Small Business Loans VIC

Getting the best small business loans in VIC

If you are an Australian business owner looking for small business loans in VIC, you may’ve landed on the right website. Traditionally, businesses headed to the bank when they needed finance loans. However, bank loans often come with a lengthy application process that can cause added stress when you just need to access the funds quickly.

Thankfully, these days there are some competitive alternatives to getting your business loan from one of the big banks. That’s where Prospa comes in. Their dedicated team of small business specialists work hard to help you find the best small business financing solution to suit the needs of your business. Providing funding up to $300,000, with a fast approval process and flexible repayment options, Prospa aims to make getting suitable small business loans in VIC as stress-free as possible.

Australia’s #1 small business lender

Offered online, Prospa’s business loans only take 10 minutes to apply, and in some cases, approved applicants could receive your money within 24 hours. And, for Prospa funding up to $150,000, no asset security is required upfront to access the funds, so you can still potentially be eligible for a loan without needing to provide the asset security of a property or another fixed asset upfront. We value our customers and take the time to understand their business so we can help them to make sure they get a loan that is best for them. We’re Australia’s #1 online lender to small business, but don’t just take our word for it. With over 5,000 reviews on Trustpilot, the testimonials speak for themselves! By taking out a loan with Prospa, you would be joining a large group of happy customers.

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The importance of cash flow forecasting

Apart from providing small business loans for eligible VIC businesses, we also aim to help you make your small business as resilient as possible. One factor that can be critical to the success of your small business is managing your cash flow and cash flow forecasting. Keeping track of the money coming in and the money going out of your business allows you to plan ahead.

One of the benefits of Prospa’s loans for small businesses can be that you’ll know exactly how much money you’ll need to pay and when you need to pay it right from the start, including your fees and repayments. This can make cash flow forecasting much easier, and can help you to ensure your cash flow can support your loan before going ahead. Prospa has created an easy to use cash flow forecast template to help you get started. Find out more about cash flow management and download our template here.

The Prospa small business loan in a nutshell

If you are a small business in Victoria looking for the best small business loans, here’s what you might need to know about Prospa fixed term small business loans:

  • Borrow up to $300,000: Our lump sum funding amounts range from $5,000 to $300,000
  • Flexible loan terms: Our loan terms range from 3 to 36 months
  • Quick application process: Complete and submit your loan application in under 10 minutes
  • Fast loan access: Funding is possible within 24 hours of approval

There is no application cost to apply for Prospa small business loans in VIC, so why not apply online today? Call us on 1300 882 867 if you have any questions.

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Making the most of small business loans in VIC

There are many ways small business loans could potentially benefit your business. It could allow you to diversify your offerings, enter new markets, capitalise on exciting new business opportunities and grow your business. If approved, you may also choose to use a business finance loan for rebranding, online advertising or other marketing strategies. With online shopping becoming increasingly popular worldwide, you may want to ensure that your business stays competitive in the e-commerce space. Depending on the type of small business you are operating, you may also want to use the additional funds to invest in your working assets, for example buying new equipment or expanding your business into other areas. Applying for a business loan to provide extra cash could be just the boost your business needs to be successful and adaptable in these ever-changing times.

Is your small business eligible for a small business loan?

To take out Prospa small business loans in VIC, applicants must either be an Australian citizen or a permanent resident in Australia and at least 18 years old. You’ll also need to have a valid ABN, and for new businesses, you’ll need to provide six months trading history. If you’ve purchased an established business, you’ll need to be able to provide three months trading history. Once you’ve got this information, along with other basic business details such as monthly sales and trading time, you’re ready to apply!

FAQs

Frequently asked questions

The application process for applying for a small business loan in VIC is quick and requires minimal supporting documentation. The loan applications are submitted online through our website and should only take around 10 minutes to complete. Our loans application team will then work quickly to assess your application for a loan. If your loan is approved, you could get access to your funds within 24 hours.

At Prospa, we offer small business loans in VIC as a lump sum of between $5,000 and $300,000. With flexible daily or weekly repayment options that are fixed across the loan term, we can work with you to help you work out the best options for your business circumstances.

When calculating the interest rate for small business loans in VIC, several factors are considered. This includes the amount you are applying for, the industry your business is in, how long your business has been operating, your business cash flow, and the overall health of your business. Once we have looked at your business circumstances and other financial commitments, we may make an offer tailored to your particular situation. Our terms range from 3 to 36 months, and we offer daily or weekly repayments to suit small business cash flow. If approved, once your interest rate has been calculated, this will be a fixed rate for the duration of your loan. This means you would know exactly what your repayment amounts and repayment schedule would be before you agree to the loan terms and conditions.

One of the many reasons a small business owner may struggle to get a loan from a traditional lender such as a bank is insufficient collateral. The good news is that with Prospa small business loans, no asset security is required upfront to access Prospa funding up to $150,000. As long as you continue to meet your obligations under the loan, such as payment obligations (as detailed in your contract), security would never be required. For loans over $150,000, or where your combined exposure to our products exceeds $150,000, Prospa takes security in the form of a charge over assets. Speak to one of our Business Lending Specialists on 1300 882 867 to discuss your potential different business lending options.

Other questions? Talk to a specialist