Not all businesses are the same. We have a loan that suits the way you work.
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 12 Branches statewide.
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)
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.
At MyState Bank we want to give you as much help as we can in managing your finances. Wherever you are in life, these calculators will assist you in planning for your financial needs.