{"id":281807,"date":"2024-10-08T11:04:38","date_gmt":"2024-10-07T23:04:38","guid":{"rendered":"https:\/\/www.reckon.com\/nz\/?post_type=sbh&#038;p=281807"},"modified":"2025-01-28T11:52:42","modified_gmt":"2025-01-27T23:52:42","slug":"small-business-loan","status":"publish","type":"sbh","link":"https:\/\/www.reckon.com\/nz\/small-business-resources\/business-financing\/small-business-loan\/","title":{"rendered":"Small business loan"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.23&#8243; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;0px||||false|false&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row column_structure=&#8221;1_3,2_3&#8243; _builder_version=&#8221;4.23&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; width=&#8221;100%&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_3&#8243; module_class=&#8221;table-contents&#8221; _builder_version=&#8221;4.23&#8243; background_color=&#8221;#f4f4f4&#8243; custom_padding=&#8221;25px||25px||true|false&#8221; sticky_position=&#8221;top&#8221; sticky_limit_bottom=&#8221;section&#8221; sticky_position_tablet=&#8221;top&#8221; sticky_position_phone=&#8221;none&#8221; sticky_position_last_edited=&#8221;on|desktop&#8221; pac_dcm_carousel_specific_module_num=&#8221;0&#8243; border_radii=&#8221;on|24px|24px|24px|24px&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.23&#8243; text_font=&#8221;||||||||&#8221; global_colors_info=&#8221;{}&#8221; background__hover_enabled=&#8221;on|desktop&#8221;][\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; pac_dcm_carousel_specific_module_num=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Copy paste body text here&#8221; _builder_version=&#8221;4.27.4&#8243; header_2_font_size=&#8221;32px&#8221; hover_enabled=&#8221;0&#8243; header_2_font_size_tablet=&#8221;30px&#8221; header_2_font_size_phone=&#8221;26px&#8221; header_2_font_size_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<span style=\"font-weight: 400;\">If you\u2019ve got a winning business idea that you believe will become profitable, you\u2019ll need to access funding to match your passion for it. If you\u2019re unsure how to <\/span><a href=\"https:\/\/www.reckon.com\/nz\/small-business-resources\/business-financing\/\"><span style=\"font-weight: 400;\">finance<\/span><\/a><span style=\"font-weight: 400;\"> your fledgling or growing business, a small business loan sits at the top of the list of choices.<\/span><br \/>\n<\/br><br \/>\n<span style=\"font-weight: 400;\">If you lack the capital that comes from personal funds, <\/span><a href=\"https:\/\/www.reckon.com\/nz\/small-business-resources\/starting-a-small-business\/business-loans\/\"><span style=\"font-weight: 400;\">business startup grants<\/span><\/a><span style=\"font-weight: 400;\">, or investment from third parties, your likely avenue will be to pursue a business loan.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Time for a brief overview of the how and why of applying for a small business loan in New Zealand.<\/span><\/p>\n<h2><strong>What is a business loan?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">A business loan is a form of \u2018debt financing\u2019 and remains a popular funding avenue for aspiring and existing businesses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A business loan comes in many guises. All will entail debt, interest, regular repayments, and varying levels of approval criteria.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s look at the most popular types of small business loans or debt financing:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">secured bank loan<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">unsecured bank loan<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">business credit cards<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">unsecured short-term loans<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Overdraft<\/span><\/li>\n<\/ul>\n<h2><strong>How do you get a business loan in New Zealand?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">How to get a business loan in New Zealand depends entirely upon your chosen financial institution, lender, or bank. With that said, there does remain a few core necessities that permeate almost every small business loan option.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the very least, it\u2019s likely you need to conform to the following requirements:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You\u2019ll need a good credit score with a history of paying loans back on time. Any major defaults or bankruptcies will be a serious barrier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You\u2019ll need a very solid business plan which outlines your pathway to profitability. It needs to be robust and fully detailed. It should also be reviewed by your accountant or business advisor prior to presenting to your proposed lender. If you require a dependable business plan template, we have one you can <\/span><a href=\"https:\/\/www.reckon.com\/nz\/small-business-resources\/business-plan-template\/\"><span style=\"font-weight: 400;\">download for free<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ideally, you should be unencumbered by any large debts that would interfere with your ability to pay back this business loan. Most business lenders will frown upon an overextended small business or sole trader with too many competing debts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In the case of an existing business, you should be able to provide evidence of your profitability, cashflow, prospects, and stability. Accounting software reports and \u2018profit and loss\u2019 statements are very useful for this purpose.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you seek a secured loan with a higher loan amount, you\u2019ll of course need to prove ownership of assets such as vehicles, property, capital, or shares.<\/span><\/li>\n<\/ul>\n<h2><strong>How much deposit do I need for a business loan?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">While approval criteria will vary across different financial products, loan operators and loan amounts, having some form of collateral is advised. Many (but not all) lenders will be hesitant to grant funds to those without assets to offer up as loan security.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, a short-term business loan will usually be unsecured with low hurdles and no assets required.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While you don\u2019t usually require a deposit, as with property, you may need to offer proof of asset ownership to access larger secured loans. Be sure you have the relevant documentation to prove ownership of assets before you apply for a small business loan.<\/span><\/p>\n<h2><strong>What is the minimum credit score for a business loan?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">In New Zealand, credit scores vary slightly depending on the institution that calculates them. Despite the slight variations, there\u2019s a reasonably stable consensus on what constitutes a good or bad credit score,<\/span><\/p>\n<table style=\"border-collapse: collapse; width: 100%; height: 138px;\" border=\"1\">\n<tbody>\n<tr style=\"height: 23px;\">\n<th style=\"width: 25%; height: 23px;\"><strong>Credit Score<\/strong><\/th>\n<th style=\"width: 25%; height: 23px;\"><strong>illion<\/strong><\/th>\n<th style=\"width: 25%; height: 23px;\"><strong>Equifax<\/strong><\/th>\n<th style=\"width: 25%; height: 23px;\"><strong>Centrix<\/strong><\/th>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 25%; height: 23px;\">Excellent<\/td>\n<td style=\"width: 25%; height: 23px;\">800-1000<\/td>\n<td style=\"width: 25%; height: 23px;\">833-1200<\/td>\n<td style=\"width: 25%; height: 23px;\">846-1000<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 25%; height: 23px;\">Very good<\/td>\n<td style=\"width: 25%; height: 23px;\">700-799<\/td>\n<td style=\"width: 25%; height: 23px;\">726-832<\/td>\n<td style=\"width: 25%; height: 23px;\">769-845<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 25%; height: 23px;\">Average<\/td>\n<td style=\"width: 25%; height: 23px;\">500-699<\/td>\n<td style=\"width: 25%; height: 23px;\">622-725<\/td>\n<td style=\"width: 25%; height: 23px;\">650-768<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 25%; height: 23px;\">Fair<\/td>\n<td style=\"width: 25%; height: 23px;\">300-499<\/td>\n<td style=\"width: 25%; height: 23px;\">510-621<\/td>\n<td style=\"width: 25%; height: 23px;\">495-649<\/td>\n<\/tr>\n<tr style=\"height: 23px;\">\n<td style=\"width: 25%; height: 23px;\">Low<\/td>\n<td style=\"width: 25%; height: 23px;\">0-299<\/td>\n<td style=\"width: 25%; height: 23px;\">0-509<\/td>\n<td style=\"width: 25%; height: 23px;\">0-494<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Every New Zealand lender will balance your credit score against other factors when deciding whether to lend to you or not. There\u2019s no firm rule for a minimum credit score, but it\u2019s clear that higher is better.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In many cases, you\u2019ll have to apply for a small business loan before you know if your credit score will impact your eligibility.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you would like to check your current credit score, use the <\/span><a href=\"https:\/\/www.govt.nz\/browse\/consumer-rights-and-complaints\/debt-and-credit-records\/check-your-own-credit-report\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">NZ Government website here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><strong>How long does a business loan take to get approved?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Some small business loans, especially short-term loans with financial institutions, can be approved extremely quickly. Sometimes you can gain approval in a matter of days from when you submit an application.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re seeking a large secured small business loan with a bank, you\u2019ll find this timeline is extended significantly.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The higher the amount and the more involved the application and approval process, the longer it will take. As you can imagine, checking your application, meeting with you, ascertaining your credit history and checking your assets will take time.\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">That concludes our guide to small business loans. If you don\u2019t qualify for small business grants or Maori business grants in New Zealand, or lack other funding options, a small business loan is a prime avenue to finance your venture. If you would like to investigate the other types of business funding, please see our article <\/span><\/i><a href=\"https:\/\/www.reckon.com\/nz\/small-business-resources\/business-financing\/\"><i><span style=\"font-weight: 400;\">here<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">.<\/span><\/i>[\/et_pb_text][ba_social_share icon_bg=&#8221;#03002e&#8221; icon_padding=&#8221;10px|12px|10px|12px|true|true&#8221; layout=&#8221;classic&#8221; show_text=&#8221;off&#8221; btn_padding=&#8221;0px|0px|0px|0px|false|false&#8221; btn_bg_color=&#8221;RGBA(255,255,255,0)&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;50px||||false|false&#8221; custom_padding=&#8221;25px||||false|false&#8221; custom_css_before=&#8221;    content: %22SHARE THIS%22;||    font-size: 16px;||    font-weight: 700;||    line-height: 22px;||    letter-spacing: 0em;||    text-align: center;||    color: #ff5447;||    margin-bottom: 10px;||    display: inline-flex;||    position: absolute;||    margin-top: 10px;&#8221; border_width_top_main=&#8221;1px&#8221; border_color_top_main=&#8221;#e4e4e4&#8243; border_radii_icon=&#8221;on|5px|5px|5px|5px&#8221; global_colors_info=&#8221;{}&#8221; custom_css_before_last_edited=&#8221;off|desktop&#8221;][ba_social_share_child _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;facebook&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;linkedin&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;email&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][\/ba_social_share][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When starting a new business you will may need to apply for financing. 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