Suncorp offers clear, straightforward lending products with decent interest rates. They are a practical lending option for both small and mid-sized businesses, with standard commercial loans up to $1 million and a business banking department to handle bigger loans. They also offer specialised agribusiness products and have a strong history lending to Australia’s agriculture industry throughout the 20th century. Suncorp won Money magazine’s Business Bank of the Year award in 2016 and has garnered awards for their insurance and non-business lending products as well.
Very competitive rates for secured loans
Excellent online features
Flexible options and features to help you save
Considerable fees on some products
Borrowers with bad credit aren’t likely to qualify
Very strict requirements for large loans
This secured loan is designed for small businesses who need extra funds for investing in growth, making capital purchases, or other needs. You can borrow up to $1 million with either a fixed or variable rate. The variable rate includes an offset account and no monthly service fees, as well as the ability to redraw any extra money you’ve paid on your account with a Cashback feature.
For larger companies and sizable borrowing needs, Suncorp offers a customisable Commercial Business Loan for borrowing more than $1 million. You can choose either a fixed or variable interest rate and can tailor your repayment options to your business needs. Loan terms range from 1 to 15 years. This is a secured loan. You can use residential, commercial or rural property, and in some cases, business assets, to secure your loan.
For Equipment Finance, Suncorp offers a Finance Lease if you would prefer to rent the asset, or a Chattel Mortgage if you want to own it once the loan is paid off. Loan terms range from 1 to 5 years. You can also set your repayments to suit your business’s cash flow.
If you are looking for the flexibility to access funds when you need them, a Business Line of Credit will give you the financial breathing room you need. This is a variable rate, secured loan with no set principal repayments. You simply need to keep your balance below your account limit and pay interest on your outstanding amount. Suncorp has flexible options that can help you reduce or eliminate fees, like their Money Manager Package and flat fee alternatives.
A convenient option for businesses, Suncorp offers interest-free periods and the ability to add up to 99 additional cardholders to the account. With an annual fee of $45, you’ll get 24/7 customer service, FRAUDSHIELD security protection and organised expense management with statements for each cardholder. As a credit card, however, rates are much higher than Suncorp’s secured lending options.
A suitable option as a financial backup for both small and large businesses, Suncorp’s Business Overdraft can help you deal with seasonal cash flow challenges, yet still, enjoy a competitive interest rate and flexibility. This is a variable rate loan with no fixed term. You can use it when your business transaction account is temporarily out of funds. Secure your loan for a more competitive rate, or use an unsecured loan if that works better for your business.
If you’re running a farming business, Suncorp has a competitive lending product that you can tailor to your needs. Choose a fixed or variable rate and set your repayments to principle and interest or interest only. This is a secured loan, with terms available from 1 to 15 years. Fees vary depending on your application.