Canoco Pty. Limited provides finance to businesses in Canberra and the surrounding region. Our registered office is at Level 1, 10 Rudd Street in the city.
Australian law draws a firm line between credit for personal use and credit for business. Personal credit comes with substantial consumer protections. Business credit, largely, does not. The line is usually marked by one document — a declaration that the money is for business purposes — and borrowers sign it far more casually than they should.
| Protection, in general terms | Consumer credit | Business-purpose credit |
|---|---|---|
| Lender must assess whether the loan is unsuitable for you | Generally yes | Generally no |
| Lender must hold a credit licence for that credit | Generally yes | Generally no |
| Hardship variation rights under consumer credit law | Generally yes | Generally no |
| Prescribed disclosure of costs and terms | Generally yes | Largely contractual |
| Access to an external dispute resolution scheme | Generally yes | Depends on the lender and the business |
Select a heading to expand it.
When you declare that credit is predominantly for business purposes, the loan is generally treated as outside consumer credit law. That is not a formality: it decides whether the protections in the table above apply to you at all.
A lender that knew or had reason to believe the money was really for personal use cannot simply rely on the declaration. But you should not be the one depending on that exception.
Some borrowing is part business, part personal — a vehicle used for both, a refinance that tidies up household debt alongside business debt. The question is what the money is predominantly for.
Describe the purpose honestly and in detail. If a lender or broker suggests you describe it more "simply" so that it fits a business product, that is exactly the moment to stop.
Business finance to a small company very commonly comes with a personal guarantee from its directors, and sometimes security over residential property.
Business lending may be quoted as an interest rate, a fixed fee, a factor or a mixture. Establishment fees, line fees and early repayment charges all belong in the comparison.
Ask every lender the same question: what is the total amount repayable, and on what dates? That single figure is the only one that compares honestly between offers.
If the money is for a car, a renovation, a holiday or household debts, you need a consumer credit provider licensed for that purpose — and you are entitled to the protections that come with it.
Licensed credit providers and credit representatives can be checked on ASIC's professional registers. Check any lender before sharing documents, including us.
Because business finance carries fewer statutory protections, we treat the honesty of the purpose as our responsibility too, not only yours.
For trading businesses bridging the gap between paying costs and being paid — including by slow-paying clients.
Finance for the assets a business needs to operate, sized to what the business can service.
For defined business needs with an identified source of repayment.
The purpose first, then the amount. If it turns out to be personal credit, we will tell you where to go instead.