Why a Small Business Loan?
Fast business loans
Apply online in minutes and access funds within 24 hours of approval. Some applications may be eligible for same-day credit decisions.
Tailored to your business
We take the time to understand your needs. Choose secured or unsecured loans from $10K to $500K, with terms ranging from 6 to 36 months.
Simple application
Applying for a small business loan is quick and easy, with minimal documentation required to get your loan underway.How Small Business Loans Can Help Your Business
Small businesses often face challenges like seasonal fluctuations, shifts in demand, or unexpected expenses. A small business loan provides fast access to working capital, helping you manage cash flow and keep your business moving forward.
How Small Business Loans Work
With a small business loan, your growing company can access the working capital it needs – when you need it.
The online application takes just 5 minutes to complete and requires minimal documentation, such as your business bank statements. Our loan specialists provide same-day credit decisions where possible, with funds available in as little as 24 hours from approval.
Award winning Business Finance
As the largest non-bank lender in Australia, ScotPac brings the best of both worlds: the speed, flexibility and ease of a specialist lender combined with the reliability and knowledge of a major finance provider.
We help businesses in any industry get the funding they need.
Is a small business loan right for you
How do you know if a small business loan from ScotPac is right for your business?
Who owns the business
The applicant must be 18 years or older and an Australian citizen or permanent resident.
Where your business trades
Eligible businesses must have been trading in the same location for 12 months or more.
Monthly turnover
Your business must demonstrate a consistent monthly turnover of at least $10,000 in total sales.
Required documentation
You’ll need to provide six months of business bank statements and photo ID for all directors or borrowers as part of your application.
How much you want to borrow
ScotPac offers small business loans from $10,000 to $500,000, depending on your average monthly sales and business needs.
Security or assets
Loans over $200,000 require security. For smaller loans, having an asset can still improve your loan terms and borrowing capacity.
Not sure if a small business loan is the right fit? Reach out to the ScotPac team. Our lending specialists will walk you through your eligibility and the finance options that best suit your business.
Frequently Asked Questions
HOW SMALL ARE SCOTPAC’S SMALL BUSINESS LOANS?
ScotPac provides business loan amounts between $10,000 and $500,000. Loan amounts are based on a number of factors, including your average monthly sales.
HOW MUCH CAN I BORROW?
Your borrowing capacity will depend on your monthly sales turnover, asset base, and a number of other factors. ScotPac generally provides business loans of up to $500,000. However, loans of $200,000 or more require security in the form of an asset.
WHAT INTEREST RATE IS AVAILABLE?
The ScotPac team will determine the interest rate for your loan based on factors such as market conditions, i.e., the cash rate, and your business’s perceived risk profile.
ARE BUSINESS WITH A BAD CREDIT SCORE INELIGIBLE?
Not necessarily. Our lending specialists consider your business’s overall financial health – not just your credit history. For more information and tailored advice about business loans for you, reach out to our lending specialists today.
ARE THERE OTHER FEES WITH A SMALL BUSINESS LOAN?
No, there are no additional or hidden fees with a ScotPac business loan, including no account-keeping fees. We maintain complete transparency throughout the loan application process. Your regular repayments will include instalments of the principal loan amount, incurred interest, and a simple flat facility fee and drawdown fee.
If you decide to pay out your loan early, you won’t be charged a penalty fee either.
HOW CAN I IMPROVE MY BUSINESS LOAN TERMS?
If your business has a strong asset base, a good credit history, and security to serve as collateral, you may benefit from lower interest rates, more flexible terms, and access to larger loan amounts on your small business loan.
HOW FAST CAN I GET A BUSINESS LOAN?
Our online business loan application can be completed in just 5 minutes, with some applications eligible for same-day credit approval. Once approved, funds can be accessed in as little as 24 hours.
DO SMALL BUSINESS LOANS NEED SECURITY?
No. 80% of ScotPac’s business loans are unsecured, and small business loans do not require an asset to be used as security. For business loans of $200,000 or more, you will need collateral in the form of an asset, such as property.
However, even for unsecured business loans, applicants with a strong asset base can improve their approval eligibility and increase their potential loan amount.
ARE SMALL BUSINESS LOANS AVAILABLE FOR START-UPS?
No. New businesses and start-ups are not eligible for a small business loan unless they have been operating from the same location for at least 12 months and have consistent monthly sales of at least $10,000.
HOW DO I KNOW IF MY BUSINESS IS ELIGIBLE?
In addition to having traded for 12 months or more in the same location, your business must be owned by an Australian citizen or permanent resident who is 18 years of age or older.
ARE SMALL BUSINESS LOANS AVAILABLE FOR ALL INDUSTRIES?
Yes. With over 8,500 businesses currently supported by the ScotPac team, we offer customised business finance solutions to companies across all industries.
WHAT CAN A SMALL BUSINESS LOAN BE USED FOR?
Your small business loan can be used for any business-related expenditure you need. This includes managing cash flow, investing in new stock or equipment, paying wages, funding contracts, or taking advantage of new market opportunities.
CAN I REFINANCE AN EXISTING LOAN WITH A SCOTPAC LOAN?
Yes, you can. Our flexible business loan terms and tailored solutions allow our lending specialists to customise your loan to meet your needs – including refinancing an existing loan with a more favourable option.
HOW DO I PREPARE MY LOAN APPLICATION?
Our online application process is easy to use and fast. While it doesn’t require the extensive documentation of a traditional bank loan, it’s important to prepare by having the following documents ready before you start your application:
- Business bank statements for the last six months
- Photo ID for all directors and borrowers of the business
HOW LONG IS THE LOAN TERM ON A SMALL BUSINESS LOAN?
ScotPac’s loan terms range from 6 to 36 months. For small and medium sized businesses seeking a small business loan, we recommend speaking with our lending specialists about customising a loan to suit your cash flow needs.
HOW DO I MANAGE MY BUSINESS LOAN?
Our online, accessible customer portal allows business owners to manage their loan hassle-free. Plus, with free monthly statements, you can monitor your business’s cash flow and loan repayments quickly and easily. For assistance in using the customer portal, speak to our team.
WILL MISSING A REPAYMENT IMPACT MY CREDIT SCORE?
Missed or late loan repayments can incur a fee and may negatively impact your business’s credit profile. If this is a concern, please reach out to our team directly to discuss the right solution for your needs.
WHERE CAN I APPLY FOR A FAST BUSINESS LOAN?
To start your online application, click here. For more information or assistance call us on 1300 660 681.