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

Fintech Australia Prospa