Loans that support small business

Need funds for an opportunity or to support cash flow? Your local Norwood small business experts can help.

Get fast, easy access to a small business loan of $5K to $250K, with funding possible in 24 hours.

Does your business qualify?

If your business has a turnover of more than $6,000 per month and can demonstrate 6 months of trading for a new business, or 3 months if you've purchased an existing business, we can help. 

We understand small business

When you’re in business, having the right finance and risk planning in place can mean the difference between thriving and surviving. 

And no one is better placed to understand your needs than another small business owner. This short video shows you how we might be able to help. 

With so many finance providers offering different finance types, with varying structures and repayment options, it can be difficult to find the one that’s best for your business. It pays to seek independent advice before you make your choice, and this is where we can help. We have wide access to a range of commerical loan providers to be able to help find you the best loan for your small business.

Can a small business loan help me?

Small business loans are available to help business owners cover one-off expenses such as buying new equipment, paying for training, or renovating their facilities.

Alternatively, loans might be used to improve business cash flow and provide flexible access to a pool of funds to be called upon as needed.

Varieties of small business loans

There are a variety of loans available to businesses.

A business loan can be structured either on an upfront basis, where the entire value of the loan is withdrawn at once and paid back in regular instalments, or it may be on call, with payments determined by the amount of the loan that the business has drawn down.

The different business loan types naturally come with varying interest rates and repayment conditions.

Line of credit or equity loans can provide access to funds by allowing the business to draw on an account balance up to an approved limit. These loans are highly flexible and are commonly used to fund smaller capital requirements. They are usually secured against property. This means that the interest rate for a line of credit is likely to be lower than that for an overdraft, although failure to make payments will place the secured asset at risk of repossession.

Building your business

A second loan type is a Term Loan, which is a fully drawn advance aimed at funding long term business investments that improve the earning potential of the business, such as new equipment. A fully drawn advance will generally be structured over a fixed term with scheduled repayments, and will be secured by a mortgage over a residential or commercial property, or other acceptable asset.

The use of security generally means that the interest rate will be lower than for other business loans, and it may be structured to a fixed interest rate that delivers certainty in terms of repayments.

If the goal of the business loan is to provide access to capital equipment, another option could be lease finance. This is where, for example, the business enters into a contract with a finance provider who buys the required asset, and then the business leases the use of that asset for a fixed amount over the life of the contract. When the contract ends, the business has the option to renew the lease on the existing equipment, take out a new lease on new equipment, or arrange to buy the leased item outright.

If you're seeking a small business loan, talk to our Norwood Small Business Loan team on 8165 3596 . We can walk you through the different business loans and providers to find the small business loan that will be best suited to your business.