Leading business growth platform, Moneytech Limited, has launched a new online small business loan facility specifically designed for the micro SME segment.
Moneytech’s new facility provides micro SMEs with a low doc revolving line of credit between $50,000 and $250,000, with approvals in as little as one day*. The facility is designed to support the ongoing funding needs of businesses with revenue above $700,000 per annum, and is the first of its kind to be offered by a non-bank lender in Australia.
Moneytech Chief Executive Officer, Nick McGrath, said the firm’s new offering addresses the need for genuine working capital solutions to help micro SMEs navigate the complex operating environment.
“We saw a gap in the market for solutions that catered to the specific needs and challenges of the micro SME segment. Moneytech’s revolving line of credit has the flexibility to be used for whatever the business needs – paying for stock, bills, subcontractors, or paying down existing financing facilities.”
“We’re pleased to see our new business facility gain traction among our referral partners and SME customers. Based on some initial testing with select Moneytech partners, we’ve already received positive feedback, with over 40 applications now approved.”
The new facility is complemented by a end-to-end digital experience for brokers and direct customers accessed via Moneytech’s online funding portal, the Moneytech Exchange.
“We have worked hard to ensure brokers and SME customers can enjoy a truly unique digital experience without needing to print a single piece of paper. From initial application, to signing official loan documents powered by DocuSign. It is a quick and easy digital process,” he said.
Supporting SMEs and brokers through challenging times
When completing credit analysis for the new facility, Mr McGrath said approval decisions will be based on pre-and post-COVID trading conditions.
“We recognise how important it is to keep cash flowing to businesses when they need it most. To assist those businesses who have experienced significant disruption to their operations, our new facility analyses before and after-pandemic sales and revenue before arriving at an appropriate decision for each and every customer,” he said.
While some traditional financiers have started scaling back finance to COVID-affected businesses, Mr McGrath said for many non-bank lenders, such as Moneytech, it has been business as usual in an unusual time.
“We’ve continued lending to new customers, and supported our existing customers with the additional funding they need to help them through this period.”
The new facility forms part of the broader Moneytech growth proposition for SMEs which also includes trade, debtor, equipment and term loan finance solutions for mid-sized businesses.
“As our customers grow and their funding needs evolve over time, we have the capability and expertise to service them fully. Through this new offering, we’re also pleased to expand our working relationship with mortgage brokers. For those who are small business owners themselves, our solution offers mortgage brokers an opportunity to further diversify their income stream into business lending.”
To find out more about Moneytech’s small business loan facility, please visit www.moneytech.com.au.
Moneytech’s new Line of Credit facility involves a quick application process with funding limits between $50,000 and $250,000 and access to funds between 24 – 48 hours. The facility offers extensive 120-day repayment terms and the application is processed in real time via Moneytech’s portal, the ‘Moneytech Exchange.’
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