After a difficult year, many small businesses are looking to break out of survival mode and start growing their businesses again. In these uncertain economic times, managing your business’s cash flow ups and downs can be made easier with the right banking products under your belt.
Whether it is a Commercial loan to help fund ‘big’ purchases like inventory or new equipment, a credit card to cover small cash shortages, or a bank account to keep track of all your business transactions, you’ll have plenty of great offers to Browse.
So, to help you shop around, here are our editorial picks for the best business loans, bank accounts and credit cards available to Australian businesses today. Read on for an overview of their main features.
ANZ Next Step Business Loan
- No approval or checking account fees
- Supported by the government’s SME loan guarantee scheme ^
- Additional refunds allowed
If you are looking for additional financing to accelerate the growth of your business, pay attention to the ANZ Next Step Business Loan. This unsecured loan has variable rates of 4.24% per annum for amounts up to $ 200,000 when you apply online. There are no upfront or ongoing fees to worry about, and you’ll also have the option of making additional payments to pay off your loan sooner. Another handy feature is that you can integrate your ANZ business loan information into accounting software (Xero, Intuit Quickbooks, or MYOB AccountRight), helping you streamline your finances. Since you are eligible and have the right documentation, it can take as little as 20 minutes to apply and get conditional approval online. To be eligible, you must have been in business for at least 12 months and earn at least $ 75,000 per year.
Bizcap business loan
- Borrow up to $ 600,000
- No minimum credit score requirement
- Cash flow friendly repayments
Don’t have an A + credit rating? Then Bizcap Unsecured Short Term Business Loan might be right for you as it accommodates businesses with defaults due to past difficulties or bad credit scores. Qualifying businesses can borrow up to $ 600,000 over 3 to 12 months. You’ll need to budget for an upfront fee, but in return, you can access perks including free additional refunds and the ability to match your refunds to your business cash flow (weekly or daily). The application process could only take 10 minutes, with approval and access to funding possible in three hours. To be eligible, you must have traded for at least six months, with monthly sales of over $ 10,000.
Zip Business Loan
- Borrow up to $ 500,000 without collateral
- Pay interest only on what you use
- Additional refunds at no charge
Not sure exactly how much to borrow to increase your cash flow? With Zip’s unsecured business loan, you can withdraw as much as you need (up to an approved credit limit) and you will only be charged interest on the portion you access. Just keep in mind that there will be a charge for each debit. There are also other flexible features that you can take advantage of, including the ability to sync your repayments with your cash flow (weekly, bi-monthly, or monthly) and pay off your loan sooner without penalty. The Zip Business Loan can also be integrated with accounting software such as MYOB, Intuit QuickBooks, Sage, and Xero, helping you keep all of your business finances in one place. Plus, you can say hello to the fast application and approval speeds, as funding with Zip could be possible in just 24 hours. But first, make sure your business ticks a few boxes: You’ve been running your business for at least 18 months and made at least $ 200,000 last year.
Loan fully drawn from the Heritage Bank
- Choose between variable and fixed rates
- No maximum loan amount
- Match repayments to your cash flow
If you are looking for a loan to support your long term cash flow when making large purchases like a property or other business then the Heritage Bank Fully Drawn Loan could be your match. This loan is secured, which means that you will need to put up an asset as collateral. Borrowers can choose between variable rates or fixed rates with terms of 1 to 5 years, with the best rates offered to those who opt for residential security (e.g. their family home) as opposed to other types of security. . Either way, you’ll have great features at your disposal, including the ability to make weekly, bi-monthly, or monthly repayments based on your cash flow. Not to mention that you can contribute additional repayments and also make withdrawals if you need to access those funds later. Beware of the $ 20 payout fee and breakage fee that applies if fixed rate borrowers pay off their loan early.
Commonwealth Bank Business Bank Account
- Mozo Experts Choice Award Winner 2020 ^^
- Several types of transactions available – online, check, staff assisted
- Compatible with digital wallets
The Commonwealth Bank Business Account has all the essential features you could possibly need in a business bank account, and more. Its first option charges no monthly account fees and gives you an unlimited number of free domestic electronic transactions and Commbank ATM withdrawals per month – perks that helped the account win the Mozo Experts Choice Award 2020 on behalf of everyday exceptional for small businesses. ^^ Or If you prefer to do your banking in person, you can also access 20 free checks and staff-assisted transactions each month by paying a monthly fee of $ 10. Both versions can be paired with contactless payment options including Apple Pay, Google Pay, Samsung Pay, and PayID, allowing you to make business purchases with your digital wallet.
Banque Heritage business chequing account
- $ 0 monthly account fee
- Unlimited free transactions for online, phone and over the counter deposits
- Can link to digital wallets
Love the sound of toll-free business banking? Then Heritage Bank’s corporate checking account might be an ideal solution. It comes with no monthly service fees, and you can also complete an unlimited number of free domestic transactions each month online, over the phone, or for branch deposits. Not to mention that you will have access to 10 free monthly transactions for withdrawals at the counter or at the Heritage Bank counter, as well as for EFTPOS, BPAY and checks transactions. This account is also compatible with digital wallets like Apple Pay, Google Pay, PayID and Samsung Pay, so you will have the option to use your smartphone to pay.
American Express Business Explorer credit card
- Mozo Experts Choice Award Winner 2020 ^^
- Introductory rate of 3.99% per year (19.99% per year after six months)
- 75,000 bonus rewards points (purchase conditions apply)
The Amex Business Explorer credit card is dressed to impress, with an ultra low introductory rate of 3.99% p.a. for the first six months (19.99% p.a. thereafter) and up to 55 days without interest, giving qualifying businesses a break from paying off any outstanding balances. Whether you have five or 50 employees, Amex Business Explorer also allows you to have up to 99 additional cardholders. Plus, for a limited time (until April 21, 2021), you could earn 75,000 reward points if your business spends $ 3,000 in the first three months after approval. Any other purchase you make (except from government agencies) could also earn you 2 reward points per dollar spent. Best of all, these points aren’t capped and don’t have an expiration date so you can keep them for future business trips. It’s no wonder the Amex Business Explorer won a 2020 Mozo Experts Choice Award for Best Rewards Business Credit Card. ^^ Just be sure to budget for his annual fee of $ 149.
NAB Qantas Professional Signature Card
- 100,000 bonus Qantas points (spending conditions apply)
- Up to 44 days without interest
- Compatible with multiple digital wallets
If travel is a large portion of your business expenses, the NAB Qantas Business Signature Card could be your ticket to get free or discounted flights. Currently, 100,000 Qantas Points could be up for grabs for new cardholders if they spend $ 4,000 on daily business purchases within 60 days of opening their account. They can also earn 1 Qantas point for every $ 1.50 spent on qualifying purchases, capped at $ 50,000 per statement period. Along with the rewards, the Qantas NAB Business Signature Card includes 44 interest-free days to help you make your refunds without being stung by the purchase rate of 18.50% per annum. Another plus is that you might not have to carry your physical card with you, as this plastic can be linked to Apple Pay, Google Pay, Samsung Pay, and even smartwatches like Garmin and Fitbit. But you will need to weigh an annual fee of $ 295.
Mozo provides general product information. We do not consider your personal goals, financial situation or needs, and we do not recommend any specific product. You should make your own decision after reading the PDS or offering documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we do not cover all products on the market. If you decide to apply for a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.