As long as your business qualifies as being a viable small business there is no reason that you cannot apply to get business loan funding from the Australian grants and loans small business funding programs. To get business loan funding there is criteria set in place, and as a business owner you must be able to meet the requirements. The fact of being in school is not an issue provided that the small business that you own meets the criteria for the funding.
You can also take advantage of the Small Business Startup Assessment Tool below and see the tools and resources you need to succeed at launching your business. It takes just a minute and will also tell you if there may be any funding programs available.