Your six steps to prepare for business lending

Before you think about borrowing, it’s important to be clear about your business goals and opportunities.

A business plan can help you establish what you want to achieve. Do you want to expand rapidly? Boost profitability? Or maybe you’re thinking of taking on more staff?

Many lending applications require a solid business plan, especially if you’re a start-up or if your business doesn’t have 12 months of financial records yet.

If you already have one, it could be worthwhile revisiting your business plan and ensuring it’s still up to date.

Need to create a business plan?

  Business plan template (PDF)

If you have an accountant or financial adviser, share your business plan with them. This way they can ensure that any key finance decisions are in line with it, and can support you at the time of a lending assessment.

Banks will want to see a healthy, profitable business when assessing business loan applications.

Want to know more?

Read about the four C's of credit.

Linking your accounting software and your bank account can be a huge time saver.

In reality, almost all of the business financial data that banks need to know is already in your accounting software platform. It’s this daily data that gives the best insight into how your business cash flow is going and where you’re headed.

Want to know more?

Learn how to link your bank feed ^disclaimer
See the benefits of connecting your accounting software.

Tip

Do this as early as possible. ANZ GoBiz applications require a minimum of 6 months of reconciled business financial data connected to eligible accounting software.

Need accounting software?

View this QuickBooks offer. ^disclaimer

Cash flow can be complicated. Depending on your circumstances, some lending applications may require a cash flow forecast.

So, take the time now to wrap your head around it, or enlist the help of your accountant or financial advisor.

Want to master cash flow?

Explore these articles and resources.

Tip

Some accounting software can generate cach flow forecasts for you.

This could save you time and manual effort.

Need a cash flow forecasting template?

  Cash flow forecast template (xlsx)

It’s important to take the time to understand what type of business lending solutions are out there.

By knowing your options now, you’ll be in a better position to choose the right solution when the time comes to applying for funds.

For example, if you know you’ve got a big purchase coming up, a loan may help; or vehicle finance can help reduce the impact on your cash flow if you need a new company vehicle.

Not sure what types of loans there are?

Understand your business loan options.

Explore our range of flexible finance solutions.

It’s never too early to talk to us about your business and where you want to go, especially if you think you may need to borrow to get there.

No matter what stage you’re at, we’re here to help and can work with you to get the most suitable solution, and guide you through the process.

Our business lending managers are here to talk. There’s no obligation. You can get the conversation started by filling out our business contact enquiry form.

Request a call back