Business loan application checklist

What you need to apply for a business loan

If you’re a sole trader, the process of applying for finance will be simple, especially if you’ve already set up your business profile through Business+ online or in the Business+ app.

If you run a company with other directors, you’ll each have a role to play to complete the finance application. Find out how to invite other company directors to your business profile.

Before you start your business loan application, check that you’re eligible for finance. Then, calculate your repayments for the amount you’d like to borrow to see if you’re comfortable with the commitment.

Important documents for a business loan application

Identification

If you’ve already set up your business profile with Business+, you’ve already provided your identification so your application will be even quicker.

If not, you’ll need to provide proof of I.D. Valid I.D. includes one of the
following:

• Australian driver’s license
• Australian passport
• Australian Medicare card

We use secure technology to automatically verify your identity.

Business financials

Business financials detail your total income and expenses. To apply for a business loan, you’ll need to upload your business financials to your application through Business+ online or in the Business+ app.

Then, you’ll need give us details of your business’s liabilities. These could include other business loans, business credit cards or leases you have. Again, all this is done online or in-app, so you don’t need to print off your documents.

Business documentation

Lastly, you’ll need to upload a few documents to validate your business’s financial position.

These will include your business’s most recent tax return and Business Activity Statement (if applicable).

The good news is these documents can be uploaded directly from your phone or computer into Business+. Find out how to upload documents.

Business loan checklist

When you apply for finance through Business+ online or in the Business+ app, you’ll get an early indication as to whether your application is on track for success. If it is, we’ll ask you for a specific list of documents we’ll need to see before formal approval is given.

Here’s a guide to give you some idea of what well need to see:

• Last year's tax return for your business (or if you’re a Sole Proprietor, last year’s personal tax
  return)
• Last two Business Activity Statements (BAS)
• Last year’s ATO Notice of Assessment

The Business+ app’s notifications will let you know precisely what’s on your checklist – so make sure you have push notifications switched on.

Next steps

If you have all your documents in order and are ready to apply for a business loan or business overdraft, get started through Business+ online or download the Business+ app.

It only takes a few minutes to set up your business’s profile (for new customers) and around 20 minutes to complete an application for finance.

If your application is successful, you’ll have access to your money the same day.

And, to really hammer home the point, it’s all done digitally with Business+. No branch queues, no hold music and no paperwork from start to finish.