To apply for a business loan in Australia, you’ll need a valid ID, an active ABN or ACN and business bank statements from the last 3–6 months. You also need to explain what the funds will be used for. Depending on your situation and the lender, extra documents like financial statements or collateral may be requested.

Why is it so hard to get a business loan?

Getting a business loan can be extremely frustrating for many small businesses. Bizcap’s recent survey of Australian SMEs discovered that documentation is a major barrier to borrowing, with 61% of SMEs abandoning applications due to documentation issues.

Thousands of small businesses get turned away because their credit history isn’t spotless or they don’t meet strict documentation requirements.

Applying through a traditional bank often involves extra hurdles and lengthy processes. Many applicants are declined simply because they haven’t been trading long enough, don’t have a ‘perfect credit score’, or fall short of the required paperwork.

Even when approved, it’s common for the process to take weeks – precious time most businesses don’t have.

What traditional lenders require

Short answer:

Traditional lenders in Australia often ask for extensive documentation and apply strict lending criteria. This can make it tough for small or newer businesses to qualify.

Here’s what you’re likely to need when applying through a traditional bank or mainstream lender:

ABN or ACN - confirms your business is registered in Australia

ID Verification - Driver’s license, passport or government issued photo ID

Business Bank Statements - typically the last 6 - 12 months

Financial Statements - Profit and loss statements, balance sheets and tax returns (1-2 years)

Credit History - Both business and director credit scores are usually checked

Loan purpose - A detailed explanation of how you plan to use the funds

Security - May be required in the form of property, equipment or other assets

This process can be slow and exclude many businesses that are otherwise financially healthy.

How Bizcap makes it easier

Bizcap offers a faster, more flexible application process. As a low-doc lender, you can apply online in under 5 minutes, with minimal paperwork, and receive funding in as little as 3 hours.

Here’s how Bizcap compares to traditional lenders:

Apply now: Bizcap’s Online Application Form

What you need to apply with Bizcap (Australia)

Here’s the checklist:

✅ Active ABN or ACN

✅ At least 4 months of trading

✅ Minimum monthly revenue of $12,000

If you’re approved, your dedicated Loan Specialist will guide you through the next steps and help you fast-track funding if needed.

Access funding without the wait

You don’t need to chase down endless paperwork or wait weeks for a response. If your business needs capital to cover expenses, smooth out cash flow, or take advantage of new opportunities, Bizcap could be the perfect fit.

Compare Bizcap solutions

Frequently asked questions (FAQs)

What documents do I need for a business loan in Australia?

You’ll usually need an ABN or ACN, a valid photo ID, and business bank statements covering the last 3–6 months. Traditional lenders may ask for financial reports, tax returns, and business plans, while Bizcap’s process typically requires fewer documents.

Discover what documents you need to apply for a business loan.

How long does it take to get approved for a business loan?

Banks can take several weeks to process an application. Bizcap can approve eligible applicants in as little as 3 hours, with same-day funding available.

Do I need good credit to get a business loan?

Not always. Bizcap looks at your business performance, not just your credit score. Many applicants with average or low credit have still been approved.

Can I get a business loan if my business is new?

Yes. Bizcap supports businesses with as little as 4 months of trading history.

Does Bizcap require security for a business loan?

In many cases, Bizcap can offer loans without security. However, for larger loan amounts or specific risk profiles, some form of security may be required.