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Borrowing is on the up: how to apply for a business loan

14/01/2026 02:43 AM

Borrowing is on the up: how to apply for a business loan

Recent stats from credit reporting agency Equifax shows a 3.9% increase in demand for business loans from Australian businesses. This reflects a desire to access funding and to finance new projects, growth strategies or scale-up plans.

So, are you hoping to access additional capital for your business? And, if so, what are the best ways to apply for a business loan?

The key benefits of taking out a business loan

Capital is what drives your business. It’s the cash in the kitty, the assets on your balance sheet and the working capital that allows you to trade, expand and generate good profits.

But as you grow, or take on new projects, you’ll need additional capital to fund this activity. A business loan allows you to borrow money and then repay it at a later date.

Having the funds from a loan allows you to:

Fund your project or growth strategy NOW, rather than later
Invest in the business and move forward rapidly
Demonstrate that you can manage debt.

What actually causes this gender disparity in funding?

A loan can bring your business plans to life. So, with business confidence on the rise and lenders more receptive, now is a great time to apply for funding.

Here are five steps for making a successful business loan application.

1. Research the available market for lenders

The range of potential lenders is wide, with the established big banks, new challenger banks and specialist, online business lenders all offering business loans.

Make sure you read the small print before applying. This helps you understand the impact of interest on your borrowing, the terms of the loan, how long you have to repay the money and the loan eligibility criteria set out by the lender.

2. Check and improve your business credit score

Lenders want to know that you’re creditworthy and a low-risk borrower to lend to. Your business credit score is a major factor in determining your creditworthiness.

Visit one of the major credit reporting agencies to find out your current business credit score. Then take proactive steps to improve your score. This includes paying suppliers on time, avoiding multiple lines of credit and avoiding maxing out your credit.

3. Make sure your finances are in good shape

Banks and lenders want to see evidence of a financially stable business that has the required revenue to cover the monthly repayments on a loan.

Having effective bookkeeping, accounting and financial processes in place gives you the foundation for these solid business finances. Using cloud accounting platforms, like Xero or MYOB, allows you to quickly produce financial statements that can be shared with lenders.

4. Have a clear business plan to demonstrate how you’ll use the funding

It’s important to have a clear business plan that shows exactly how you’ll use the money you get from your agreed business loan.

Make sure you’ve costed out the project or growth strategy, and have revenue projections, budgets and cashflow forecasts that lay out how you’ll use the money – and how you’ll repay the loan over the term of the loan agreement.

If you’re ready to take your next step as a business, we’re here to help you get your finances in shape.

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