With small business loans to purchase equipment…
What could you do?
Bizcap vs The Rest
Most businesses in Australia identify as Small-to-Medium Size Enterprises (SME), accounting for nearly 98% of the total businesses in the economy. Economic conditions for SMEs have been relatively strong since the second half of 2021, and demand for business finance is high. However, small businesses continue to report that accessing funding through banks is a challenge and given ~80% of these SMEs apply for finance loans at some point or another during their business cycle, it’s important for there to be an empathetic lender in the market who understands the peaks and troughs of business. Bizcap has been funding SMEs since 2019 and to-date, has helped over 15,000 customers access the funds they need to take their business to the next level.
The Australian Small Business Lending space is quite developed and there are a range of lenders in the market including Prospa, Lumi, Capify, Max Funding, Moula, On Deck, Banjo, Business Fuel etc., each offering loans with different characteristics and benefits. The table below compares a range of business loans available from various lenders to help you find the best business loan for your business.
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| Founded | 2019 | 2012 | 2008 | 2015 | 2014 | 2018 | 2011 | 2012 | 2006 | 2014 | 20161 |
| Origin | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia |
| Ownership | Unlisted | Unlisted | Listed | Unlisted | Unlisted | Unlisted | Unlisted | Unlisted | Unlisted | Unlisted | Listed |
| Origination Fee3 | c. 3% | c. 3% | c. 2% - 3% | c. 1.5% - 2.75% | c. 2% | - | - | - | - | - | - |
| Minimum Time in Business3 | 6 months | 6 months | 12 months | 24 months | 6 months | 6 months | N/A | 12 months | 12 months | 9 months | 12 months |
| Revenue Hurdle3 | $120k / year | $120k / year | $60k/ year | $500k/ year | $60k/ year | $60k/ year | $90k/ year | $120k/ year | $100k/ year | $120k/ year | $75k/ year |
| Type of Competitor | N/A | Direct | Direct | Direct | Direct | Direct | Direct | Direct | Direct | Direct | Direct |
| Loan Amount | $5k - $2mil | $5k - $500k | $5k - $500k | $20k - $150k (unsecured) $20k - $1m (secured) | $5k - $250K | $5k - $300k | $3k - $30k | $10k - $250k | $10k - $250k | $10k - $1m | $5k - $250k |
| Repayment Terms | 3 - 12 months | 3 - 12 months | 3 - 36 months | 6 - 12 months | 12 - 24 months | 3 - 36 months | 1 - 12 months | 6 - 24 months | 6 - 24 months | up to 60 months | 3 - 36 months |
| Turn Around Time (App > Fund) | 3hrs | 24hrs | 24hrs | 24hrs | 24hrs | Same Day | Same Day | 24hrs | 2hrs (under $150k) - 24hrs | 3hrs no paperwork (under $250k) | weeks - months |
| Min Credit Score Requirement | -100 | 500 | 400 | - | - | 350 | - | - | 400 | - | - |
The information in the table above is based on the lender’s website and industry insights, we can not guarantee that it is accurate if the lender has had any product updates.
- NAB’s SME Lending business (NAB QuickBiz Loan) was founded in 2016.
- Represents pre COVID-19 origination estimates. Information sourced from publicly available information and management estimates.
- Loan information applicable to term loans only.
Features of a Bizcap Business Loan
- Borrow between $5K to $4M
- Open minded offers (irrespective of existing loans, bad credit, defaults or judgements)
- Funding in as little as 3 hours
- Loan terms between 3 and 12 months
- Flexible repayments and early payout available
Our Simple Application Process
Application
Our online application process takes less than 5 minutes to complete and gives us all the information we need to make an offer.
Assessment
Our team assess your application quickly, taking into consideration cash flow and general cash management.
Funding
If approved, you can have the funds in your account within 3 hours – even if you have existing loan facilities.
Grow Your Business
Move fast, and confidently
Complete our application form, upload your statements and get a decision with the hour, and the funds within 3 hours.
High approval rates
We’re the most open-minded lender in the market and can often help, even if you’ve previously been declined by other lenders.
Cash flow-friendly repayments
Once you have a loan with Bizcap, we organise daily or weekly repayments and can offer early payment discounts.
Real Examples. Real Customers. Fast Funds.
Articles, stories and tips to keep your business moving
| Industry | Manufacturing |
|---|---|
| Loan Size | $422,000 |
| Loan Use | Inventory |
| Credit Score | 322 |
| Turn Around Time | 5 hours |
| State | NSW |
| Industry | Retail |
|---|---|
| Loan Size | $670,000 |
| Loan Use | Expansion |
| Credit Score | 490 |
| Revenue increase | 380% |
| State | QLD |
| Industry | Transport |
|---|---|
| Loan Size | $75,000 |
| Loan Use | General Cashflow |
| Credit Score | 527 |
| Turn Around Time | 2 hours |
| State | VIC |
Bizcap provides business purpose loans to small to medium business owners . When assessing a loan application from a prospective borrower, Bizcap at its sole discretion may determine what security it requires from the borrower and any guarantor/s in order to approve a loan. This security may take the form of:
(a) a registrable security interest over personal property in accordance with the Personal Properties Securities Act 2009 (Cth). This security interest may be enforceable against all present and after acquired property, specified collateral, or both;
(b) a charge over real property, registrable by a caveat or mortgage in accordance with the relevant state property legislation in which the real property is situated; and/or
(c) a corporate or personal guarantee (as the case may be), whereby a guarantor guarantees the performance of the loan by the borrower and agrees to be liable in their own capacity for any acts or omissions of the borrower, such as non-payment. The guarantee is also supported by a charge over the guarantor/s real and/or personal property.
Prospective borrowers and guarantors are encouraged to obtain independent legal advice in relation to the security that Bizcap requires once a loan application is assessed or approved.
FAQs About Bizcap Compare
Anything you want, as long as it’s to do with your business! Some of the things our customers use our business loans for are:
- Expansions, renovations and unexpected repairs
- Purchase stock and equipment
- Marketing
- Hire more employees
- Pay expenses
- Cash flow
If you’ve been in business for six months or more, have an active ABN and over $12,000 of monthly revenue, we hope to be able to help. As Australia’s most open-minded lender, we look at several aspects of your business to provide you with funding.
We make the process easy – just complete the application form (it takes less than 5 minutes). From there, we’ll match you with one of our Loan Specialists who’ll get the information and documentation we need, and find the best solution for you. Alternatively, you can call us on 1300 922 223.
After we’ve got the information needed, our credit team will give your application the once-over and we’ll make you an offer. If you’re happy with the offer, you can sign the contract and we will transfer the funds quickly.
You sure can! We don’t penalise you for doing so – there are no early repayment fees or anything like that. If you know you only need the capital for a short period – for example, to buy stock that you’ll sell in two or three weeks, let your Account Manager know, and we’ll arrange an early payment discount for you.
The fees and repayments are tailored to your individual circumstances. They will be determined by your cash flow, payment history and general financial strength, as well as how many years you’ve been trading, your assets and what you’re using the funds for. Repayments are made either daily or weekly.
3 hours! Once we have your application, bank statements and any other supporting information we need, we will assess your file within a couple of hours, and all being well, we’ll make you an offer. Once you’ve agreed to the offer, the funds will be winging their way into your account. If you need funds in a hurry, just let your Account Manager know and they’ll fast track your application.
It’s a loan that’s not secured against your assets – such as your home or car. It’s assessed based on your cash flow, creditworthiness and other factors related to your business.
You can repay your business loan weekly or daily, and the repayment will automatically be taken from your business bank account.
We provide loans from $5,000 to $2,000,000 and our loan terms vary from 3 to 12 months, with payment terms that are either daily or weekly. The total amount of your loan will depend on the specific circumstances of your business – we consider a variety of factors to determine the health of your business, and lend accordingly.
In most cases, yes, a lot of our customers have received funding elsewhere but didn’t get access to the capital they needed. To find out if we can help, complete our application form and we’ll get back to you.
Once you’re halfway through your first loan with us, we can discuss giving you access to additional funding. We generally contact you at this point, see how your business is going and to see if we can assist further.
Each applicant’s cash flow, payment history, and financial strength is considered to determine a risk-adjusted repayment plan specific to that applicant. Payments are determined by factors such as: the amount and consistency of the business’s cash flow; the number of years the business has been in operation; the assets owned by the business; and the proposed use of funds. We charge a fixed fee on the loan which is agreed upon upfront. We do not penalise you for wanting to pay out your loan early either.
No. We’re not a personal lender, so we don’t need to check your personal finances – unless your business transactions are going into your personal account. We just need your business bank statements. We will, of course, check the credit reports of the business and its owner(s).
Repayments are made weekly or daily over the term of the loan, which can be anything from three to 12 months.
We usually need a minimum of six months’ trading history, however, if you have an existing business and need funding for a new venture, please get in touch and we’ll be able to quickly assess whether we can help you or not.
The interest rates on an unsecured business loan are higher than a secured loan as we don’t have any assets to guarantee repayment. Of course, that means that we can provide finance quickly as we don’t have to go through the paperwork needed to value property or vehicles!
Bizcap offers both Unsecured Business Loans and Secured Business Loans. Our loan sizes vary from $5,000 to $2,000,000 dependent on the loan type and the customer profile
Bizcap may take personal guarantee(s) from directors of corporate borrowers, directors of corporate guarantors and certain individuals.
When assessing a loan application, Bizcap generally does not take into account whether a prospective borrower has specific assets to provide as security.
If the loan amount is above $30,000 (or any other figure Bizcap determines from time to time), Bizcap will, under the loan agreement, take a charge over the assets of the borrower and its guarantor(s). Bizcap may register its security interest(s) on the relevant register including the Personal Properties Securities Register and the relevant land interests register. In certain instances, Bizcap may require specific security to be granted over assets. Examples of security (based on loan size and the customer’s individual circumstances) include charges over bank accounts, vehicles or other personal property or caveats over land.
When assessing a loan application, Bizcap generally does not take into account whether a prospective borrower has specific assets to provide as security.
Security and assets are not required for an application regardless of the loan amount.