Top business banking deals to boost your business growth

Business woman using her phone

After a tough year, many small businesses are looking to transition out of survival mode and begin growing their operations again. In these times of economic uncertainty, managing the ups and downs of your business’ cashflow can be made easier with the right banking products under your belt.

Whether it’s a business loan to help fund ‘big ticket’ purchases such as stock or new equipment, a credit card to cover smaller cashflow shortages, or a bank account to keep track of all your business transactions, you’ll have plenty of attractive offers to sift through.

So to help you shop around, here are our editorial picks for top business loans, bank accounts and credit cards available to Australian businesses right now. Read on for a snapshot of their key features.

Top business loans

ANZ Next Step business loan
  • No approval or ongoing account fees
  • Backed by the government’s SME Loan Guarantee Scheme^
  • Extra repayments allowed

If you’re after extra funding to accelerate your business growth, turn your attention to the ANZ Next Step business loan. This unsecured loan comes with variable rates of 4.24% p.a. for amounts up to $200,000 when you apply online. There are no upfront or ongoing fees to worry about, and you’ll also have the ability to make extra repayments to pay off your loan sooner. Another handy feature is that you can integrate your ANZ business loan information into accounting software (Xero, Intuit Quickbooks or MYOB AccountRight), helping you to streamline your finances. Given that you’re eligible and have the right documentation, it could take as little as 20 minutes to apply and get conditional approval online. To qualify, you’ll need to have been in business for at least 12 months and earn at least $75,000 a year.

Bizcap Business Loan
  • Borrow up to $600k
  • No minimum credit score requirements
  • Cashflow friendly repayments

Don’t have an A+ credit rating? Then Bizcap’s unsecured short-term business loan could be for you, as it welcomes businesses with defaults from past hardships or poor credit scores. Eligible businesses can borrow up to $600,000 over 3-12 months. You’ll need to budget for an upfront fee, but in return you can access perks including free extra repayments and the option to match your repayments to your business cashflow (weekly or daily). The application process could take only 10 minutes, with approval and access to funding possible in three hours. To be eligible, you’ll need to have been trading for at least six months, with a monthly turnover of over $10,000.

Zip Business Loan
  • Borrow up to $500k without collateral
  • Only pay interest on what you use
  • Fee-free extra repayments

Unsure exactly how much you’ll need to borrow to boost your cashflow? With Zip’s unsecured business loan, you can draw down whatever amount you need (up to an approved credit limit) and you’ll only be charged interest on the portion you access. Just bear in mind each drawdown will come with a fee. There are also other flexible features to enjoy, including the ability to sync your repayments to your cashflow (weekly, fortnightly or monthly), and to pay off your loan early without penalty. The Zip Business Loan can also be integrated with accounting softwares including MYOB, Intuit QuickBooks, Sage and Xero, helping you keep all your business finances in one place. Plus, you can say hello to fast application and approval speeds, as funding with Zip  could be possible in just 24 hours. But first, check that your business ticks a few boxes: you’ve run your business for at least 18 months and earned at least $200,000 in the last year.

Heritage Bank Fully Drawn Loan
  • Choose between variable and fixed rates
  • No maximum borrowing amount
  • Match repayments to your cashflow

If you’re looking for a loan to support your cashflow over the long run as you make big purchases like a property or another business, then Heritage Bank’s Fully Drawn Loan could be your match. This loan is secured, which means you'll need to put up an asset as collateral. Borrowers can choose between variable rates or fixed rates over 1-5 year terms, with the best rates offered to those who opt for residential security (e.g. their family home) as opposed to other security types. Either way, you’ll have great features at your disposal, including the ability to make repayments weekly, fortnightly or monthly depending on your cashflow. Not to mention you can contribute extra repayments and also make redraws should you need to access those funds later on. Just watch out for the $20 redraw fee and a break fee that applies if fixed rate borrowers pay off their loan early.

Heritage Bank Line of Credit
  • Borrow up to $500k
  • Draw down on available funds any time
  • 5 free transactions per month ($2 per transaction after)

For even more flexibility, you may want to look at Heritage Bank’s Line of Credit. This loan allows businesses to access as much or as little funding as they need (up to their approved credit limit) at any time, to help bridge gaps in their cashflow. Variable rates start from 3.75% p.a. for residentially secured loans and the good news is, you’ll only need to pay interest on the amount you draw down. Plus your first five debit or credit transactions on your line of credit facility account every month are completely free, with subsequent transactions costing $2 each.

Top business bank accounts

Commonwealth Bank Business Bank Account
  • 2020 Mozo Experts Choice Award winner^^
  • Multiple types of transactions available - online, cheque, staff-assisted
  • Compatible with digital wallets

The Commonwealth Bank Business Account has all the essential features you may want in a business bank account, plus more. Its first option charges no monthly account fees whatsoever and provides you with an unlimited number of free domestic electronic transactions and Commbank ATM withdrawals per month - perks which helped the account win a 2020 Mozo Experts Choice Award for Small Business Exceptional Everyday Account.^^ Or if you prefer doing your banking in-person, you can also access 20 free cheque and staff-assisted transactions every month by paying a $10 monthly fee. Both versions can be linked to contactless payment options including Apple Pay, Google Pay, Samsung Pay and PayID, giving you the convenience of making business purchases with your digital wallet.

Heritage Bank Business Cheque Account
  • $0 monthly account fee
  • Unlimited free transactions for online, phone and counter deposits
  • Can link with digital wallets

Love the sound of fee-free business banking? Then the Heritage bank Business Cheque Account could be a great fit. It comes with no monthly service fees, and you can also make an unlimited number of free domestic transactions every month online, over the phone or for deposits in-branch. Not to mention you’ll have access to 10 free monthly transactions for Heritage Bank ATM or over-the-counter withdrawals as well as for EFTPOS, BPAY and cheque transactions. This account is also compatible with digital wallets like Apple Pay, Google Pay, PayID and Samsung Pay so you’ll have the flexibility of using your smartphone to pay.

Top business credit cards

American Express Business Explorer Credit Card
  • 2020 Mozo Experts Choice Award winner^^
  • 3.99% p.a. intro rate (19.99% p.a. after six months)
  • 75,000 bonus rewards points (spending conditions apply)

The Amex Business Explorer Credit Card is dressed to impress, with an ultra low intro rate of 3.99% p.a. for the first six months (19.99% p.a. after) and up to 55 interest-free days, giving eligible businesses breathing space to pay off any outstanding balance. Whether you’ve got five or 50 employees, the Amex Business Explorer also lets you have up to 99 additional cardholders. Plus for a limited time (until 21 April 2021), you could score 75,000 rewards points if your business spends $3,000 in the first three months after approval. Any other purchases you make (except at government bodies) could also earn you 2 rewards points per $1 spent. Better still, these points are uncapped and have no expiry date so you can save them for future business trips. It’s little wonder the Amex Business Explorer snagged a 2020 Mozo Experts Choice Award for best Rewards Business Credit Card.^^ Just be sure to budget for its $149 annual fee.

NAB Qantas Business Signature Card
  • 100,000 bonus Qantas points (spending conditions apply)
  • Up to 44 interest-free days
  • Compatible with multiple digital wallets

If travel makes up a big part of your business expenses, then the NAB Qantas Business Signature Card could be your ticket to getting free or discounted flights. Right now, 100,000 Qantas points could be up for grabs for new cardholders if they spend $4,000 on everyday business purchases within 60 days of opening their account. They can also earn 1 Qantas Point for every $1.50 spent on eligible purchases, capped at $50k per statement period. Besides rewards, the NAB Qantas Business Signature Card comes with 44 interest-free days to help you make your repayments without being stung by the 18.50% p.a. purchase rate. Another perk is that you may not  have to carry your physical card with you, as this plastic can be linked to Apple Pay, Google Pay, Samsung Pay and even smartwatches like Garmin and Fitbit. But you will need to weigh up a $295 annual fee.

For even more deals, head on over to our business banking page where you’ll be able to browse a whole suite of products ranging from business loans to business credit cards. 

^For more information, read our article about phase 2 of the SME Loan Guarantee Scheme, which will run until 30 June 2021.
^^For a full list of Mozo Experts Choice Award winners for the aforementioned categories, check out our Small Business Accounts Awards and Small Business Credit Card Awards pages.

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