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Small Business Loan NZ 2023

Apply for a small business loan NZ 2023 using Compare Business Loans. We can manage your business loan application and will make the process as simple as possible for you. A quick call to tell us about your business and the reason for the loan is all it takes to pre-assess what you need, what is required to proceed and which lender is your best option.

We are partnered with over a dozen small business loan lenders in New Zealand and know what kind of business they lend to and what they will require in the application to complete an assessment.

As a business loan broker, we do not charge any fees to manage your application. If your loan application is approved and you accept the offer a broker fee will be included in your total loan amount, which you will repay over the term of the loan. No loan settlement, no fee!

Want to skip straight to the application?

1. What is a small business loan

A small business loan is a financial agreement a small business enters into to access a lump sum of funds they will repay over a set time with interest.

The funds can be used for any business expense and are usually applied for when a small business wants to grow, purchase new equipment or stock, increase their cash reserves or just get them through some quieter months.

A small business loan helps businesses boost their output without using their cash reserves to do it. Instead, they can purchase new equipment or bring on new employees to instantly increase their revenue each month and repay the loan as they go.

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What is the difference between secured and unsecured loans

2. Applying for a small business loan in 2023

When applying for a small business loan in 2023 a lender will require 3 months bank statements, your photo ID (for all directors/shareholders), and a statement of position completed which lists your personal/business assets and liabilities.

The type of loan you are applying for and the age of your business will determine what else is required. A financial report or profit and loss statement is a common requirement.

If you are applying for a secured loan then details of the security to be used will be required, ownership proof, make/model and market value.

Compare Business Loans make applying for a small business loan in 2023 a simple process that starts with a 5 minute phone call to assess what your business needs and what is required for the application. Following that we can get the required docs back by email and write up your application for you.

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Free Application Management

Ready to apply for a small business loan in 2023?

Chat with us today and get a clear picture of what you’ll need to apply.. We can let you know what needs to be included in the loan application and what your potential loan amount will be. 

3. What is a secured or unsecured business loan?

A secured business loan means if you’re unable to make your business loan repayments the lender has the right to repossess and sell the asset you have used as security to get approved for the loan.

Secured is simply risk management for the lender so they know there is a pathway for them to retrieve the money they have loaned to your business if it fails and can no longer make the loan repayments. 

An unsecured business loan does not officially involve any security by the applicant so your personal and business assets are safe. You may be required to be a personal guarantor for your unsecured loan however, which could mean the lender eventually can get to your assets if your loan was not repaid and they took you to court.

An unsecured loan will be assessed on your business turnover, health of the business and a credit check. If your business turnover is healthy you may get the funds required going with an unsecured loan however if your turnover is low you may not be entitled to enough to cover what you need the funds for.

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4. What is a non-bank lender?

A non-bank lender is a financial lending institution who is not a bank as such but will loan money to business clients in various formats specific to their own requirements.

In general non-bank lenders assess applications faster, require less security, will loan to applicants more often who have low to average credit scores and will be more Tech-Savvy than traditionla banks.

Banks are known to be slow and will decline more often than a non-bank lender. You will find interest rates with non-bank lenders are generally a little higher than banks which is an important factor when considering whethr to apply with a bank or non-bank lender. 

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5. Will my business qualify for a loan in 2023?

There are many different aspects of a business that are assessed when applying for a business loan. If your business is applying for a loan in 2023 you should take into consideration the following to make sure it is the right time for your business to apply.

  1. Why are you applying for a loan? 
  2. How is your cashflow each month, do you have enough profit each month to successfully repay a business loan?
  3. Will your revenue increase following drawing down a loan?
  4. How is your business and personal credit history? Are there any outstanding debts that need to be taken care of prior to applying?
  5. How is your bank account conduct? Are the any payment defaults? A lender will see past payment defaults as a red flag.

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5 Minute Business Health Check

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.

Business loan lenders in New Zealand

We are partnered with multiple business loan lenders throughout NZ. Each lender provides different types of business loans and will offer different rates for small business loans depending on your business’ financial situation and financial history.

Heres a few lenders we work with and their basic lending criteria.

Get capital small business loans

Fast flexible business finance

• Loans from $5000
• Minimum 9 months trading
• Unsecured to $50k
• 10k or more monthly revenue
• Cashflow, asset, equipment finance

Heartland bank small business loans

Give your business a boost

• Unsecured up to $100k
• Terms up to 5 years
• Secured loans available
• No early repayment fees
• Interest rates from 11%

Fundtap invoice finance nz

Invoice Finance

• 100% online
• Loan off your outstanding invoices
•Funds in 24hrs
• Fast source of cashflow
• Use it when you need it

Pioneer Finance NZ

Your loan, tailored to you

• 100% online application
• Loan terms up to 7 years
• Secured finance
• Finance up to $100k
• Business finance for any reason

efco small business finance nz

We Finance Dreams

• 100% online
• From 8.95%
•Decision in 24hrs
• Startup business loans
• Vehicle finance, asset finance, cashflow loans

Speirs Finance NZ

The kiwi owned team growing kiwi businesses

• Truck Finance
• Repayment up to 5 years
• Heavy Machinery Finance
• 2nd hand asset finance
• Equity Release

Compare Car Finance New Zealand icon

Considering a business loan? We'll get you approved funding from the right lender!