Leading debtor and trade finance company Scottish Pacific has announced a major acquisition which will shake up the SME finance sector.
Scottish Pacific has announced that they have acquired the Australian and New Zealand debtor and trade finance company, Bibby Financial Services. Speaking about the acquisition Scottish Pacific CEO Peter Langham said the move will provide greater choice to the SME sector.
“With the acquisition, Scottish Pacific clients will be able to access a broader range of funding and business solutions, all without having to mortgage the family home.
“Our expanded team looks forward to working with the SME sector to support their growth.”
For too long, says Langham, have small businesses had a lack of genuine and competitive alternatives to the major banks.
“Business owners make it clear to us, via our SME Growth Index, that far too many SMEs still don’t know about funding options beyond the banks, and when the banks won’t fund them they look to their family and friends or the credit card to maintain and grow their business.
"Scottish Pacific’s offering as a working capital lender for SMEs was already strong and is now even more a comprehensive funding alternative for small businesses looking to grow, whether domestically or overseas.”
Scottish Pacific is the only non-bank approved by Efic, the Federal Government’s export credit agency, which helps fund SME exporters.