Frequently Asked Questions

Popular Questions

What should I know before applying for a business loan? Is there anything I need to prepare in advance?

At the outset, recognise that different lenders want to look at different aspects of their applicant’s profile and will have different requirements. Our lending experts will walk you through any documentation needed, but if you decide to apply on your own, lenders typically want to see the following documents:

Who you are
- Legal business name
- Your Australian Business Number (ABN)
- Business address and contact information
- Ownership type of company
- Current owners
- History of company
- ID cards with photograph - i.e. passport, driver’s license
- ID documents - i.e. birth certificate, Australian citizenship certificate, utilities (power, gas, phone) bill, a recent rates notice from your local council, an income tax notice from the Australian Tax Office
How healthy your business is
- Gross annual revenue
- Notice of tax assessment (past two years)
- Company tax returns (past two ears)
- Client account documents
- Balance sheets/profit and loss statements (past two years)
- Proof of income - i.e. payslips, letters of employment
- Business banking account number and balance
What you own (can be used as security/collateral)
- Physical assets - i.e. land, building, equipment, vehicles (documents and photos)
- Financial assets - i.e. stocks, bonds, crypto currencies
- Intellectual property - i.e. pa
  tents owned
How your other business ventures are doing, if any
What you owe
- Debts - i.e. leases, overdrafts, loans, taxes
- Any other financial obligations that you have
How you will be repay your loan
- Crunch your numbers and know how much you can afford to repay regularly
  A well thought-out budget is very important at this stage, as well as cash flow analysis including debt payment schedule, accounts payable, accounts receivable (prepared 90 days prior to lender meeting).

Most importantly, ask your lender about anything you’re unsure about. And if you get stuck along the way, our lending experts are here to help you. It’s important you feel confident about your decision, and it’s our priority to ensure you’re fully informed and clear on loan terms.

Is it hard to get a business loan?

Yes and no.

A lender studies your profile–looking for indications of how capable and willing you are to pay them back. But to arrive at this picture, they need to take a look at your past, present and future.

Your past: how profitable has your business been in the last five years? Have you borrowed before? Did you pay on time? (Note: a credit rating below 700 could give you a hard time).

Your present: *how much cash do you have on hand now? Do you project an image of being organised and coordinated? How many loan applications have you made recently? *

And ultimately, your future: what’s your business plan? How will the loan you’re applying for move the needle in the right direction? Are you likely to meet repayment deadlines?

So, in short, getting a business loan could be tricky if you have credit issues, lack security or are unlikely to meet repayment deadlines. However, if your company—and credit history—is in good shape, you’ll have a better shot at getting the funding you want.

And, to increase your chances of a successful application, consider applying through a trusted third party who can help you find the right lender and advocate for you.

Which lenders are on Valiant’s panel?

We have over 80 lenders—both bank and boutique—on our panel, including ANZ, NAB and Westpac and non-bank lenders like Moula, Ondeck and Prospa.

Not sure who to choose? Look no further than our loan finder. With it, you get instant access to our lending panel, plus customised quotes and solutions, tailored to your needs.

Frequently Asked Questions

Types of business loans

Why business finance?

Business lenders

Credit scores

Applying for business finance

Construction financing

Healthcare financing

Hospitality finance

Retail financing

Sole trader financing

Finance for professional services

Manufacturing financing

Partners

Popular Questions