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Lenders are sorted by approval likelihood for small businesses. Start with your best matches and work down.
Best For: Established businesses (2+ years), $500K+ revenue, excellent credit
Approval Rate: ~25% of applications (very selective)
| Bank | Min Amount | Max Amount | Rate From | Min Revenue | Min Trading | Approval Time | Key Strength |
|---|---|---|---|---|---|---|---|
| ANZ Business | $10,000 | $3,000,000 | 5.5% | $300K | 2 years | 2-6 weeks | Lowest rates for qualified borrowers |
| ASB Business | $5,000 | $5,000,000 | 6.0% | $250K | 18 months | 1-4 weeks | Good digital platform |
| BNZ Business | $10,000 | $10,000,000 | 5.8% | $500K | 2 years | 2-5 weeks | Industry specialists |
| Westpac Business | $10,000 | $5,000,000 | 5.7% | $400K | 2 years | 2-6 weeks | Strong relationship focus |
| Kiwibank | $5,000 | $2,000,000 | 6.5% | $200K | 18 months | 1-3 weeks | NZ-owned, competitive |
Best For: Regional businesses, personal service, moderate criteria
Approval Rate: ~40% of applications
| Bank | Min Amount | Max Amount | Rate From | Min Revenue | Specialty |
|---|---|---|---|---|---|
| TSB Bank | $10,000 | $1,000,000 | 6.8% | $150K | Taranaki region focus |
| SBS Bank | $5,000 | $500,000 | 7.0% | $100K | Southland, agriculture |
| Heartland Bank | $25,000 | $2,000,000 | 7.5% | $200K | Rural, equipment |
Best For: Smaller businesses, faster approvals, asset-backed lending
Approval Rate: ~55% of applications
| Lender | Min Amount | Max Amount | Rate From | Min Revenue | Approval Time | Specialty |
|---|---|---|---|---|---|---|
| Scottish Pacific | $25,000 | $5,000,000 | 7.5% | $200K | 3-7 days | Asset-based lending |
| Flexi Group | $5,000 | $1,000,000 | 8.5% | $100K | 1-5 days | Flexible criteria |
| Finance Now | $2,000 | $100,000 | 12% | $50K | Same day | Equipment finance |
| UDC Finance | $10,000 | $2,000,000 | 8.9% | $150K | 2-5 days | Vehicle & equipment |
Best For: Urgent funding, newer businesses, less-than-perfect credit
Approval Rate: ~70% of applications
| Lender | Min Amount | Max Amount | Rate From | Min Revenue | Min Trading | Speed |
|---|---|---|---|---|---|---|
| Zip Business | $5,000 | $250,000 | 15% | $75K | 9 months | 24 hours |
| Become Finance | $10,000 | $500,000 | 12% | $100K | 12 months | 48 hours |
| Juno Finance | $20,000 | $300,000 | 18% | $150K | 6 months | Same day |
| Moula | $5,000 | $250,000 | 16% | $60K | 6 months | 2-3 days |
Best For: Specific industries, unique situations, specialized needs
Advertised rates are "from" rates - only the best businesses qualify. Here's what most small businesses actually pay:
$100,000 loan over 3 years:
| Rate | Monthly | Total Interest |
|---|---|---|
| 6% (Bank) | $3,042 | $9,512 |
| 15% (Non-bank) | $3,466 | $24,776 |
| 25% (Alternative) | $3,951 | $42,236 |
Savings Potential: Improving your profile to qualify for bank rates could save $32,724 in this example!
| Lender Type | Min Credit Score | Min Revenue | Min Trading |
|---|---|---|---|
| Big 4 Banks | 700+ | $300K+ | 2+ years |
| Regional Banks | 650+ | $150K+ | 18+ months |
| Non-Bank | 600+ | $100K+ | 12+ months |
| Alternative | 550+ | $50K+ | 6+ months |
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Generally businesses with under $5M annual revenue and fewer than 20 employees. However, loan eligibility depends more on turnover, trading history, and credit profile than official size definitions.
Banks typically require 650+ credit scores. Alternative lenders may accept 550+. However, lower scores mean higher rates and more restrictive terms.
Loan amounts range from $5,000 to $5M depending on lender, business turnover, and purpose. Most small businesses qualify for $25K-$500K based on annual revenue and cash flow.
Traditional banks: 2-8 weeks. Non-bank lenders: 3-7 days. Alternative lenders: 24-48 hours. Faster approval usually means higher interest rates.
Not always. Unsecured loans are available but have higher rates. Security (property, equipment, etc.) can significantly reduce interest rates and improve approval chances.
Brokers can save time and match you with suitable lenders, often at no cost. However, direct applications might secure better rates with some lenders who don't pay broker commissions.
Wait 3-6 months before reapplying to banks. Work on improving your credit score, revenue, or consider non-bank lenders who have different criteria.
Yes, sole traders can get business loans. However, incorporation as a limited company often improves approval chances and available loan amounts.
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