Business Loan Broker NZ, Compare Business Loans
As a business loan broker our job is to help your business succeed.
Looking for reliable business loans in NZ? we've got you covered. Our expertise extends to various financial solutions, including truck finance, startup business loans, and secured business loans. Our streamlined application process ensures simplicity and efficiency, making securing the right financial assistance a breeze.
Why work with a business loan broker
Get a business loan NZ in 3 easy steps
Through just three simple steps, we will guide your business towards securing the business loan it requires to achieve success. Leverage our extensive relationships with lenders, the array of loan options they provide, and the specific prerequisites for each application.
5 Minute Business Health Check
Start a conversation today with Compare Business Loans, your local business loan broker NZ. Complete a no-obligation, free business health check over a 5 minute phone call that includes:
- What kind of lending you should be applying for
- How much you will be eligible for
- Which lender would be the best option for your business situation.
how we can help you
We can help you get an approved business loan
for almost any reason
Startup Business Loans
Ready to start your dream business? We’re partnered with NZ’s top lenders for new business loans. You’ll need a business plan, cashflow forecast, savings and security. We can help you get everything you need together for a successful startup business loan application.
Unsecured Business Loans
An unsecured business loan is a loan that doesn’t require security. The amount you’re eligible for will be limited to a percentage of your annual business turnover and the overall health of your business.
We can assist you get an unsecured business loan for almost any reason. You’ll need good bank account conduct and have enough income to service your loan repayments.
Get truck finance, digger, excavator or heavy machinery finance help your business grow. With business vehicle finance the asset purchased can be used as security for the loan.
No deposit loans are available, otherwise deposits will range from 5% to 20%. A vehicle you already own outright can also be used as security instead of a deposit.
If you are looking for truck finance for a new contract or a van for a courier contract you’ve secured we’re experts in helping our clients prepare for their application and will boost your chances of approval. You’ll need a cashflow forecast and a contract or business plan detailing your business income.
Get your business vehicle finance or equipment finance quote emailed in less than 60 seconds!
Buying a Business Loan
Buying an existing business can be a great investment as you’re purchasing an already established brand. Generally you’ll require 30% deposit and additional security for the loan amount. Speak with us today to help you secure funds to purchase your new business.
What our clients say
Free Application Management
Business Loan Broker NZ
Start a conversation about your business loan requirements today. We can give you a clear picture of what you’ll need to apply for a business loan and which lender is right for your business situation. We can manage your application from start to settlement.
6 Common Business Loan Questions
1. What are the Interest rates for business loans?
The interest rate you receive for your business loan will determine how much additional money you pay back over the period of the loan. So the higher the business finance interest rate the more you will pay back.
It is important to review the interest rate you are offered for your loan and to know how much you will pay back in total. If your interest rate is too high you may struggle to meet your repayment obligations and the health of your business could decline.
Rates for a small business loan will vary from lender to lender. The rate your business is offered will be determined by the level of risk to the lender. The overall health of your business will be assessed, as will your credit history.
A secured loan may get you a lower interest rate however you will be limited to a max loan of approx 70% of the value of your asset. The amount your business can receive for an unsecured loan will be assessed by your monthly revenue and overall health of your business.
back to questions
2. Can I get startup business finance?
To get approved for a startup business loan you will need a business plan and cashflow forecast that shows the lender you have a well researched, solid plan in place and that your business will be profitable enough to successfully repay your loan.
Having industry experience and/or business management experience can also help your application by showing you can successfully run a business and know the industry well.
When applying for a business loan for new business there is no financial history to assess so the lender will need to see 3 months personal bank statements to analyse your account conduct.
Security will usually be required which could be one or more of; Property, Vehicle, Business Assets, Cash Deposit, Guarantor. A lender will need to know if for any reason your business fails there is a way for them to get their money back. An external income source can also help with your chances of approval because it means there is additional income outside of the business which can be used to help repay the loan if required.
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3. What information do I need when applying for business finance?
It is important to note when applying for a business loan lenders can’t make a decision on lending funds without the right information in front of them. You need to make sure you present the right financials and business information to the lender for them to assess your business.
Every lender will require slightly different documentation depending on their application process and also the type of business finance your business requires. Following is the basic information you will need to get assessed for a small business loan in NZ.
- Identification for each owner
- Minimum 3 months bank statements
- Financials (Cashflow Forecast, Profit and Loss, Financial Report)
- Statement of Position (SOP)
If you are starting a new business you’ll need a business plan and cashflow forecast to include in your application. You can download a free business plan template here.
4. What is a business loan broker?
Because business loan brokers have relationships with lenders, they generally know what each lender requires and what will help make your business loan application a successful one.
For example, if you are wanting to get a loan to buy a business, a good broker can help you get the right documentation together for your application and get you to a lender who will assess new business purchases.
Each lender has different requirements which is where a business loan broker can save you time and potential declines by getting you to the right lender, the first time.
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5. Can I get a business loan for buying a business?
There are benefits to getting a business loan when buying a business as the business has financial history and a cashflow forecast can be supplied. As the business purchaser however, you will be assessed and need to prove you can service the loan, regardless of the business’ financial history. As part of being assessed, having industry experience would be beneficial to the success of your loan being approved so the lender knows you can manage and operate the business well.
The amount you can secure for buying a business will depend on your own financial history, deposit amount, security and any external income source you may have. In general you may require 30-50% deposit, an external income source and/or property as security. Business assets can sometimes be included as security where possible.
If you are thinking about buying a business and need funding, speak with our team and we can assist in finding you a lender best suited to your business and current financial situation.
6. Can I get a business loan to pay IRD debt?
The short answer, Yes however you will find it more difficult to find lenders who will, or will at a good interest rate.
If you have an IRD debt with Inland Revenue this is seen as an instant red flag for most lenders. To be successful in an approved loan to repay an IRD debt your business will need to be in good health overall, with minimal existing business loans. You can read more on securing a business loan to repay IRD debt here.
If you have some IRD debt you’re wanting to repay, get in touch with us and we can offer some free guidance on your options. Our service is free and you’ll only pay a referral fee should your loan application settle.
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So we can understand your current business situation and what your business finance requirements are, please enter your details below and we’ll give you a call to chat about your business loan options.