Backing Western Australia’s small businesses
With a population of just over 2 million people and over 180,000 businesses, Greater Perth is one of Australia’s booming metropolitan hubs[i]
Did you know that a quarter (24.7%) of Western Australia’s economy comes from small businesses? That adds up to $50.1 billion! Four in 10 people that work in WA’s private sector workforce are employed by small businesses (41% at 493,650 people). A fact less surprising might be that even through WA is about 1/3 of Australia’s land mass, nearly 8 in 10 of the state’s small businesses are based in the Perth metro area.
Western Australia is full of entrepreneurs, or sole traders that do not have employees. These non-employing small businesses account for nearly 65% of all small businesses with just over 150,000 on the ABS report for 2019. You probably guessed it, but the top industries in WA are construction; professional, scientific and technical services; and rental, hiring and real estate services.
Perth Small Business Stats:
Entrepreneurs, also known as sole traders, make up for almost 150,000 (64%) businesses in Western Australia (as of 30 June 2019).
From 1 July 2018 to 30 June 2019, there were just over 27,000 new businesses formed in Greater Perth (as of 30 June 2019).
The industries with the highest employment rates in Greater Perth are Health Care & Social Assistance, Retail, and Construction (as of 30 June 2019).
The best business loans for Perth businesses
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.
No collateral with an unsecured business loan
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 your assets are not at risk.
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.
Perth Small Business Loans with OnDeck
OnDeck has been a trusted lender for many small businesses in Perth, helping them reach their business goals faster by providing fast and hassle-free lending.
If you are a Perth 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. OnDeck offers unsecured business loans with a loan amount of up to $250,000.
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.
Is getting a business loan a good idea?
Getting a loan can be a great move to help your Perth business grow and improve your financial situation. Before committing to a loan, check the loan term and interest rates and seek professional advice. If your business does need a quick cash influx, then contact us today and you could get the funds transferred to a business account within 1 business day.