Business loan for startups
A business loan for startups could help get your dreams off the ground.
What can a business loan for startups be used for?
Buying more equipment
From computers and stationery to larger industry-specific equipment. Get the equipment you need.
Setting up your workspace
Whether you’re setting up a home office or leasing a retail space, we’re here to help get you up and running.
Marketing your business
Attract more customers with social media marketing and build a website to grow your sales.
Investing in tech
Get set up with quality software systems so that you can save time and run your business efficiently.
Prepare your business plan for a loan application
You only need a business plan and forecast when you apply. Take your next step with our business plan guidance.
At a glance
Borrow $10k-$50k
No asset security needed1
$0 monthly fee2
Loan terms of up to 5 years
Flexible repayment options
Eligibility
You must:
- be a business entity or an individual 18 years and above, domiciled in Australia; and
- require the funding for business or investment purposes other than investment in residential property; and
- meet the credit criteria and credit policy requirements under an applicable offer for this product.
You'll also need to:
- own a business that has operated for less than 2 years
- submit a business plan with your application. Need help with creating a business plan? Check out our guide.
Build your business plan
Use our guide to write your plan and remember to include:
- What your business does
- Your target market
- Forecasted profit and loss or projected cashflow
- Your market competitors
- Long-term business outlook
- Any relevant industry experience and skills
How to apply
1. Get ready
Check the eligibility criteria.
2. Prepare your business plan
This will give us an idea on your ability to service the loan. If you need help with creating a business plan, check out our guide.
3. Get in touch
Leave us your details and one of our business lending specialists will be in contact to help with your loan application.
Backing more businesses
It's time to level the playing field. Women now represent 36% of small business owners*. Our $500 million female entrepreneurs fund has been expanded by another $500 million to $1 billion, to back more women to start-up and scale-up their business.
Frequently asked questions
No, you don’t. New or existing customers can apply.
New businesses use financing to help get them off the ground. The funding could be used to buy property, equipment, stock or product, or for payroll. It could also help with marketing and technology infrastructure setup costs.
It can be challenging to get approved for a business loan when your credit history has been impacted, but it’s not impossible. Familiarise yourself with your credit score and take steps to improve it. If you need a loan urgently, it’s likely that you need to secure the loan with an asset (e.g. property).
Identification
If you’re an existing Westpac customer, we won’t need your ID if we have it on file.
If you’re new to Westpac, we’ll need to check your ID, such as your Australian driver licence or passport. We may also need your business registration documents.
Business plan
Your business plan should include details such as registration, ownership, your products and/or services, as well as finances.
You will need to cover:
- What your business does
- Your target market
- Forecasted profit and loss or projected cashflow
- Your market competitors
- Long-term business outlook
- Any relevant industry experience and skills
Check out our guide for information on preparing a business plan.
A business loan for startups can have a repayment term of up to 5 years.
We won’t ask you to provide specific asset security, such as property, to secure your loan. For corporate borrowers, director guarantees may be required.
The interest rate on a secured business loan is lower because we secure the loan against a pre-agreed asset, which we can recover against if you’re unable to repay the loan.
Tips to help your business
The ultimate guide to finance a startup
It’s time to turn your business idea and dreams into reality. But where do you start when it comes to finding finance? Discover how you could approach this tricky topic.
How to write a business plan
You've got a great idea and you're keen to get started. But for the best chance of success it's important to put together a detailed business plan that describes and establishes key aspects of your new enterprise.
10 tips for when you start your business
Taking the leap of faith to start your own business is a big decision and there are many things to consider. Explore our 10 tips to help get your new venture off to a good start.
Make sense of foreign exchange
Importing or exporting? Find the right solution to reduce the impacts of foreign exchange on your business.
Things you should know
Eligibility, credit criteria, fees, charges, terms and conditions apply. Contact us for more details.
*According to the Organisation for Economic Co-operation and Development (OECD), women represent around 36 per cent of Australian small businesses owners.
1. Guarantees may be required.
2. Other fees and charges may apply.