Backing Melbourne’s small businesses
With a population of almost 7 million people and over 650,000 businesses, Greater Melbourne is one of Australia’s fastest growing and booming metropolitan hubs.[i]
When you think of Melbourne, the coffee culture and artistic vibe might come to mind. But there is something else quite impressive about it. Melbourne is home to one of the fastest growing small business communities in Australia. According to ABS, Victoria businesses increased by 3.1% (19,134 new small businesses) in 2020. In 2021 it grew by 3.9% with another 24,507 new small businesses.
The top industries include construction; professional, scientific and technical services; and rental, hiring and real estate services. Industries that are the biggest employers include health care and social assistance, retail trade, and education/training.
Melbourne Small Business Stats:
Entrepreneurs make up for over 394,000 (60%) businesses in Melbourne (as of 30 June 2021).
The working age population in Melbourne is just over 4.2 million or 65.4% of the total population in Melbourne (as of 30 June 2021).
The industries with the most businesses in Greater Melbourne are Construction, Professional, Scientific and Technical Services, and Rental, Hiring and Real Estate Services (as of 30 June 2021).
The best business loans for Melbourne businesses
Small business loans come in different shapes and sizes and serve different purposes. Whether you are the owner of an existing business looking to expand or need some help to boost your cash flow and manage ongoing fees and invoices, there are business loan options suitable for you.
Don’t wait weeks for your loan, get funds fast by applying today.
Improve your business finance with an OnDeck loan
Funds you need, when you need them
OnDeck lightning loans can be funded in as fast as 2 hours, while a more complex small business loan can be approved and funded in only 1 business day. The entire loan application process can be completed in as fast as 10 minutes. Apply today to get your loan quickly.
No collateral with an unsecured business loan
Melbourne business loans can either be secured or unsecured. A secured business loan is a loan that is guaranteed by an asset. On the other hand, unsecured business loans allow you to borrow money for your business without the need for collateral. OnDeck loans are always unsecured, so there is no loan security required.
Improve business cash flow
For a small business, managing a healthy cash flow (the movement of money in and out of the business) is critical for success. Poor cash flow can lead to interruptions in your activity and mean any small problem, like an unexpected bill or event, can loom larger than it needs to be.
Understanding your business’ financial metrics, is critical to running a successful business. These metrics are crucial to knowing whether or not your business is profitable and will also prevent you from waking up one day to find out you’re on the slow march to insolvency and going out of business. There are a handful of metrics every business owner should be familiar with. Learn more about your business’ income, expenses, cash flow, accounts receivable, and accounts payable and what they all mean for your small business.
Research shows that found that only one in two (50%) small business owners have taken a holiday in the last six months. Over one in four (26%) have not had a break for at least four years. A small minority (6%) say they have never taken any time off from their business. It is vitally essential for SME owners to take a break from their business. It doesn’t need to be a massive break – just taking a long weekend once in a while can help owners recharge.
Almost every small to medium business owner knows cash flow can be challenging to say the least. Some of the most profitable small businesses still fail because a cash flow crisis has come out of the blue and they weren’t prepared for the fall out. Profit alone doesn’t safeguard a business for when clients don’t pay their invoices on time or unexpected expenses arise.
If you’re on the fence about whether a customer loyalty plan for your business is worth the hassle, there are a few solid reasons you should be implementing a plan ASAP. Regular repeat customers can help create a baseline of reliable income, spread word of mouth, and can save your small business money in the long term.
Small Business Loans in Melbourne with OnDeck
OnDeck has been a trusted lender for many small businesses in Melbourne, helping them reach their business goals faster by providing fast and hassle-free lending.
Ondeck loans have easy-to-understand interest rates and no hidden fees.
If you are a Melbourne based small business owner wanting to apply for an OnDeck small business loan, simply start an application online. It takes only 10 minutes and you’ll know whether or not you’ve been approved within hours.
If approved, you could receive funding in as fast as 1 business day.
Business loans frequently asked questions
What is a small business loan?
Small business loans come in different shapes and sizes and serve different purposes. Whether you are a business owner looking to expand your business or need cash flow solutions, there is a business loan suitable for you. Small business loans can either be secured or unsecured, and can be used for many business purposes. OnDeck only offers unsecured business loans.
How hard is it to get a business loan in Australia?
Applying for a business loan with OnDeck is a simple and easy process, it can be done in 10 minutes. To be eligible, you have to be an Australian business with a business credit score of at least 400 (that you can check with our free Know Your Score tool), the business to have been operating for at least 12 months, and to have a minimum annual gross turnover of at least $100,000. Apply today to get an unsecured loan today.
What are secured and unsecured loans?
Secured business loans are guaranteed by an asset, such as a property or a car. On the other hand, an unsecured business loan does not require any security, hence, the interest rate on unsecured loans can be higher than that of a secured loan, but they don’t put the assets of small businesses at risk.
Learn more about secured vs unsecured loans.
How much deposit do you need for a small business loan?
While traditional financial institutions often require a large deposit for commercial loans, you do not need a deposit for a small business loan with OnDeck. We require businesses to have been in business for at least 12 months, have a minimum of $100,000 a year in annual turnover and a minimum business credit score of 400.
Do you need an ABN to get a business loan?
Yes, unlike personal loans, a business loan is not paid to an individual but into a business account. You have to provide an ABN and other financial documents to business lenders so they can decide whether you meet the eligibility requirements for unsecured business finance.