2022 Business Loan Rankings and Awards

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As Australia’s economic recovery gathers pace from the COVID-19 pandemic, businesses are operating in a complex financial environment. At such a time, having access to banking products such as overdrafts and loans can be vital to the continued success of a business. In Canstar’s 2022 Business Loan Rankings and Awards, we recognize providers who deliver exceptional value.




Amid rising interest rates, many business owners are reviewing their loans and looking for funding sources to support capital raising and keep their cash flow steady, as well as help them “balance the books.” and manage expenses. Challenges such as higher costs are impacting the bottom line of many businesses as business owners balance the need to meet the demand recovery with the risks posed by soaring production cost pressures. life.








“Having a reliable banking partner that offers suitable financial products and services is crucial for many economic operators navigating a ‘new normal’ of supply, demand and cost pressures with our economic recovery from the COVID pandemic. -19.”




Data from the Australian Bureau of Statistics shows that more than one in two businesses have seen increases in the cost of doing business in recent months, with higher fuel costs and higher costs of products and services used. Nearly 40% of companies surveyed have changed their business operations or processes, 17% have renegotiated payment terms with customers and suppliers, and 16% have postponed or canceled their investment plans. Another 13% requested additional funds.




“In Canstar’s Business Loan Rankings and Awards, we have recognized business loan products that deliver exceptional value to Australian business customers,” said Sale.




“As part of these awards, our research team applied a methodology that took into account the different needs and desires of business loan applicants based on their borrowing profiles, and we considered the benefits by pricing and feature terms for residential, commercial and unsecured term loans and overdrafts”.




Business loans and business overdrafts that have achieved a 5-star rating in one of Canstar’s business loan star rating profiles have been recognized as offering exceptional value and have been awarded an Exceptional Value Award – business loan.








2022 Business Loan Star Ratings and Awards – winners




Canstar’s 2022 business loan star ratings and awards are ANZ, Bendigo Bank, Heritage Bank, NAB, Newcastle Permanent, St. George Bank and Suncorp. For this year’s awards, Canstar evaluated 45 products from 10 vendors, with five award-winning overdrafts and six award-winning term loans announced.




ANZ







ANZ, one of Australia’s Big Four Banks, has been recognized for having an exceptionally valuable unsecured overdraft product, as well as an exceptionally valuable unsecured term loan, in the 2022 Rankings and Awards. Canstar business loans. The award-winning products recognized by Canstar were:




  • Unsecured term loan: Variable Business Loan – Unsecured
  • Unsecured overdraft: Commercial overdraft – Unsecured




Bendigo Bank




Bendigo Bank 2022 Business Loan Winners Logo




Bendigo Bank was the first Australian bank to introduce green loans. The bank opened its doors more than 160 years ago and was recognized in this year’s Business Loan Awards for its home-secured term loan.




  • Term loan secured by a residence: Small Business Variable – Home Security




Heritage Bank




Heritage Bank 2022 Business Loan Winners Logo




Heritage Bank is one of Australia’s largest mutual banks. In Canstar’s 2022 Business Loan Rankings and Awards, Heritage Bank was recognized for its exceptionally valuable overdraft products.




  • Commercially guaranteed overdraft: Business line of credit – Non-residential security
  • Secure residential overdraft: Business Line of Credit – Home Security




NAB




2022 NAB Business Loan Winners Logo




National Australia Bank, or NAB, another of Australia’s “Big Four” banks, offers several award-winning products recognized in Canstar’s 2022 Business Loan Rankings and Awards, as follows:




  • Commercially Secured Term Loan: Loan Markets Enterprises Variable 90 days
  • Commercially Secured Term Loan: Business options premium
  • Unsecured term loan: Business options premium




Separately, NAB has also just been announced as Canstar’s Agribusiness Bank of the Year, receiving a separate national award for delivering exceptional value to its customers in agribusiness financing.








Permanent Newcastle




Newcastle Business Loans 2022 Permanent Winners Logo




The Newcastle Permanent Building Society says it is Australia’s second largest customer-owned financial institution. He has been helping clients for over 117 years. Newcastle Permanent won two awards in Canstar’s 2022 Business Loan Rankings and Awards, being recognized in the following two overdraft product categories:




  • Commercially guaranteed overdraft: Commercial overdraft
  • Secure residential overdraft: Commercial overdraft




St. George’s Bank




2022 St. George Business Loan Winners Logo




St. George Bank is part of the Westpac Group and is recognized as one of the leading brands in personal and business banking nationwide. St. George Bank also won two awards for its business loans in 2022.




  • Commercially guaranteed overdraft: Commercial overdraft
  • Secure residential overdraft: Commercial overdraft




Suncorp Bank







As part of the Suncorp Group, Suncorp Bank offers insurance, banking and wealth management products and services through some of Australia and New Zealand’s most recognized financial brands. It has been awarded twice this year for its guaranteed term loans.




  • Commercially Secured Term Loan: Small Business Essentials – Business Security
  • Term loan secured by a residence: Small Business Essentials – Home Security








Cover image source: f11photo/Shutterstock.com.








About the Canstar Research Team




Canstar’s research team provides the expertise that powers our star ratings and awards, designed to help consumers make more informed financial decisions. As Australia’s largest financial comparison site, Canstar researches and reviews products from over 775 brands, in over 30 financial categories. Our expert researchers analyze every product we review by comparing price and features, with the best products being awarded a 5-star rating. Our star ratings are made available to consumers free of charge via Canstar’s comparison charts. Suppliers whose products perform well in our star ratings can be rewarded with an exceptional value award.












Thank you for visiting Canstar, Australia’s largest financial comparison site*



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