Get finance-ready
Business Finance-Readiness Checklist
Most business owners aren't finance-ready from day one — and that's okay. This checklist helps you build the foundation lenders are typically looking for.
Business essentials
- Have an active ABN or ACN. If you don't have one, you can apply through the Australian Business Register: Apply for an ABN
- Registered for GST if your turnover exceeds $75,000
- Business name registered with ASIC (if you trade as a company)
- A business bank account kept separate from your personal account
Trading & revenue
- At least 6 months of trading history
- Monthly revenue consistently above $5,000
- Ideally no recent overdrafts or missed payments
Financial records
- Up-to-date BAS and tax lodgements
- Recent bank statements (3–6 months)
- Access to profit & loss reports, ideally from accounting software
- A clear view of outstanding invoices and liabilities
Business stability
- A clear understanding of your business model and cash flow
- No recent defaults or bankruptcies
- A plan for how you'll use the funds and repay the loan
Personal profile
- A good personal credit history
- Valid ID documents and proof of address
- Any required collateral or guarantors arranged (if needed)
Pro tips to strengthen your finance application
Keep your bank account clean
Avoid gambling transactions, payday loans, or anything that reads as high risk to a credit assessor.
Stay on top of ATO obligations
Outstanding ATO debt makes lenders wary, especially if you're behind on BAS or income tax lodgements.
Limit dishonours and negative balances
Repeated failed payments or overdrawn accounts raise red flags in a bank statement review.
Separate personal and business finances
Lenders want to see clean business cash flow, not a stream of transfers into your personal account.
Minimise existing debt where you can
If you have credit cards or loans, make repayments on time and avoid sitting at your limits.
Avoid unnecessary credit enquiries
Applying to many lenders at once can hurt your credit score and looks like distress borrowing.
Be ready to explain any blips
Had a slow month or a couple of returned payments? Have a short, factual explanation ready — seasonality, a one-off cost, and so on.
This is general information only, not financial, credit or tax advice. Speak with your accountant or a licensed adviser about your own situation.