How to Apply For a Business Loan From Spotcap

At Spotcap, we made our application process as clear and simple as possible for our clients. In this article, we’ll go through the steps in detail so you know exactly what to expect when you apply for finance from us.

Step 1: Create an account

Firstly, check that you meet our basic eligibility criteria, such as annual turnover, how long your business has been in operation and if it’s registered in Australia.

Turnover:At least $200k in the last year
TradingOperating for at least 18 months
Banking:Has an Australian online bank account
Reports:Up to two years of financial reports
Requested amount:Up to $500k

Next, create an account with us. Enter your email address, choose a password and press continue.

Step 2: Tell us about your business & funding needs

Enter brief details about your business and its needs. We require information on the legal type of your company, operating time and turnover, as well as how much you’re looking to borrow and for what purpose. This lets us quickly assess your eligibility.

You will find out on the next screen if you qualify for finance from Spotcap.

Step 3: Enter business information

This step allows us to assess your business data and helps us to get in contact with you.

Firstly, enter your desired repayment period and how soon you need funds. Add your industry, ABN, business address and personal information. Next, tick our consent box and press save.

Note: Keeping your data safe is incredibly important to us. We use bank-level encryption to protect your information. Always. Read more about our privacy policy here.

Step 4: Connect your business bank account

In this step, connect your business bank account. Select who you bank with and enter your login ID, login password and token password (optional). The authentication process won’t take more than two minutes.

Connecting your business bank account gives us one-time read-only access to your financials. We take a snapshot of your bank account, which is pretty much the digital equivalent of you sending us your paper bank statements. Our page is encrypted and fully secure. We do not store your credentials and cannot go into your bank account at a later date.

This step gives us an insight into the current health of your business, helping us to make a more accurate decision.

Step 5: Upload financial documents or connect accounting software

In this step, choose between uploading your financial documents or connecting your accounting software. We require balance sheets, profit and loss statements and business activity statements.

When you have uploaded your documents, our technology will scan them to verify their contents. This helps us to make the process as streamlined as possible. When you connect accounting software, we securely extract relevant data. We do not store your credentials.

Step 6: We’ll get in touch within 24 hours

Woo-hoo! You’ve completed your application! Our customer service team will be in touch with you in the next 24 hours.

Click here for more information on our privacy policy, or here to read client testimonials on Trustpilot. If you’d like to learn more about the services we offer, you can click here.