poppyfinance

Business loans for sole traders.

If you run your business under your own ABN, you can still borrow for business needs. We look at how your business trades, not at whether you have a company structure.

Check eligibility Estimate repayments

Takes about 3 minutes. Checking eligibility doesn’t involve a credit check.

Can sole traders get a business loan?

Yes. Plenty of tradies, hairdressers, consultants, food truck owners and shop owners run their business as a sole trader. If you have an ABN, have been trading for 6 months or more and have around $10,000 or more in monthly sales, you can check your eligibility with us.

How liability works for sole traders

As a sole trader, you and your business are legally the same, so you’re personally responsible for your business’s debts. That’s true of any business loan, from any lender. Borrow an amount your business can comfortably repay, and read your loan agreement carefully before you sign.

Keep it for business

Our loans are for business purposes only, such as tools, stock, a vehicle for work or covering a cash flow gap. They can’t be used for personal or household spending. It also helps to run your business income through a separate bank account, which makes our assessment faster and your tax easier.

What you’ll need

  • Your ABN
  • Photo ID
  • Read-only access to the bank account your business income goes into

Who can apply

  • 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
Illustrative example · Newcastle food truck Why a 4-month-old food truck would need to wait, and what a loan could look like later Why we look for 6 months of trading. See the example →

Common questions

Do sole traders need to provide financial statements?

Usually not. We assess your business using bank data, your ABN and ID.

Can I use a personal bank account?

It’s best if your business income runs through its own account. If it doesn’t, tell us in the form and we’ll let you know what we need.

Do sole traders need a personal guarantee?

As a sole trader you’re already personally responsible for your business’s debts, so a separate guarantee usually isn’t needed. Your offer will explain the details.

Related

Tradie loansVans, tools and new contracts. Hair and beauty salon loansChairs, fit-outs, stock and tax bills. Low doc business loansUsually no tax returns or financial statements. Business loan requirementsA checklist of what you need to apply.

See what your business could borrow

Takes about 3 minutes. Checking eligibility doesn’t involve a credit check and doesn’t commit you to anything.

Check eligibility Estimate repayments