Upgrading your business? A business loan is worth a look

By Sophie Wong · · 2 min read
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Aeronautical engineer is thinking of taking out a business loan to grow the business

Business owners seem eager to reach their financial goals as the number of new loans taken out are rising, recent data from the Australian Bureau of Statistics (ABS) shows. 

In fact, for business construction purposes, the total loan amount of Australian businesses rose by 17.8% in August.

Similarly, there was an average jump in loan amount for businesses that have purchased property, up by 10.8%. 

This uptick may be because business loans are used for all sorts of things, and can help keep the engine running on your enterprise if you’re in a bit of a financial bind. 

Business loans are becoming more popular

Few colleagues are discussing the rising popularity of business loans

According to the Reserve Bank of Australia (RBA), there’s a growing number of outstanding loans this year. 

One reason may be that many businesses are looking to modernise to keep up with the ever-evolving landscape of technology and customer demands. In doing so, some might be thinking about springing for sustainable tech, or to even make physical room for new machines or technology.

As these upgrades will possibly stretch the financial budget for some companies, a business loan could be something to consider.

Thinking of getting a business loan?

Colleagues are gathered around a table and having a meeting about business loans

You may be wondering whether you’re in a position to get a business loan and what amount you can borrow.

This amount will depend on a few factors including your reasons for taking out a business loan, and your credit history. For example, you may need to borrow more money if you plan to expand your operations by leasing another building, as compared to buying more equipment. 

Additionally, if you’ve got a good credit score, then it’s possible that you may be eligible to borrow a larger sum of money. However, while the opposite may also be true, there are ways to improve your credit score if you’re worried.

Another thing that will affect how much you can borrow is the provider you’re with as every lender has a different loan range on offer. Keep in mind that the lender you choose can not only determine how much you’re able to borrow, but have an impact on the number of fees you pay. So it’s good to pay attention to these things as you could end up paying more, especially if there are ongoing fees.

As such, it’s important to do your research and shop around to find the best offer that will meet your needs. 

Compare business loans today

Ready to give your business a little boost? Browse our business loans hub for some options, or start comparing below.

Business loans comparison table

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Last updated 18 March 2025Important disclosures

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  • About ScotPac
    Boost Business Loan

    Whether you’re looking for a quick cash boost for your business or are ready to invest in growth, ScotPac offers a range of unsecured and secured loans from $10,000 up to $500,000. For loan terms of 6 months to 3 years. No application or account keeping fees to pay. Funds available in 24 hours or less once approved. Repayment options available.

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  • About Prospa
    Prospa Plus Business Loan

    Prospa uses risk-based pricing to determine your interest rate. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.

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    Interest rates vary based on risk.
    3.5%
    from 24 hours
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  • About Great Southern Bank
    Business+ Unsecured Loan

    Borrow up to $50,000 without using your assets as security. A fixed interest rate means your repayments don’t change over the life of the loan. Apply in minutes with Business+ online or the Business+ app. Get your money fast and efficiently. $20k minimum loan amount.

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    Rates range from 11.95% p.a. to 22.95% p.a.
    $495
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  • About Great Southern Bank
    Business+ Vehicle Loan

    No upfront deposit and no extra security. Fixed rate for the life of the loan giving you cash flow certainty. Quick quotes and apply online in 20 minutes. Balloon payment available. Can be used for new and second-hand vehicles up to five years old that are bought from a dealership.

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    Rates range from 6.29% p.a. to 16.99% p.a.
    $0
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