The Small Business Loan Agreement is a crucial financial document used when a small business seeks funding from a financial institution in Australia. It serves as the primary contract governing the lending relationship, outlining all essential terms including loan amount, interest rates, repayment schedule, and security arrangements. This agreement is specifically designed to comply with Australian banking and finance laws, including ASIC regulations and the National Consumer Credit Protection Act where applicable. It's particularly important for new businesses, business expansion, working capital needs, or asset acquisition, providing legal protection for both the lender and borrower while ensuring clear documentation of all obligations and rights. The agreement typically includes provisions for security, guarantees, financial covenants, and reporting requirements appropriate for small business lending in the Australian context.
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1. Parties: Identifies the lender and borrower with their full legal names, ACN/ABN, and registered addresses
2. Background: Outlines the context of the loan agreement, including the borrower's request for funding and the lender's agreement to provide it
3. Definitions: Defines key terms used throughout the agreement to ensure clear interpretation
4. Loan Details: Specifies the loan amount, interest rate, term of the loan, and purpose
5. Drawdown: Specifies the conditions precedent for drawdown and the drawdown process
6. Repayment Terms: Details the repayment schedule, payment methods, and early repayment provisions
7. Interest and Fees: Specifies how interest is calculated and charged, plus any applicable fees
8. Representations and Warranties: States the borrower's assertions about their legal and financial status
9. Borrower Covenants: Lists the borrower's ongoing obligations throughout the loan term
10. Events of Default: Defines what constitutes a default and the consequences thereof
11. General Provisions: Contains standard clauses including notices, amendments, governing law, and dispute resolution
1. Security: Required when the loan is secured by business assets or property
2. Guarantee: Required when there are personal or corporate guarantors for the loan
3. Insurance Requirements: Required when specific insurance coverage must be maintained
4. Special Conditions: Used when there are unique terms specific to this loan arrangement
5. Financial Covenants: Required for larger loans where financial ratios must be maintained
6. Change of Control: Required when restrictions on ownership changes are needed
7. Cross-Default: Used when the loan should be linked to other financial obligations
1. Schedule 1 - Loan Summary: Key financial terms including loan amount, interest rate, fees, and payment schedule
2. Schedule 2 - Drawdown Notice: Template form for requesting loan disbursement
3. Schedule 3 - Repayment Schedule: Detailed amortization schedule showing payment dates and amounts
4. Schedule 4 - Security Details: Description of any assets provided as security for the loan
5. Schedule 5 - Conditions Precedent: List of documents and conditions required before drawdown
6. Appendix A - Direct Debit Authority: Form authorizing automatic payment deductions
7. Appendix B - Guarantor Documents: Required guarantor forms and acknowledgments
8. Appendix C - Financial Reporting Requirements: Templates and requirements for ongoing financial reporting
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Small Business Retail
Professional Services
Manufacturing
Technology
Healthcare
Hospitality
Construction
Agriculture
Transportation
Real Estate
Relevant Teams
Legal
Finance
Credit Risk
Compliance
Commercial Banking
Business Banking
Loan Operations
Document Control
Risk Management
Client Relations
Relevant Roles
Chief Financial Officer
Finance Manager
Business Development Manager
Credit Risk Officer
Loan Officer
Compliance Officer
Legal Counsel
Business Banking Manager
Relationship Manager
Small Business Owner
Company Director
Financial Controller
Credit Analyst
Commercial Banking Officer
Risk Manager
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