Business Loans & Finance NSW

There are a heap of financing options, including small business loans in NSW, that are readily available to SMEs in the state. In fact, there are so many options for business finance that it can be difficult to know which one to choose. In addition to small business loans in NSW, you’ll find solutions for invoice finance, equipment finance, credit lines and more. In this guide to small business loans NSW we run through the best business loans in NSW and the steps you need to complete to know how to get a business loan in NSW that’s right for your business.

Best Small Business Loans NSW

#1 Lender in Australia Sydney-headquartered, Best Rated on SBLA

Est. 2011

Loans size & Terms

$5,000 to $300,000

Secured and Unsecured Loans

Prospa Business Loans Review
Pros
  • Funding: $5,000 to $300,000
  • Recepient of multiple industry awards
  • Funding granted within 48h
  • 4.9 / 5 rating on TrustPilot
  • 20,000+ Australian Businesses Funded to date
  • ASX Traded Company
  • Clear T&C and repayments
  • Excellent website and onboarding
Cons
  • Had low approval rate between May-Aug 2020 due to COVID

#2 Veteran online lender in NSW, based out of Parramatta

Capify is one of the best known and friendliest lenders in Australia. It has been operating smoothly for 16 years, and has received nothing besides positive feedback. If you want a quick and hassle-free business financing, Capify is one of the best options for you.

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Pros
  • Fewest documents required for sign up
  • Industry veteran for 17 years
  • the FIRST Australian online business lender
  • 99% positive client reviews
  • Multiple banking awards
  • More than $500,000,000 in funding since inception
  • Global brand
Cons
  • Min monthly turnover $10,000
  • Smaller scale than Prospa
  • 3% origination fee
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#3 North Sydney based - most diverse options for Business Finance in NSW

Est. 2013

Loans size & Terms

$5,000 to $500,000

Secured and Unsecured Loans

GetCapital Review
Pros
  • Most bespoke financing solution
  • Cash Advance available
  • Line of Credit available
  • Business Overdraft available(with illion Data Solutions)
  • Equipment Financing available
  • Deloitte's 2018 Tech Award
  • No early repayment fees
  • No drawdown fees
  • Low annual fee
Cons
  • Min 9 months in business
  • Min $100,000 annual turnover

Virtually all of Australia’s most established online business lenders are based out of Sydney and offer small business loans throughout NSW. The publicly traded Prospa, which has financed over 30,000 Australian SMEs and boasts a review score of 4.9 / 5, has provided short term business loans in NSW since it first launched in Sydney 10 years ago. Capify is a global lender that also operates in the US & Europe and holds its Australian office in Parramatta, offering small business loans in NSW and all of Australia from there. GetCapital is also based in Sydney and has a rich variety of lending options that span from vehicle finance to an import line of credit and they can even provide a business overdraft that links to your existing transaction account – straightforward small business loans in NSW are their bread and butter. 

Other lenders with offices in NSW and offering small business loans in NSW include:

 

It’s not essential for an online lender offering business loans in NSW to be based out of Sydney or NSW. The whole process from applying for and disbursing of the business loan is done online – many lenders just happen to choose Sydney as their HQ for obvious reasons.

How to get a Business Loan New South Wales

If you’re unsure as to exactly how to get a business loan in NSW, then you can begin by following these steps:

 

Decide on the right type of business loans in NSW for your business. 

Small business loans in NSW (also known as term loans) are just one of the products offered by online lenders throughout New South Wales. In many cases, a straightforward injection of cash is all that a business requires but it might be that you’re looking for a specific type of business finance. It could be a secured business loan you’re after, such as equipment finance or a commercial construction loan. Or perhaps it’s a working capital facility that you want to be able to call on when needed – this could be a line of credit, business overdraft or invoice finance facility.

 

Pick your provider 

 

Direct Lenders

Once you know the type of finance it is you’re after you’ll need to understand which lenders offer this and which do not. For more information we have a whole host of in-depth reviews for online lenders who offer the best small business loans that detail each and every lending solution they offer.

 

Australian Banks

You could consider applying with an Aussie bank, though banks are typically better suited to offering long-term business loans as opposed to short term business loans in NSW, as the entire application process can take a matter of weeks, if not months.

 

Apply with a Business Loan Broker or Business Loan Marketplace

Finally, you could opt to use a business loan broker in NSW or a business loan marketplace. If, like many business owners, you can see the value in appointing an expert to assist with your search for business finance in NSW then you can save yourself a lot of time and hassle by going down this route. A business loan broker should have a good understanding of the current lending landscape and the lenders who are best suited to your business finance requirements. 

However, before going down this route, we certainly think it’s worth considering a business loan marketplace. A business loan marketplace will compare your finance options for you through an automated tool. Your lending results are completely based on the information you provide, such as the type of business you run, its financial performance and the type of finance it is you’re seeking.  Given that the service is free, applications do not impact your credit score and can be done online in less than 10minutes it’s a great place to start and could save you a lot of money before you pay a business loan broker in NSW.

#1 Marketplace Lend.com.au: Fast Multi-Application

Est. 2014

Loans size & Terms

Secured and Unsecured Loans, Line of Credit, Business Overdraft, Equipment Finance

Lend Business Loans Review
Pros
  • Smart Matching by LendScore™
  • Instant Responses to Application
  • Fully Online System
  • High Variety of Lenders (34)
  • Bank-Level Encryption
  • 4.8/5 Score on TrustPilot
  • Member of the FBAA, CAFPA, and MFAA
  • Tech Platform of the Year Awards 2020
Cons
  • Not a Lender
  • Doesn't Operate During Weekends
  • No Call Centre, All Online

The typical criteria to qualify for a business loan in NSW looks like this:

  • Your firm to have been trading for six months
  • A current ACN/ABN
  • Bank Statements
  • A minimum $5,000 a month in gross sales
  • You have proof of ownership
  • Demonstrate the ability to repay the loan

This is just a fairly standard set of criteria an online business lender in NSW would set. It should be noted that qualification criteria varies from lender to lender and you’ll need to ensure you meet your lenders obligations before applying. As an example, Capify asks for a minimum monthly turnover of $10,000 per month, whereas Lumi asks for just $50,000 across the whole year. It is also possible to apply for low doc business loans if you have limited financial statements, though you should certainly expect this to be a secured business loan

Our lender reviews detail the criteria that each lender has set as an absolute minimum in order to qualify as a borrower. If you don’t have the time to check the lending criteria of each lender yourself, a business loan marketplace or loan broker can cover all of this for you.

Online business lenders are all about speed. Initial applications can usually be done in under 10 minutes and provided you are on hand to provide financials or any additional information that is requested, you should hear if your loan application has been successful in under 24 hours. If you receive a ‘yes’ decision, funds will be transferred to your account within another 24 hours. Many of the best online lenders based out of Sydney can process business loans in NSW in under 24 hours in total – often issuing funds on the same day the borrower applied.

New Business Loans NSW

As you would expect, new business loans in NSW are more difficult to attain then business loans issued to seasoned businesses with a long trading history and financial track record.

This is particularly true for businesses trading for less than six months. To qualify for an unsecured business loan in NSW then your business will almost certainly have to prove that it has been trading for at least 6 months. And that turnover in these 6 months demonstrates an ability to repay the loan by your financials alone. 

Given that this can be incredibly tough, new businesses launching in NSW may want to consider alternative methods of startup funding. If you are keen to explore business loans, however, then there are online lenders based in Sydney offering new business loans in NSW (on a secured basis). Max Funding has a plethora of options, including caveat loans, second mortgage loans, low doc business loans and franchise loans. These are all open to businesses operating for less than 6 months providing they are able to secure the loan with a business or personal asset (usually a mortgage on a business/residential property).

Small Business Loans in NSW – Concluding Remarks

There are more lenders offering small business loans in NSW than ever before. This should reduce the costs of a business loan in NSW, improve accessibility for borrowers and better allow SMEs to take advantage of growth opportunities. Virtually all of the top 10 best rated business lenders on SBLA are based in Sydney, NSW and offer small business loans in NSW. New business loans in NSW are possible, though these will almost certainly require the borrower being able to provide collateral to secure their business loan.

 

Additional localised guides on SmallBusinessLoansAustralia:

Business Loans & Finance Queensland / Brisbane

Business Loans & Finance Melbourne

Business Loans & Financing in Sydney