Start-up online small business lender, Spotcap, has announced partnerships with six accounting software solutions in a move to bolster the business lending space and make credit more accessible for small business.
The partnerships mean that businesses will now be able to submit published records including P&Ls, balance sheets and BAS statements direct from Intuit QuickBooks Online, Xero, MYOB, Saasu, Reckon or Sage when applying for a line of credit with Spotcap.
“In the past to apply for a line of credit or business loan SMEs needed to manually compile financial data but our automatic integrations will take care of that. We’re making finance more accessible for SMEs,” Lachlan Heussler, managing director of Spotcap Australia said.
According to Heussler, more than 1,000 Australian SMEs have signed with the Spotcap since it launched in May, requesting more than $15 million of finance in those six months.
“This shows significant demand for unsecured lines of credit and small business loans,” he said.
In response to increased market demand, Spotcap will also increase its maximum loan amount from $100,000 to $250,000 and will offer more flexible, longer term loans of up to 12 months.
“We have been surprised by the early demand for our online lending products and are lucky to be nimble enough to respond quickly. To be able to offer a product extension and the release of these integrations within the first few months of our launch in Australia is a testament to the team of technology and credit specialists we have managed to build at Spotcap,” Heussler said.