Fifo Capital Partners has forged a deal with online broker platform Lend Capital as part of its efforts to expand its market reach and provide the SME sector with more flexible financing options.
Under the new arrangement, Lend Capital's growing finance broker network will be able to offer Fifo's range of working capital, trade, and invoice financing options.
Wayne Morris, CEO of Fifo Capital, said the partnership comes at a time when a wider range of commercial finance solutions are critical to the SME sector.
"Helping SMEs access flexible solutions that include off-balance sheet and non-debt working capital options is paramount to supporting businesses in this extraordinary time — and our new partnership with Lend Capital will ensure more brokers and businesses will have access to more finance products," he said.
Earlier this year, Fifo Capital joined the panel of lenders offering loans under the government's Coronavirus SME Guarantee Scheme, which was launched to support the flow of credit to small businesses through the COVID-19 pandemic.
"Including non-bank lenders in the scheme demonstrates that every type of finance model is necessary to provide trading options to small to medium sized businesses at this time,” Morris said.
The CEO added that Fifo Capital's tailored solutions, which focus on the needs of the borrowers, will help Lend Capital's brokers offer diverse finance solutions to their clients.
"Shoe-horning vanilla loans and products are yesterday’s ideas," he said.
Bill Baker, CEO of Lend Capital, said the partnership also means that Fifo Capital will be able to adopt the group's AI and algorithm-based technology.
"It’s great to see lender partners such as Fifo Capital embracing this new technology to get much needed funds to SMEs," he said.