Getting your financing right is as crucial as any other aspect of running a business.
With the rise of peer-to-peer lending and digital banks, the business finance industry has never been more competitive, but it can still be difficult to secure the financing you need.
Use this guide to learn your business financing options, regardless of the type and size of your business.
What best describes your business?
Find out what your financing options are no matter what stage your business is at.
Ways to use business financing
Upgrading or purchasing assets
Increasing stock levels
Funding marketing and advertising
Improving business infrastructure and technology
Expanding your workforce
Funding renovations
Things to keep in mind
Credit score. Both your personal credit history and business credit history can affect your chances of getting finance. It’s important to regularly keep track of your credit score and build a good credit history whenever possible. You can do this by making sure you meet any loan repayments on time.
Working out how much you need. Before you seek financing, it's crucial to understand how much your business needs and your ability to repay the loan. If you borrow more than you need, you may struggle to make repayments and pay more in interest and fees. Your business may even become over-leveraged.
Cash flow. Depending on the industry, your business may experience regular peaks and troughs in revenue. You can use business finance to help cover you in periods when cash flow may be an issue, but you should always have a plan for how you will pay it off.
Choosing the right financing option. You have a lot of choices when it comes to business finance. Read the guides below to work out which option may be right for your business.
Types of business finance
Compare business finance options below
Rates last updated March 26th, 2019
Elizabeth Barry
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over five years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at The Lizzies. Elizabeth has found writing about innovations in financial services to be her passion (which has surprised no one more than herself).
Ask an Expert
I need help finding finance for my Business .
Hi Lorenzo,
Thank you for your inquiry.
Your business may be required to be making a certain amount of turnover in order to be eligible for a loan. This revenue may be monthly or yearly and can range from $50,000 p.a. to $200,000+. Other lenders simply require you to connect your business’ accounting software or financials as part of the application process so it can calculate a loan your business can afford. The options here might be helpful.
I hope this information has helped.
Cheers,
Harold