Compare $10,000 Business Loans

On the hunt to find the perfect $10,000 business loan? We can help! Our business loan comparison tool compares a range of business loans from many types of lenders.

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Who offers business loans?

You’ll be able to apply for a business loan with big banks, smaller credit unions and online lenders. No business loan is the same either, as many lender will have their own assessment criteria and offer their own interest rate. 

How does Mozo help compare business financing? 

Let’s face it, there are a number of different business loans out there - Mozo can help you compare a stack of different business financing options all in the one place. 

Where can I apply for a $10,000 business loan?

Right here! Once you’ve used our business loan comparison tool, click the blue ‘go to site’ button, this will take you to the provider’s site where you start an application

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Page last updated August 5, 2020

$10,000 business loan comparisons on Mozo - rates updated dailyMozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

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*Example cost figure provides indicative minimum total repayments over 6 months on a $10,000 loan. Actual costs will vary depending on individual risk score as assessed by the lender.

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Business Banking Resources

Reviews, news, tips and guides to help find the best business loan for you.

How to make sure you choose the right $10,000 business loan for you 

If you’re in need of a quick cash fix to get your business rolling or back on track, then you might be considering a $10,000 business loan. Taking the time to compare your options is important, as there are a number of things to consider. But don’t worry if it is your first time shopping around on business loans because we’ve answered a few common questions. 

How do I know if I’m eligible for a business loan?

Just like applying for a home loan, your lender will asses your eligibility. While most lenders may differ in what they ask for, some common requirements include: 

  • Be a fully registered business with an active Australian Business Number (ABN) or Australian Company Number (ACN) 
  • Have a minimum turnover, which can start at $40,000 
  • Be in businesses for  a minimum of between 6 months to 2 years 
  • Have a pristine credit history and no unpaid tax bills 

What can I use a $10,000 business loan for?

A business loan can be used for many small expenses, like purchasing new computer equipment, help with cashflow or even pay for training courses for your staff. However if your plans are a little larger and require a bigger cash injection, then you might want to consider a $20,000 business loan instead. 

What are the types of $10,000 business loans available? 

Once you start comparing $10,000 business loans, you’ll notice that there are a few different types around. While there is no better loan type, you’ll need to decide which is the right option for your business. 

Short term business loans

Short term business loans are usually taken out by business owners who are in need of some quick cash to cover an unexpected bill or expense. Typically, these loans don’t last longer than 2 years and are able to be deposited into your business account within 24 hours if you’re approved. 

You might want a short term business loan to pay invoices or give your business a quick cash injection. But just keep in mind, these types of business loans often come with different interest rates than you might be used to. Depending on the lender, you could find that interest is charged on a weekly, fortnightly, monthly or even daily basis. 

Equipment finance business loans

If you’re in need of some new equipment or are planning to upgrade existing equipment, an equipment finance business loan could help. 

More frequently asked questions

What should I be looking for in a business loan?

If you’re serious about taking out a $10,000 business loan, then it’s important to make sure you’re choosing the right one for your business. Aside from choosing a great interest rate, you might also want a loan that comes with flexibility. Here are a few things you’ll want to keep an eye out for: 

Fees  

As a business owner, the last thing you want is to be tied up in fees. When it comes to business loans, some of the most common fees you may come across are: 

  • Application fees - This is a one-off charge you’ll pay at the start of your loan, which can be quite pricey. One other thing to keep in mind is that application fees can be written as either a dollar figure or as a percentage of the total loan amount.  
  • Service fees - Think of these as a maintenance fee to keep your loan ongoing - service fees can either be charged on an annually or monthly. 
  • Late payment fees - If you ever miss a repayment, you could be charged a late payment fee. 
  • Valuation fees -This is a fee charged by the lender to determine the true value of your business. 
  • Exit fees - If you manage to pay off your loan before the set term, your lender may charge you an exit fee. 

Repayment frequency

Many lenders may offer the option to make your repayments on a schedule that best suits your business. This could be monthly, fortnightly, weekly and in some instances, daily. 

Features

And if you’re committed to paying off the loan as fast as you can, then you might want to look into repayment features, like having the power to make additional repayments to your loan. By making these extra repayments, you could also save on interest. But of course life can be pretty unpredictable, especially as a business owner, which is why you might want a redraw facility. If an unexpected bill falls into your lap, you’ll be able to redraw your additional repayments to cover the cost.

Where can I get a $10,000 business loan if I have bad credit? 

If you or your business has a poor credit history, then you might be considering a bad credit business loan. It’s important to know that Mozo does not compare bad credit loans, as they often come with excessively high interest rates. 

In this case, it might be worth using any savings your or the business may have or repairing your credit score first before applying. 

What do I need to apply for a $10,000 business loan?

Ready to apply for a $10,000 business loan? Then it’s time to start gathering some personal details. While every lender will have their own application process and may ask you to provide different details, some of the most common details you could asked for include: 

  • Your drivers license 
  • Your ABN or ACN 
  • Your financial information, such as your bank account and tax record

Business banking guides

Business banking news

SME Loan Guarantee Scheme extended to support small business recovery

As many small businesses struggle to find their footing in a COVID-safe economy, the federal government has stepped in with another lifeline: an expansion of its SME Loan Guarantee Scheme.Under the existing scheme, the government guarantees 50% of business loans issued by participating lenders to small to medium-sized enterprises (SMEs). This guarantee initially covered three-year unsecured loans of up to $250,000 and was set to end on 30 September 2020. But the latest move means SMEs can soon access much larger loans of up to $1 million via the scheme and repay them over a longer period of five years. This second phase will run from 1 October 2020 until 30 June 2021. In other words, it’s due to start a day after a number of government stimulus programs (including the cash flow boost and apprentice wage assistance) expires.Phase two will also include secured loans (except if the collateral is commercial or residential property), and apply to a broader range of funding purposes beyond working capital.Treasurer Josh Frydenberg said the expansion reflects a shift in the government’s focus from aiding businesses’ short-term survival to supporting their investment in the longer run as they emerge out of COVID-induced ‘hibernation’.It comes after recent research found over a quarter of SMEs see lack of available funding as their biggest barrier to innovating and growing for the rest of 2020.A total of 41 lenders are currently participating in the scheme, including the big four banks (ANZ, Commonwealth Bank, NAB, Westpac) as well as non-bank lenders such as GetCapital, OnDeck, Prospa and Spotcap. So far, uptake has been lower than expected, with 15,600 businesses getting their hands on loans worth $1.5 billion, compared to the planned $40 billion. But CommBank’s chief executive, Matt Comyn said the expanded scheme will play an important role in small business recovery in the months ahead.“It is clear from the challenges that we are currently facing in Victoria that the recovery will not be as smooth or quick as first thought, which is why it is essential we come up with creative solutions that offer small businesses in particular different ways to play their part in helping the country and Australians get back on their feet,” he said. “[The] lifting of the amount available to $1 million and the loan extension to five years will allow SMEs … to make the investments needed to get people back to work, create new jobs and lift confidence across the economy.” NAB’s chief executive, Ross McEwan also welcomed the expansion. He said the changes will make the scheme “available to more businesses, for longer, to help them rebuild - and support Australia’s recovery.” Looking for extra finance to pay your staff or buy new equipment? Get started with a few deals below, or jump over to our business loans comparison table for even more options.