Please note: This page is for people who are on Centrelink and want a loan for establishing a business.
We have a dedicated guide for those who want to take out a personal loan while on centrelink.
If you receive Centrelink payments, you may be eligible to apply for business loans from non-bank lenders and peer-to-peer lenders. If you're looking to start a business, you can apply for NEIS assistance, which provides training and income assistance for Centrelink recipients.
Please note: This page is for people who are on Centrelink and want a loan for establishing a business.
We have a dedicated guide for those who want to take out a personal loan while on centrelink.
How does it work? | What to know | Learn more | |
---|---|---|---|
MaxFunding | Business financing up to $1,000,000. Bad credit applicants will be considered. | MaxFunding is a very flexible lender, but you'll need to own an asset to be eligible. If you don't own an asset, other criteria will apply. | |
MiFinance | If you have an ABN, you can borrow up to $1,000 for business needs. | These are small, short term loans designed to cover essential business costs and get paid off quickly. Keep in mind that your Centrelink payments must make up less than 50% of your total income. | |
Bigstone | You can borrow between $10,000 and $5,000,000 | Loans are granted and managed online. Once you apply, the loan will be listed on Bigstone's marketplace for up to 14 days. Individual investors can apply to fund you. The interest rate is calculated on your business's risk profile. | |
ThinCats | You can borrow between $50,000 and $300,000. | You can apply directly through ThinCats, a sponsor or via an introduction. Your application will be assessed by the ThinCats credit team. They will help you prepare an information packet to be presented to investors. A loan auction will be held to fund your loan. Interest rates will be determined during the loan auction. |
If you receive payments from Centrelink, getting a traditional business loan may prove to be difficult. It may also be difficult to find a business loan without an established business history. However, there are business loans you can apply for, such as the following:
You can apply for a business loan from non-bank and peer-to-peer lenders. The following non-bank lenders offer business loans even if you don't have an established business. These lenders will consider your application based on the strength of your ideas, experience and personal drive. They provide financing even if you receive Centrelink payments. There are also options if you already have an established business.
You can also apply for a loan with the following peer-to-peer lenders. If you have a rocky financial history or former unsuccessful businesses, you may find it difficult to convince potential investors.
There are two main costs that come with a business loan:
Before applying for a business loan, you need to make sure you're ready to start making repayments. Keep in mind that you'll be paying back more than you borrowed. You will need to plan for it.
There are several uses for a business loan, including the following:
Technically, no. Centrelink doesn't give business loans. But some Centrelink recipients can apply for NEIS assistance. NEIS is managed by Centrelink and the Department of Human Services. It is not a business loan, but it can help you get self-employed and start your own business.
NEIS is a government-funded program. It is designed to help Centrelink recipients start their own businesses.
It offers accredited small business training, business mentoring, business-plan development and allowances for eligible participants. This includes NEIS allowance for up to 39 weeks and NEIS Rental Assistance for up to 26 weeks.
It is part of the New Business Assistance initiative.
If you're on Centrelink, NEIS can help you start and work full-time for your own business. It counts as Centrelink-approved activity for up to 13 weeks from commencement. The business is required to be upstanding, lawful and preferably not-for-profit. There are 6,300 places available each year.
If you're interested in NEIS, a good first step is to register for jobactive if you haven't already. You'll have to be registered if you want to get into the program. You can learn more about it here.
In the aftermath of COVID-19, the eligibility criteria for NEIS were expanded.
The selection criteria for the NEIS are fairly strict. To qualify for the application alone, you must meet the following criteria:
Additionally, your business must meet the following criteria:
Whether you're eligible for a business loan will depend on the provider. For many business loans, your business needs to be established for a certain amount of time. There are also requirements around monthly or annual turnover. Your chances of getting a business loan increase in the following situations:
To apply for a business loan, you will need to do the following:
💵 Work out how much you need to borrow and what you can afford.
🔎 Look for lenders. Check their eligibility criteria to ensure you can apply.
🖨️ Organise and prepare the required documentation. This can include the following:
How long lenders take to respond will vary between lenders and their processing times. Some lenders may allow you to repay your loan early without penalties.
Read our review of the Good for B business loan. Find out if this green business loan is suitable for you.
Whether you're looking to grow your business, support company cash flow or purchase new equipment, Bank of Melbourne could have a loan option for you.
Whether you're looking to support cash flow, grow your business or purchase new equipment, BankSA may have a business loan option for you.
Heritage Bank's Fully Drawn Business Loan is a flexible business finance offering with both fixed and variable rate options, a high maximum loan term and no limit on borrowing power.
What you need to know if you’re applying for a business loan as a sole trader.
BOQ Business Term Loan lets you borrow from $10,000 and benefit from flexible repayment terms and access to a redraw facility.
You may be able to get better rates and loan conditions with increased flexibility, quicker decisions and better customer service through non-bank lenders.
Apply for a loan of up to $250,000 and have the approved money in your account within three days with NAB's QuickBiz Loan.
This small business loan offering from OnDeck could provide you with up to $250,000 financing in 24 hours.
Do you need finance to help your small business grow? Moula offers loans of between $5,000 and $250,000 with flexible eligibility criteria – apply online by providing your business data and find out if you've been approved in 24 hours.
I’m looking for advice to start a new cleaning business and does Centrelink help with new business loans and help start up new business, I am on jobseekers payments.
Hi Teresa,
You can sometimes get a loan while on Centrelink payments, if you have another form of income. But you might struggle to get a business loan if you don’t currently have a business. Lenders often require you to already be in business for at least 12 months before they’ll lend to you.
hi, can I use the neis loan to buy an already existing business?
Hi Brianna,
According to NEIS, to be eligible for a loan, the business must be:
– Not operating on a commercial basis, or
– Is an existing micro-business affected by COVID-19.
They don’t specify the definition of a micro business, so it might be worth contacting the NEIS National Customer Service Line on 1800 805 260.
Hope this helps!
Hi
Im about to open a cafe in a rural area of Australia
Popelation here is 22,000
The town is about to expan here due to a new developments by goverment and a steelworks inverstor.
The food here is not the best
Due to my own medical condition I would like to offer a healthier choice of foods in my cafe.
I am on a dsp payment but subjected to change as soon as Im open for business due to centrelinks policy
Im currently a volunteer jobseeker.
Is there any start up loans I may be eligible as I need to hire staff at a minimum wage I will be needing to pay them $548.70 wage + $52.18 superannuation uniform.
Then my other expenses power water rent set up cafe dinning and kitchen.
Is there any help or loans i could be eligible please?
Hi Kylie,
Thanks for getting in touch with finder. I hope all is well for you. :)
Being on a Centrelink means you might have a limited option when it comes to business loans. Nevertheless, as long as you can demonstrate the viability of your business idea plus be able to meet your lender’s requirements, then you should be able to obtain a business loan.
On this page, you will find on our table one of your options. You may give it a try, directly get in touch with them by clicking on the “Go to site” green button.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Hi im on new start centrelink. I have spent 16,000 all ready on my new business. Hot dog cart. And im short $3,500 . Who lends to someone on a benefit.
Hi Janice,
Thanks for your question.
Generally, if you are receiving Centrelink payments and do not have an established business history, it might be difficult to find a loan. However, there are lenders above that may consider your application based on the strength of your ideas, experience, and personal drive. Kindly refer to the table above and review the “How does it work?” and “What to know” columns to learn more. You may also click on the More icon. This will redirect you to our review page for that particular loan where you will find more details such as features and steps to apply for the loan.
You may also refer to other lenders financing Centrelink recipients. When you are ready, you may then click on the “Go to site” button if available and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Alternatively, you may also consider the New Enterprise Incentive Scheme (NEIS program). This scheme gives outstanding applicants a range of free ongoing business support and mentoring services in addition to an allowance to help with successful establishment. More information is found above.
Cheers,
May
I have started my own real estate business i have sold 1 block of land and have 10 listings . As i have put all my money into setting up this business could i apply for a loan for more advertising
Hi Kevin,
Thank you for your inquiry.
As we are a comparison website, we may not able to recommend you a specific lender, although you can possibly compare different brands from our list of business loans. There is also a guide on this about the different types of business loans you can go with depending on your needs. Best to contact a lender directly to discuss your eligibility or options. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Cheers,
May