With our new start-up finance package, we make it easier to get your idea off the ground. To help you be competitive and minimise high interest borrowing, we'll award up to 30% of a new business loan as a grant to purchase assets for your business, which you will not have to repay. So you can get a head start on running your business.
We also offer additional support to help you on your journey, from payment flexibility to business planning assistance.
| FEATURES | |
| Package amount | Up to $100k |
| Loan repayment options | Initial interest only period, monthly principal and interest, and balloon payments structured to suit the purpose and cash flow of the business |
| Loan term | Maximum 7 years |
| Fees | Nil application and line service fees |
| Variable interest rate | Competitive rates available |
| Security | Minimum security requirements of general security agreement, director's guarantee and specific security agreement over plant and equipment (where applicable) |
| BENEFITS | |
| Equity contribution | IBA contributes capital towards start-up SMEs via the grant component of the package |
| Reduced gearing levels | Grant component reduces the gearing level for the customer during the start-up phase of the business life cycle |
| Minimum security requirements | Additional tangible security is not required, however IBA will take a security interest over plant and equipment purchased with the funds, if deemed suitable |
| Flexible loan repayment | Structured to suit the purpose and cash flow of the business |
| CRITERIA | |
| Grant component can only be used to cover capital expenditure items such as; plant & equipment, fit-out costs and commercial assets. | |
| SME start-up trading less than two years. | |
| Less than $400k in actual annual turnover.[1] | |
| Commercially viable business model. | |
| Other standard IBA Policy and Credit criteria apply. | |
[1] Businesses that have not traded are eligible irrespective of forecasted revenue in the first full year of trading.
The information provided has been prepared as a general guide only, without knowledge of your specific situation and is subject to change without notice. It is not an offer of credit. More information is available at iba.gov.au/disclaimer
View our start-up finance package flyer (PDF)
