How to Guides | 02.10.18

Applying for a small business loan.

Small business is the backbone of the Australian economy, employing nearly half of our workforce according to the latest Australian Bureau of Statistics figures. While each business is unique, what isn’t, is that at some point the majority will have a need for finance; either for the short or long term.

Just like applying for your home loan there are steps you can take as a business to improve your chances of having your small business loan application approved. In this article, we’ll explain what to do to successfully apply for a small business loan.

What should I do before I apply for a small business loan?

There is an old saying that you don’t get a second chance to make a first impression. It applies to any area of life, including a loan application! One of the main criteria a lender will assess you on in your application is your (or more appropriately your businesses) ability to make the necessary loan repayments. You need to demonstrate your ability to do this during the application process.

This requires you to be organised before you meet with your lender and to “sell” both yourself and your business to them. Your loan application preparation should include:

As you can see, there are many things you can do to increase the chances of your small business loan application being successful. Effectively preparing for your application and collating the necessary supporting business documentation is crucial.

To help you find the best small business loan for your needs, Tomorrow Finance offers a business loan comparison and referral service. Working with Australia’s leading banks, we’re committed to helping Australian small businesses find the right financing option.

To speak with our experts, phone 1300 754 562 or contact us online. There’s no obligation and our service is 100% free!

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