How to Get a Business Loan Quickly

When your business is in its first few years of operation, it can seem hard to get a bank to support your vision. If you're wondering how to get a business loan quickly in Australia, there is a formula you can follow to improve your chance of success and make things faster and easier.
Here's what you need:
Financial Documents + Business Plan = Lending Outcome
First, make sure you've got all your documents in order – as boring as it is, it's actually the most important part. There are two parts to your documentation: your personal information that gives lenders a feel for your personal reliability; and your business information, including projections for the future.

Personal Information:
If you're a director of an Australian company, you'll need the following personal information in order to apply for a business loan in Australia:

? your last 3 years' tax returns (including ATO Portals)
? personal bank account details and statements for the last year
? credit card statements for the last year
? information about any current personal loans
? current assets and liabilities
? where you've worked the last 3 years
? where you've lived the last 3 years

If you have these documents, you'll be well prepared for any applications you want to make. You'll actually also need this information if you're trying to arrange a home loan so it's a good idea to keep the documents up to date. Now, on to the information about your business, you'll need to apply for a business loan.

Business Information:
Maybe you need to purchase inventory, buy equipment or invest in some property. Whatever it is, the formula doesn't change very much, and once you've been through a business loan application process once you'll have most of the information to do it again.

? Certificate of Incorporation
? Banking Statements (for up to 3 years)
? Current Lease Agreement (if any)
? Audited financials (or interim financials if audited accounts aren't available)
? Business Tax Return (if you've been operating for more than a year)

If you have an agreement with the ATO regarding a tax debt, that's fine! We just need to get a letter from your accountant explaining the nature and terms of your agreement with the Australian Tax Office. Understandably, this may impact on the quality of the terms lenders respond with, however, it is still worth evaluating the opportunity to know where you stand.

A recent Business Plan:
Your numbers tell where you've been and who you are. Your business plan shows where you're going. If you haven't completed one, try following the process in our article on preparing a business plan. At a minimum, the Business Plan should explain why you're wanting to do what you're proposing (in the general business, and should highlight where external funding like bank lending fits in), why it's likely to succeed, what success actually looks like and in what timeframe. The important thing is to keep it simple, clear and easily tied to numbers. Banks and lenders will skip over or plain ignore anything that looks like "waffle" or an overly passionate view of the world. They're looking for a rational, clear-headed business owner who knows their numbers, their operation, their industry and the levers that affect everything. When we work with business loan clients, we help them refine their business plan to show the business's plans in a clear, finance-friendly way that makes it easy for banks and other lenders to make a decision on their ability to lend to you.

Lending Outcome:
Now to the most important part: the outcome! If you've been diligent in accurately completing all your information, you're at least on the path to a lending outcome with minimal back and forth for additional information. Hopefully, your chosen bank is satisfied and offers you a workable loan. It's not uncommon to get a few rejections in the early stages of your business. Having a business-savvy commercial finance broker by your side through this stage can reduce stress and confusion, as well as delays that you can face trying to deal with each bank individually. If you'd like to talk about how to get a business loan quickly for your company, we'd welcome the chance to meet with you and see if we can help you realise your business goals. Why not contact our business lending consultants today and let us help you secure the outcome you want.

Dominique Schuh