Bizcap has rolled out its Line of Credit (LOC) Ultra globally, giving small and medium-sized enterprises (SMEs) in Australia and New Zealand access to credit limits of up to $500,000.
The facility is designed to provide quick and flexible finance, with approvals available within 24 hours and repayment rates starting at 1.25% per week for the first four weeks.
Brokers are being encouraged to use the new product for clients with regular cashflow needs who draw down and repay facilities frequently.
The launch comes as Bizcap continues its expansion in the SME lending space. The non-bank lender recently lifted its loan cap from $5 million to $7.5 million in Australia, while also doubling its maximum facility size in New Zealand to NZ$4 million.
LOC Ultra offers SMEs a way to avoid waiting weeks or months for customers to pay invoices. By using outstanding invoices as collateral, businesses can unlock upfront cash and manage cashflow in real time.
“The positioning of the LOC Ultra product is truly exciting – it’s a game-changer because it allows us to step into a part of the non-bank lending market that’s traditionally been dominated by debtor and invoice finance,” said Rebecca del Rio (pictured left), Bizcap’s chief revenue officer.
Bizcap executives said LOC Ultra would help businesses cover short-term funding gaps, manage payroll during seasonal lulls, and support growth initiatives.
“Business owners are often frustrated by rigid credit models that ignore the realities of running an SME. With LOC Ultra, we’ve created a breakthrough solution – our credit decisioning is out of the box, factoring in the qualitative data and context that business owners and their advisers provide. That pragmatic approach is what sets Bizcap apart,” said Tony Truong (pictured right), Bizcap’s chief credit officer.
“With its rapid turnaround time and fast repayment period, Line of Credit Ultra is designed for businesses that need to move quickly,” said Adam Szental, Bizcap’s chief operating officer. “Whether it’s taking advantage of seasonal demand, covering a gap in working capital, or funding a short-term project, our solution ensures SMEs have the capital they need, exactly when they need it.”
Bizcap has funded more than $1.9 billion in SME loans since its 2019 inception and joined the Australian Finance Group (AFG) panel earlier this year.
With more than 2.7 million businesses now operating in Australia, according to the ABS, brokers are being urged to capitalise on non-bank lending options to support SME growth.
Advisers interested in connecting clients with LOC Ultra can contact [email protected] or visit the Bizcap website for more details.
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