How To Get a Business Loan Approved

Lenders will need to know how much you want to borrow, when you can start making repayments on the loan and the duration of the loan term. In 2025, the median loan amount requested is $30,000, according to Lend borrower data. Just remember, it’s the lender who decides how much you can borrow ultimately, based on an assessment of your business cashflow.

Lenders will want a breakdown of how you plan to spend your borrowed funds. Be as specific as you can. For example, what percentage of the money is going towards vendor and staff costs, and the rest on marketing? Or are you planning to use the entire loan amount on a refurbishment?

Lenders will want to know 'who' your business is. They will ask how long you've been trading, if you've owned previous companies, what your experience is in your industry, if you've previously declared insolvency, and so on. More than 90% of the businesses who come to Lend have been trading for more than 12 months.

Your business ownership structure will affect how lenders will process your loan application. For example, a business with multiple partners must provide information about all parties with a stake. If you've established a business under a trust, you'll need to give information about the beneficiaries. The more complex your business structure, the more complex the application process will be and the higher the fees on the loan, to reflect the lender’s higher processing costs.

The lender will want to know you own a residential property and what it’s valued at. If you’re an asset backed borrower, you’ll generally qualify for more favourable loan terms.

Most working capital lenders have weekly repayment schedules, but you can always try to negotiate a repayment plan that works with your cashflow. Secured loans generally have more flexible repayment options than unsecured loans. Depending on your situation, you can negotiate the loan terms, repayment schedule, and interest rate.