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Types of business loans

Which type of business loan should I choose?

The right loan for you depends on where your business is at and what you’re looking to achieve. Our lending experts are trained to help you identify the best solution, lender and rate for your business so you can move forward with confidence.

We offer a wide range of lending solutions for SMEs including asset finance, cash flow finance, vehicle and property loans, and we’ll take the time to understand your business to find the perfect solution for you.
For more information on the different types of finance available, visit our blog or call us on 1300 780 568.

What’s the difference between a secured and unsecured business loan?

Some loans require ‘security’ or ‘collateral’—such as real estate or a vehicle–that the lender can claim in the event of default to recoup any losses incurred. As a borrower, having your asset or property on the line is a good incentive to make repayments on time.

A lender’s imposition of collateral depends in part on their assessment of your creditworthiness. They base these on several factors such as your business track record and credit score. So presenting a positive picture of your company and its reputation also shapes the terms of the loan that you get.

Which types of business loans does Valiant offer?

Valiant works with over 80 bank and non-bank lenders. Our lending panel has doubled in size since we started helping businesses back in 2015. Because we do not exclusively represent a single lender, we are able to offer a wider range of loan products from our partners and find our customers a tailored solution and competitive rate.

We currently offer:

Debtor financing – Leverage unpaid invoices by passing debt onto your lender.
Merchant cash advances – Pay your lender with future sales.
Commercial property finance – Can have several variants for the purchase or development of commercial property.
Overdrafts – Usually attached to a bank account, an overdraft facility lets you withdraw a set amount of funds even when the account itself has reached zero.
Lines of credit – A line of credit is an amount of money your business can withdraw at any time, similar in some ways to an overdraft, but it is not attached to a bank account.
Business credit cards – A business credit card works just like a personal credit card where you earn points and rewards, but is designed specifically for business purposes.
Equipment finance – Allows a business to purchase equipment or vehicles to increase output, produce better products, increase its bottom line, or propel it ahead of the curve.
Unsecured business loans – Loans—usually short-term—that do not require any collateral or security.
Secured term loans – Loans that requires an asset on the part of the lender as guarantee.

Why business finance?

How will business finance benefit me?

Taking out finance can help you bridge gaps in cash flow, expand, or improve the day-to-day running of your business.

Some business owners even take out finance as a buffer to avoid eroding cash flow or gain a little extra breathing space, and find that they sleep easier at night knowing they’re in control (even if something unexpected were to happen).

Whether you’re looking to grow, solve a problem, buy an asset or simply alleviate some of the stress that comes with running a business, we have a solution for you.

Are there any downsides to taking out business finance?

There are a few things that need to be carefully considered before you sign on the dotted line:

Taking out finance is a liability – Even if a company closes down or goes into bankruptcy, debts need to be repaid or settled. Consider whether you’re in a comfortable position to afford the loan itself, as well as interest payments and fees.
There is a risk of losing your collateral – Because loans need to be repaid, there is a cost for non-payment. If you put up a piece of property or equipment as collateral and fail to make payments on your loan, you can lose that asset. Your debtors will have a legal right over it.
There could be implications for your credit score – Taking out a loan could lower your credit score in the short-term because you’ve acquired a liability. But if you pay on time, this will certainly improve your rating. Should you decide to borrow more money from the same lender, however, they will see you as a higher risk since you now owe them more money. And they will usually charge higher interest rates on each subsequent loan.

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Are business loans tax deductible?

In Australia, business loans themselves are not tax deductible, however, the interest you pay on them is. This applies to virtually all types of business financing.

Be sure to keep a record of any business-related payments you’ve made, as the ATO needs proof of interest payments in order to accept your claim at time tax.

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How does refinancing a business loan work?

Refinancing is essentially paying off existing debt with a new loan. There are a few reasons you might want to refinance an existing loan, including:

You want to pay less on your loan repayments
Your original business loan is no longer appropriate for your current business situation
You want to renovate the commercial property or equipment for which you took a loan
The fixed rate term on your original loan has ended
You’d like to consolidate several loans you made into a single loan

There are additional costs that come with refinancing, such as: loan application fees, borrowing costs, break costs, exit/discharge fees, valuation fees and settlement fees. These can be expensive so you will have to carefully consider if the cost of refinancing is worthwhile for you. Our lending experts can help you determine whether it’s the right move.

Business lenders

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.

Credit scores

Will taking out a business loan affect my credit score?

Taking out finance can affect your credit score, but for the better—assuming you meet repayment deadlines. And taking out a business loan has the potential to significantly improve your financial health.

If you’re unsure whether financing is right for you, the great thing about our service is that you can check your rates and eligibility for finance before proceeding with an application, meaning your inquiry will have no impact on your credit score whatsoever.

Can I get a business loan if I have bad credit?

Some people think having a clean credit record—or not borrowing at all—will make their credit score look good. But lenders want to see someone who has borrowed and successfully repaid their loan. They will take a look at your business credit history as well as at your personal credit score. Many get denied a loan because they have no credit history.

To maintain a healthy credit score, business owners should consistently pay their debts on time and spend below their credit limit. You can check your credit score with Australian credit bureaus like Experian and Equifax.

If you find you have a poor credit score, check if any information on your record needs correcting or could be fixed. If you have current debts, it would be good to drive those down before you apply for a new loan.

Applying for business finance

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.

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