When applying for a business loan, there's a lot more involved than just filling out forms. Lenders rely heavily on the numbers, to be sure--but you also need to make a convincing argument when you present your business concept to your lender. Although there are many sources of business funding in Australia, both governmental and private, it is still necessary to make a good presentation. Even a company with a good business model and sound credit can still be refused if your argument is not compelling enough.

First of all, even if you have a business that is already established, make sure you have a well written and recently updated business plan on hand. Supplement your business plan with a loan proposal, which details what the funds will be used for, and how it will help you to make more money. Your proposal should also detail whether your current cash flow is sufficient to pay it back, or whether repayment will be dependent on an anticipated increase in business. If it's the latter, don't assume that you won't qualify. Justify your expectations with advance orders if possible, and a concise analysis of the buying trends of your customers and the direction of your industry.

Have all of your financials in order beforehand. Make sure you are registered appropriately for GST, and have copies of at least the prior year's quarterly business activity statements (BAS). If you are a homeowner and have a mortgage , bring in your payment records for that, too. Even though your personal home is not part of your business, the fact that you have a large personal asset and a good track record in making payments will speak well to how the lender believes you will be able to run your business and pay back your business loan.

Lastly, be prepared to negotiate. The Australian lending industry is one of the fastest growing industries in the country, and if you have a good concept, there will be more than one organization willing to lend you money--or even give it to you outright through certain government grant programs. Compare interest rates from different lending institutions, and look at all the details of their various funding programs, including both loans and equipment leases to make sure you are getting the best deal before you sign on the dotted line.