Choosing a Lender
Most businesses in Australia identify as small and medium-sized enterprises (SMEs), accounting for nearly 98% of 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 that about 80% of these SMEs apply for 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 more than 21,000 of them access the funds they need to take their business to the next level. The Australian SME 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, Tru Cap, Shift Finance, Valiant Finance, Get Capital, Bizloansfast, BiiGGA and others, each offering loans with different characteristics and benefits.
The below table compares a range of business loans from various lenders to help you find the best one for your business.
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Loan Amount |
$5k - $5m |
$5k - $500k |
$5k - $500k |
$20k - $2m |
$5k - $250K |
$10k - $500k |
Up to $1mil |
$10k - $500k |
$10k - $250k |
$10k - $1m |
$5k - $250k |
$5k - $1m |
$20k - $5m |
$20k - $2m |
$10k - $150k |
$2k - $250k |
Repayment Terms |
3 - 12 months |
3 - 12 months |
12 - 36 months |
6 - 60 months |
12 - 24 months |
3 - 18 months |
1 - 36 months |
6 - 36 months |
6 - 24 months |
Up to 60 months |
Up to 5 years |
3 - 12 months |
1 - 6 months |
1 - 24 months |
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Turnaround (Application to Funding) |
3 - 24hrs |
24hrs |
24hrs |
24hrs |
24hrs |
Same Day |
24hrs |
24hrs |
2hrs (under $175k) - 24hrs |
3hrs no paperwork (under $250k) - 24hrs |
24hrs |
24 - 48hrs |
24hrs |
24hrs |
24hrs |
24hrs |
Line of Credit |
Available |
Unavailable |
Available |
Unavailable |
Unavailable |
Available |
Available |
Unavailable |
Unavailable |
Unavailable |
Available |
Not available |
Not available |
Not available |
Not available |
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Revenue Hurdle |
$144k / year |
$120k / year |
$72k / year |
$500k / year |
$120k / year |
$100k / year |
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$120k / year |
$100k / year |
$144k / year |
$75k / year |
$180k / year |
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Minimum Time in Business |
4 months |
6 months |
12 months |
24 months |
6 months |
6 months |
0 months |
12 months |
12 months |
24 months |
12 months |
6 months |
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3 months |
Min Credit Score Requirement |
None |
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400 |
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500 |
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Bank-level credit score expectations* |
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Founded |
2019 |
2012 |
2008 |
2015 |
2014 |
2022 |
2016 |
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2015 |
2014 |
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2017 |
2019 |
2004 |
2021 |
2018 |
Origin |
Australia |
Australia |
Australia |
Australia |
Australia |
Australia |
Australia |
Australia |
USA |
Australia |
Australia |
Australia |
Australia |
Australia |
Australia |
Australia |
Ownership |
Unlisted |
Unlisted |
Listed |
Unlisted |
Unlisted |
Unlisted |
Unlisted |
Unlisted^ |
Unlisted |
Unlisted |
Listed |
Unlisted |
Unlisted |
Unlisted |
Unlisted |
Unlisted |
*The information in the table is based on each lender’s website and industry insights. Bizcap cannot guarantee that it is accurate if the lender has made product updates. Loan information applicable to term loans only. Banks traditionally have a higher required minimum credit score than non-banks.
^Boost (Unlisted), formerly known as Buiness Fuel, is part of ScotPac Group (Listed).