I'd like to start my own business building furniture.

While I have the majority of the tooling required, to do it properly, i'd need to upgrade some of it, issue is i don't have the capital to do so.

Is a business loan the best option here? or would a personal loan be better given the total required would be under 10k?

Hi Matt,

You're best to get a Personal Loan in this case. You would be most unlikely to get a business loan, even for a small amount as you probably don't have an ABN at this stage. You can keep it separate for tax purposes as it is for the business.

Let me know if I can assist further.

Cheers,

Michael Budge
Bayside Finance Group
M 0418 547337 T 1300 547337
E michael@baysidefinance.com.au

A personal loan would be the best option as a business loan would be based on the business's ability to service the loan. Considering you have not yet established the business it would be difficult to justify to a bank your ability to service a business loan.