A Business Loan from MyState Bank is an ideal way to finance your business growth in a sustainable and smart way.
With a host of features and benefits available including the choice of a fixed or variable rate, and the convenience of flexible repayment options, a Business Loan allows you to fund growth, improve operations and support investments.
Business Loan accounts can be conveniently accessed and managed via Phone and Internet Banking, and at any of our branches.
Features and benefits of MyState Bank’s Business Loan
|Fixed or Variable rates available|
|Fixed rates up to 5 years|
|Principle and Interest/Interest Only repayments available|
|Flexible repayment options|
|Secured by property/business assets|
|Redraw available on variable rate loan|
|Up to 25-year loan|
|Internet Banking (check your balance and make additional payments at your convenience)|
|Phone Banking (transfer additional funds and review recent payments when it suits you)|
Find out more about our Business Loan
Read about MyState Bank’s Business Overdraft facility.
What we’ll require to process your application
To assist us in processing your application, MyState Bank will ask for the following initial documents:
- A completed loan application form;
- Accountant prepared financial statements and tax returns for you and your business that are no more than 18 months old and cover a period of 24 continuous months;
- ATO assessment notices that are no more than 18 months old and covering a period of 12 continuous months for you and your business;
- Bank statements cover the last 6 months for all business accounts and loans held by you and your business;
- A copy of any property lease that you or your business receive income from;
- A copy of the lease for any property you or your business lease; and
- If the borrower or guarantor is a trust, then a copy of the trust deed and any amendments (if applicable) will be required.
The above is an indicative list that may vary based on your particular business and application.
Once MyState Bank has received all required and requested information, a decision is normally made within 10 business days.
If MyState Bank declines your application, you will be told the general reasons as to why.