# How to get a business loan in NZ

> To get a business loan in New Zealand, most lenders want an NZBN, a few months of trading, steady income through a business bank account and an owner who is an NZ citizen or resident. Here's what lenders ask for and how to apply.

By Jason Dark, last checked 2026-11-08. Part of [Loans](https://smallbusinessloan.co.nz/loans) on Skipper.

## The short version

- Online lenders usually want 4 to 12 months of trading and a minimum monthly turnover. Banks usually want to see at least 12 months of accounts.
- Most lenders look at your business bank statements, your accounts, your credit history and the purpose of the loan.
- Prospa, Bizcap and Pioneer Finance can give you a quote or conditional offer without doing a credit check that affects your score.
- Compare offers by looking at the true annual rate and the total amount you'll repay. A low weekly payment can hide a higher overall cost.

## How do you get a business loan in NZ?

To get a business loan in New Zealand, you need to meet the lender's minimum trading time and turnover, show your business can afford the repayments and apply with your bank statements and accounts. Online lenders can decide in a few hours and need less paperwork. Banks usually charge less but want a longer trading history and often require security.

The steps below take you from working out what you need to signing a loan offer.

## Business loan requirements

Most lenders ask for the same basic things:

- **An NZBN.** Prospa and Bizcap both ask for one.
- **Trading time.** Online lenders accept businesses with a few months of trading, while banks usually want a year or more.
- **Steady turnover.** Lenders set a minimum monthly amount and check your bank statements for it.
- **A qualifying owner.** Prospa, ScotPac and ANZ require an owner who is at least 18 and an NZ citizen or permanent resident.
- **Records.** Online lenders want bank statements, while banks may ask for financial statements or access to your accounting software.

Here's what the main lenders publish:

| Lender | Time trading | Turnover | Paperwork |
| --- | --- | --- | --- |
| [Bizcap](https://smallbusinessloan.co.nz/lenders/bizcap) | 4 months | $12,000 a month | Bank statements and an active NZBN |
| [Prospa](https://smallbusinessloan.co.nz/lenders/prospa) | 6 months for most industries | $6,000 a month | A linked bank account and an NZBN |
| [ScotPac](https://smallbusinessloan.co.nz/lenders/scotpac) | 6 months with consistent sales | $10,000 a month | 6 months of bank statements |
| [Line Capital](https://smallbusinessloan.co.nz/lenders/line-capital) SmartLine | 12 months | $100,000 a year | Less paperwork than its larger loans |
| [BNZ](https://smallbusinessloan.co.nz/lenders/bnz) QuickBiz | 12 months of reconciled financials | Not published | Business financial data |
| [Kiwibank](https://smallbusinessloan.co.nz/lenders/kiwibank) Fast Capital | 12 months of up-to-date accounts | Not published | Xero or MYOB, limited companies only |
| [ANZ](https://smallbusinessloan.co.nz/lenders/anz) online | 2 years in business | Not published | An active Xero or MYOB account |

The [eligibility checker](https://smallbusinessloan.co.nz/tools/lender-match) runs your trading time, turnover and loan amount against the criteria lenders publish.

## Step by step

**1. Work out how much you need and why.** The reason will help you pick the right type of finance. For example, [asset finance](https://smallbusinessloan.co.nz/loans/asset-finance) is good for buying a vehicle or machine, [invoice finance](https://smallbusinessloan.co.nz/loans/invoice-finance) is for unpaid invoices and a [line of credit](https://smallbusinessloan.co.nz/loans/business-line-of-credit) or [overdraft](https://smallbusinessloan.co.nz/loans/business-overdraft) helps with uneven cash flow. A business loan is best for a one-off cost you want to pay back over a set period.

**2. Make sure you meet the minimum requirements.** Check the trading time and turnover each lender wants before you apply. If you apply to a lender whose criteria you don't meet, you could waste time and get a credit check that doesn't lead to a loan.

**3. Prepare your records.** Keep your business money in a business bank account, because online lenders will check it. Have your NZBN, ID and IRD number ready. If you use Xero or MYOB, make sure your accounts are up to date, as Kiwibank and ANZ's online applications use them.

**4. Get quotes.** Prospa gives a quote without a credit check, Bizcap makes a conditional offer without one and Pioneer Finance says its quote won't affect your credit score. Ask at least two lenders so you can compare your options.

**5. Compare the offers.** Don't just look at the weekly repayment. Add up all the costs, including the [establishment fee](https://smallbusinessloan.co.nz/glossary/establishment-fee), and use the [true cost calculator](https://smallbusinessloan.co.nz/tools/true-cost) to find the [true annual rate](https://smallbusinessloan.co.nz/glossary/true-annual-rate). Also check whether you'll need a [personal guarantee](https://smallbusinessloan.co.nz/glossary/personal-guarantee) and what it costs to repay early.

**6. Apply and sign.** The lender will do a credit check and may ask for more documents. Read the loan agreement before signing, especially the parts about security, guarantees and fees for early or late payments.

## Getting a business loan for a new business

New businesses have fewer options because lenders want to see income before they lend. Bizcap starts at 4 months of trading, and [FundTap](https://smallbusinessloan.co.nz/lenders/fundtap) looks for about 3 months if you invoice customers who pay later. [Westpac](https://smallbusinessloan.co.nz/lenders/westpac)'s start-up lending is for businesses under 2 years old and asks for a business plan and cash forecast instead of 2 years of accounts. The [start-up loans guide](https://smallbusinessloan.co.nz/loans/start-up-loans) covers other options, including borrowing against your home.

## Is it easy to get a business loan in NZ?

It's easier to get a loan from an online lender than from a bank. Online lenders accept newer businesses and decide quickly, but they usually charge more. Banks want more history and paperwork and often ask for security, but they usually charge less.

If you're turned down, ask the lender why. The usual reasons are a low credit score, a short trading history or turnover that's too low for the loan. The [bad credit guide](https://smallbusinessloan.co.nz/loans/bad-credit) lists lenders that look past a low score, and a [business loan broker](https://smallbusinessloan.co.nz/loans/business-loan-broker) can take your application to several lenders at once.

## Common questions

### What do I need to get a business loan in NZ?

Most lenders ask for an NZBN, a business bank account with a few months of steady income and an owner who is at least 18 and an NZ citizen or permanent resident. Banks also want financial statements, usually for at least 12 months, and bigger loans often need security such as property.

### How long does it take to get a business loan?

Online lenders are the quickest. Prospa often responds within an hour if you apply in business hours and link your bank, and Bizcap can approve a loan in as little as 3 hours. Banks take longer: BNZ replies to QuickBiz applications within two business days, and ANZ calls within five working days of an online application.

### Does applying for a business loan affect my credit score?

Getting a quote often doesn't. Prospa gives a quote without a credit check, Bizcap makes a conditional offer without one and Pioneer Finance says its quote won't affect your score. The lender checks your credit once you go ahead with a full application.

### Can I get a business loan without financial statements?

Often, yes. Online lenders such as Prospa, Bizcap and ScotPac mostly look at your business bank statements, so new businesses without a year of accounts can still apply. Banks and larger loans usually need financial statements; Line Capital's FundingLine asks for 2 years of finalised financials.

## Sources

- [Prospa: Small business loans](https://www.prospa.co.nz/small-business-loan)
- [Bizcap: Compare solutions](https://www.bizcap.nz/compare-solutions)
- [ScotPac: Boost Business Loan](https://www.scotpac.co.nz/our-solutions/boost-business-loan/)
- [Line Capital: SmartLine](https://www.linecapital.co.nz/smartline)
- [Pioneer Finance: Business loans](https://pioneerfinance.co.nz/business)
- [BNZ: QuickBiz](https://www.bnz.co.nz/business-banking/loans-and-finance/business-online-lending)
- [Kiwibank: Fast Capital](https://www.kiwibank.co.nz/business-banking/borrowing/how-to-apply-for-business-funding/fast-capital/)
- [ANZ: goBiz](https://www.anz.co.nz/business/lending/gobiz/)