A fintech lender has announced it will be able to fund up to $50million in loans after it was provided a funding facility by a major lender.
Through a special purpose vehicle from NAB, GetCapital will now be able to fund more loans to small and medium sized businesses (SMEs) across Australia.
GetCapital specialises in the fast-growing non-bank SME lending space, offering a range of products that include flexible business loans, equipment finance and trade finance.
The new landmark funding facility follows unprecedented growth for GetCapital, which recently exceeded $250m of total loans written.
The company hopes this will help towards reaching its goal of $1billion in funded loans by 2020 as it continues to meet the changing financing needs of small business customers.
GetCapital CEO Jamie Osborn said, “Access to finance is still an enormous challenge to small businesses in Australia.
“As a NAB customer, we’re pleased to be approved for this funding facility which will support our ability to help SMEs grow.
“NAB was a natural choice for us as a funding partner. They are the leader in the country in business lending, and have demonstrated a strong understanding of our business model and the finance solutions we provide to Australian SMEs.”
NAB executive general manager of client coverage for corporate and institutional banking, Cathryn Carver, said NAB is committed to supporting businesses to grow.
She added, “NAB backs Australian businesses, not only is GetCapital a business we support directly, but, through this funding facility, we’re indirectly able to support the business customers of GetCapital too.
“As Australia’s leading business bank, we understand what businesses need to grow. We’re pleased to support GetCapital with a funding facility so it can provide innovative lending solutions to small and medium sized business customers.”
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