What makes me eligible for a business loan?

Typically for a business loan you'll need to meet eligibility criteria around business turnover and the time the business has been in operation. You'll need to provide business bank statements and other business records. This is on top of other lender criteria around age, residency and your personal credit history.

Is it easy to get a business loan?

Getting a business loan will be easier for some businesses than others. The application and approval process really depends on your business. For example, a business that has been turning over a lot of money and running over a few years will probably find it easier than a new business with low profits. To make the business loan process easier, you should have all the necessary financial statements and paperwork ready before you apply. It may also be a good idea to speak to a commercial broker or financial advisor.

Can I get a business loan if I'm self-employed?

Yes, you can get a business loan if you're self-employed. You'll need to check lender policies to know specific criteria though. You will need to use the loan specifically for business purposes and may need to tell the lender what the loan is for. Rather than the traditional finance statements and documents expected from a large business, you can apply with fewer documents . You can speak to a commercial broker or your financial advisor for support.