Top business loans to boost growth in 2024
![](https://cdn.mozo.com.au/images/atwood/15938/bizcap.png)
If you’re looking for a loan to help manage your business cash flow, expand your operations, purchase new equipment, or beef up your inventory as the end of financial year approaches, you might not know it, but the big banks aren’t the only option for business finance these days.
A new wave of online business lenders has hit Australian shores, bringing with them a range of low cost, flexible funding options for Aussie businesses big and small.
Utilising the latest technology on their online platforms, some of Australia’s challenger business lenders are offering personalised interest rates, five minute applications, and funding in as little as 24 hours from approval. Challenger banks like Great Southern Bank are also offering a distinct approach. As a customer-owned bank with a B-Corp certification, it places ethical business practices and customer needs at the forefront of its operations.
So if you're looking to boost your business growth in 2024, read on for our expert review of the top business lenders giving the big banks a run for their money right now.
ScotPac Boost Business Loan
![Thumbnail icon for ScotPac](http://cdn.mozo.com.au/images/thumbnails/thumb-13238.png)
- Borrow between $10K - $500K
- Funding within 24 hours once approved
- Fast online application
While its name might be new to you, ScotPac has been operating in the business finance space for over 35 years. It has no industry restrictions and can lend up to $200,000 unsecured. Loan terms range from 6 months to 3 years. Interest rates are available on application and to qualify you’ll need to demonstrate a min turnover in sales of $10,000 per month and have owned the business and traded in the same location for at least 12 months. ScotPac has a fast online application and says once approved you should receive the funds within 24 hours. Upfront fee payable.
Great Southern Bank - Business + Unsecured Loan
![Thumbnail icon for Great Southern Bank](http://cdn.mozo.com.au/images/thumbnails/thumb-10947.png)
- Borrow between $20,000-$50,000
- Apply in minutes via app
- Funding within hours of signing loan contract
Great Southern Bank is Australia’s largest customer-owned bank and that means their profits go back into their products and services, not shareholders. The unsecured loan is available for loan amounts between $20,000-$50,000 with loan terms between 1-3 years. To be eligible, you’ll need at least a year trading history and have an annual turnover of $75,000 or more. Fixed rates start at 11.95% p.a. Other costs include a $495 establishment fee and an ongoing $20 monthly fee. You can apply via the business banking app and once the contract is signed Great Southern says you’ll receive funds within hours.
Bizcap Unsecured Business Loan
![Thumbnail icon for Bizcap](http://cdn.mozo.com.au/images/thumbnails/thumb-10652.png)
- Borrow up to $5,000,000
- Easy online application with fast funding
- No early repayment fees
Get business loan funding in as little as three hours with Bizcap on loans from $5,000 to $5,000,000. Bizcap offers cash flow friendly repayments and a super-simple online application process that they say could take only 10 minutes, with approval and access to funding possible within three hours. To be eligible, you’ll need to have been trading for at least 4 months with a $12,000 monthly minimum turnover required. Interest rates are determined on application taking into account your business’s creditworthiness, the duration of the loan and the intended use of the funds. You’ll need to budget for a loan establishment fee which will be agreed upon upfront.
Lumi Unsecured Business Loan
![Thumbnail icon for Lumi](http://cdn.mozo.com.au/images/thumbnails/thumb-6357.png)
- Borrow up to $500,000 with no collateral
- Apply online in 5 minutes and get funding within 24 hours
- No early repayment penalty
Lumi’s straightforward small business loans have no hidden fees or charges and are so easy to apply for that the online process takes just 5 minutes. What’s more, there’s no collateral needed for loans up to $500,000 and funds can be received the same day. Loan terms range from 3 to 36 months and there are no early repayment fees. To be eligible, you’ll need to have been in business for a minimum of 6 months with a monthly turnover of at least $5,000. Interest rates start at 9.00% p.a.
Want to compare more business loans? Head on over to Mozo’s business loans comparison hub to compare over 20 business loans from leading bank and non-bank lenders.
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