poppyThe checklist
- An ABN (or NZBN in New Zealand), registered to the business that’s borrowing
- Time trading: most lenders want at least 6 to 12 months. Poppy’s minimum is 6 months.
- Regular sales: Poppy looks for around $10,000 or more a month
- Bank statements or bank data for the account your sales go into
- Photo ID for each owner or director
- A clear business purpose for the loan
- Financial statements and tax returns: usually required by banks, often not by online lenders
What lenders actually look at
- Cash flow: can the business comfortably afford the repayments?
- Stability: how steady are sales month to month, and how seasonal?
- Existing debts: other loans, leases or funding that repayments come out for
- Tax position: any overdue ATO debts or unlodged returns
- Credit history: of the business and its directors
- Industry: some lenders don’t lend to certain industries
What Poppy needs
- A registered business in Australia (with an ABN) or New Zealand (with an NZBN)
- Trading for 6 months or more
- Around $10,000 or more in monthly sales
- A business bank account with regular deposits we can see
- The loan is for a business purpose, not personal or household spending
For a full assessment we usually need your ABN, photo ID for the business owners and read-only access to your business bank data. See low doc business loans.
How to improve your chances
- Run all business income through one business bank account
- Keep your BAS and tax lodgements up to date
- Avoid applying with lots of lenders at once
- Ask for an amount your weekly sales can comfortably support
- Be upfront about past credit issues. See bad credit business loans.