Business Line of Credit
Only pay for what you actually use
Let's Get Started
It's a low-fee Line Of Credit
Only pay for what you borrow
Funds right at your fingertips
Why you’ll love our Line of Credit
Flexible access to business funds
An ongoing credit facility with repayment terms of up to 5 years
Know how much you need to pay
Fully transparent repayment schedule that is updated every time you withdraw funds
Pay less fees
Only pay a one-off establishment fee based on your limit. No other hidden fees
Here's how it works:
1
2
3
Are you ready to apply for business funding?
Tick the boxes to check if you’re ready to apply.
- Sales records for the last 6 months
- Active ABN or ACN
- Australian citizenship or permanent residency
All About Business Line of Credit
Even if your business doesn’t need a large injection of cash all at once, you might find some things are financially out of reach, from time to time. If so, a business line of credit may be a great solution for you. With a form of convenient, flexible, ‘revolving’ capital, you can borrow the money you need, when you need it.
What is a Business Line of Credit?
How much can I borrow?
How does a business line of credit work?
All About Business Line of Credit
Business line of credit |
Business credit card |
|---|---|
|
Can be secured or unsecured (collateral required for secured line of credit) |
An unsecured loan based on your personal credit history |
|
Tap into the line of credit by making a direct deposit to your checking account, or by using a debit card linked to the account |
As it works almost exactly like a personal credit card does, use the card to pay for business-related purchases |
|
Minimum monthly payment (based on interest charged and average daily balance) |
Minimum balance to be paid each month and interest charged for late payments |
|
No cash advance fees |
Expensive cash advances |
|
You can pay off your balance and borrow again as often as you’d like |
You can avoid interest charges by paying your statement balances in full |
|
Helps to build a credit history for your business |
Based on your personal credit history |
|
Does not include rewards or benefits |
You can receive rewards for your business spending such as airline points |
|
May have opening, renewal or maintenance fees |
There is usually a joining fee or renewal fee |
6 reasons why businesses may open a line of credit
- You’re a seasonal business steering through the quiet months or preparing for the busy season
- You’re a high-volume, small dollar sales business and want to better manage cash flow
- You’re looking to innovate or invest in new technology or equipment, purchase inventory, materials or supplies
- Your credit score is not high enough for a traditional bank loan
- For payments to suppliers who won’t accept credit cards or who charge additional fees for credit card use
- You have an earnings history but not enough to qualify for a traditional loan
- You are looking for opportunities to build your business credit.
4 expert tips to know about business line of credit
Remember that credit is a form of debt
Businesses must be realistic about their ability to repay what they borrow.
Ask about other charges and late fees
These can add up quickly if you’re not careful!
Consider your risk level
Applications are assessed on case-by-case basis but your chances improve if you demonstrate experience and are operating in a lower-risk industry.
Put your best foot forward
Make sure you have the necessary documents available before applying, including bank statements, profit/loss statements, your credit score and tax returns.
