Small Business Loans FAQ

Nationwest, your certified financial advisor for business loans, wants to ensure you get the best possible loan option for your business, funding need and financial position. We've compiled some regularly asked questions to help you understand the business jargon.

Frequently Asked Questions

  • Business funding under the Government's Coronavirus SME Guarantee?

    Applying for funding under the Government's Coronavirus SME Guarantee Scheme, your business must meet the following criteria:

    • Registered small businesses with an annual turnover of less than $50 million
    • Have a valid Australian ABN
    • Funding must be for business purposes and can be used to support current and upcoming cash flow needs, working capital, liquidity and operating expenditure
    • The funding supported by the Government's SME Guarantee Scheme (including funding from other financial institutions) must not exceed $250,000
    • Business loans cannot be used to refinance existing finance.
    • Nationwest continues to lend to new and existing customers responsibly, and we will assist you to determine your eligibility.
  • How quickly and how much business finance can I get?

    How fast will I get a decision?

    We often respond in one to two hours if you apply during business hours, and use the advanced bank verification system link to verify your bank information online instantly. If you upload copies of your bank statements, we can provide a decision in one business day.

    How fast will I get my business funding?

    If you apply before 4 pm and your application is approved, it is possible to receive your funds the next business day.

    How much business finance can I borrow?

    The total amount of your loan always depends on the circumstances of your business. We consider several factors to determine the health of your business and based on this information.

    Our business loans offer funding up to $300,000. Funding supported by the Government's Coronavirus SME Guarantee Scheme is up to $250,000 for eligible customers.

  • Questions about loan costs and repayments

    How am I charged for a business loan?

    When you apply for an unsecured business loan, we assess the risk profile of your business following our lending policies and provide you with a customised offer, including loan amount, term and interest rate. Interest rates vary based on industry, years in business, and cash flow health.

    When you accept a standard business loan, the only fee you will incur is an origination fee-no additional costs for early repayment, no compounding interest and no extra charges. Business loan repayments are calculated upfront, and you will know how much you need to pay and when from day one.

    How do business loan repayments work?

    We tailor repayments to fit your cash flow cycle, with daily or weekly payment options available, automatically deducted from your nominated business account.

  • Do I qualify for a small business loan?

    You can apply for a Small Business Loan or Business Line of Credit if you:

    • are an Australian Citizen (or permanent resident)
    • are over 18 years, own an Australian business (with a valid ABN/ACN)
    • can demonstrate 12 months of trading for a new business (or 3 months if you have purchased an existing business)

    To be eligible for a credit facility supported by the Government's Coronavirus SME Guarantee Scheme, you must meet the following criteria:

    • Registered small businesses with an annual turnover of less than $50 million
    • Have a valid Australian ABN
    • Funding must be for business purposes and can be used to support current and upcoming cash flow needs, working capital, liquidity and operating expenditure
    • The funding supported by the Government's SME Guarantee Scheme (including funding from other financial institutions) must not exceed $250,000 Business loans cannot be used to refinance existing finance.

    Nationwest continues to lend to new and existing customers responsibly, and we will assist you to determine your eligibility.

    You must have a business which, were it not for the COVID-19 pandemic, Nationwest would consider lending to, and finance will enable the company to trade out of any short-to-medium term difficulty.

  • General questions about business loans

    How to get a business loan?

    If you need flexible finance for business, our dedicated team will work with you to understand your business to find a finance solution for your needs. We work with Australian small business owners from Perth, Western Australia.

    We don't require the financial statements, reports and business plans for your application. We offer a quick online application with a fast loan decision and business funding possible in 24 hours. You only need up to 12 months of bank statements, your ABN and a drivers licence to get started.

    Do I need a deposit for a business loan?

    You don't need a deposit to apply for a business loan with Nationwest. We understand that small business operators often struggle to keep up with the paperwork. To apply for up to $150,000, you only need up to 12 months of bank statements, an ABN and your driver's licence.

    Does my personal credit affect the business loan application?

    We conduct credit checks to look at your personal credit score as well as your business health. Credit reporting bodies compile a report on your creditworthiness based on a range of factors. But, we don't rely solely on your personal credit score; we focus on evaluating the health of your business. Our sophisticated credit assessment tool evaluates over 450 separate pieces of information rather than just a business loan calculator. We take the time to understand how your business functions and what loan value would apply to your business's long-term stability.

  • Apply below. A no obligation application, that does not affect your creditworthiness.

Call our loan advisors today.

08 9390 3666