Any small business owner will tell you getting the right type of funding at the right time allows you to grow the scale of your operation, develop a larger customer base or change the direction of your business. 

There are many ways CommBank is making it easier for small business customers to access finance – whether that’s making the application process much quicker or helping you determine which finance is best for your business. 

So what can you do to better prepare for a business loan application? 

1. Business and repayment plan

Clearly articulate your business plan and write it down in black and white. Knowing how much you want, how you will use the loan, and how the repayments will take shape will strengthen your application.

2. Positive business and personal credit score

Identify ways to improve your credit score, such as paying off your credit cards and bills on time. You can visit to find your credit score.

3. Have clear documentation 

Providing clear documentation of your business’ financial history and financial plans will allow the lender to have better visibility of your true financial position, your ability to repay and the positioning for future income.

4. Reduce debts and tax owed 

After carefully considering your circumstances, you may want to reduce your loan amount, credit card balance or other outstanding debts. 

One important thing to remember is that business loans may not be right for everyone. Other options are available to you based on the circumstances of your business – an overdraft facility or business credit card may also work for you, for example.

And finally, don’t leave it until the last minute. Start the conversation early on to give you and your business the best chance of success.

You can find out more on

Things you should know

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking independent financial advice before making any decision based on this information. The information in this article and any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its publication but no representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made in this article . Commonwealth Bank of Australia ABN 48 123 123 124. AFSL and Australian Credit Licence 234945.