Commercial finance fintech Lend has forged a partnership with business lender Limba Loans to help provide a wider range of financing options for small- and medium-sized enterprises (SMEs).
With the partnership, Lend will be able to list Limba Loans' offerings in its platform, giving brokers the opportunity to offer alternative financing options to their clients.
Lend's finance platform is known for its AI product-lender matching technology, which instantaneously provides borrowers an overview of products that directly align with their profile and requirements.
Olly Guilleaume, general manager at Limba, said brokers who are diversifying into the small business lending space need lenders that are responsive. He said the Lend platform will allow brokers to connect with loan specialists at Limba.
"What we like most about Lend is that they are as much about providing alternative finance options to brokers as we are," he said.
"Following an online Lend inquiry, brokers can deal with a real person at Limba who will take the time to understand their particular situation and walk them through what’s required. Coming at it from an educational and informative perspective is a cornerstone to the Lend-broker proposition as well."
Donelle Brooks, head of third party at Lend, said the partnership will help bridge the funding gap in small and medium business lending, which is estimated at more than $90bn.
"We strongly believe in enabling businesses greater access to aligned funding solutions that alleviate working capital challenges or facilitate growth," she said.
Brooks said many SMEs are being rejected by major banks, making it a struggle for many to secure financing from traditional sources.
"We’re delighted to welcome Limba Loans to our lender panel – particularly at a time when many businesses will benefit from additional capital leading into the end of the financial year," she said.