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 October 29, 2020

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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

Small business loan approval sits at 70%: How to apply for yours today

Despite COVID-19 slowing down activity in many industries, the business loans market has remained busy throughout 2020. For over 250 days now, Australian banks have approved more than 500 loan applications from small-to-medium enterprises (SMEs) a day. This is according to the latest data from the Australian Banking Association (ABA), which shows a whopping total of $41 billion has been lent out to SMEs and sole traders between 1 February and 7 October. ABA’s chief executive, Anna Bligh said that with the loan approval rate sitting at 70%, it’s clear Australian banks haven’t left struggling small businesses behind. “Australian banks are continuing to provide a lifeline to small and medium businesses across the country. The rate of lending has held up strongly despite the pandemic,” she said. “The banks’ commitment to small business has been supported by a number of Government and regulatory measures, including the RBA’s Term Funding Facility, changes to business lending rules, the instant asset write-off, and the SME loan guarantee.”These figures come after the federal government announced plans last month to scrap ‘responsible lending’ laws in order to further reduce red tape around accessing credit. The proposed shift from the current practice of “lender beware” to a “borrower responsibility” principle would essentially allow lenders to rely on the income and expense information provided by borrowers, helping to speed up the loan approval process. Australian Small Business and Family Enterprise Ombudsman, Kate Carnell said she supported the proposal as a step towards loosening unrealistic serviceability rules for small businesses. “We are aware of small businesses that have been asked for all sorts of documentation by the banks - even for loans that have been 50 percent guaranteed by the Federal Government - including director guarantees, which really means the family home. It’s no wonder small businesses owners are reluctant to borrow,” she said. “Importantly the banks will still be accountable to ASIC [Australian Securities and Information Commission] and the Government has pledged greater protections for vulnerable borrowers.”

SME Loan Guarantee Scheme: Which businesses have been approved, and will you fit the bill for phase two?

As lenders gear up for phase two of the government’s SME Loan Guarantee Scheme, new Commonwealth Bank figures have emerged showing NSW and Victorian businesses have snagged the biggest piece of the scheme’s funding pie to date. NSW and Victoria made up almost two-thirds of CommBank’s government-backed loans (38% and 26% respectively), while Queensland came in third place at 16%. “Obviously different lockdown measures have impacted some businesses more than others and many of our customers, particularly those in the greater Melbourne and greater Sydney area, worked with our bankers to quickly ensure they had extra cash flow in case they needed it,” CommBank’s group executive for business banking, Mike Vacy Lyle said. Under the first phase of the scheme, the government guaranteed half of all unsecured three-year business loans of up to $250,000 issued by participating lenders including CommBank, ANZ and 39 other smaller providers. Under phase two, the loan terms have been extended to five years, and loan amounts increased to $1 million. Almost 20,000 small to medium sized businesses (SMEs) took advantage of phase one, with CommBank approving loans for 9,400 of these firms. According to CommBank, nearly one-fifth of those businesses belonged to the property and business services sector (17%), while 16% came from retail, 14% from construction, and 14% from accommodation, cafes and restaurants - all industries that experienced high levels of disruption due to COVID-19.