A non-bank lender has expanded its range of business lending solutions through the launch of two new products crafted to address gaps it sees in the current market.
Liberty Financial has gone live with Liberty Mint, which provides eligible SMEs with secured business loans up to $3m, and Liberty Access which offers a flexible line-of-credit up to $1m.
According to group sales manager, John Mohnacheff, the lender’s new offering stemmed both from its comprehensive understanding of the needs of small businesses, as well as off the back of broker feedback.
“We’ve listened to brokers, and what we have heard is that small businesses need a lifeline,” he said.
“Australian small businesses have shown resilience through the first wave of COVID-19, but with spikes in Victoria and NSW, we know that we are not out of the woods yet. For many, securing the right type of finance will be integral to their long-term business continuity – and may even be a deciding factor on whether they can keep the lights on."
ABS data has shown that 72% of Australian businesses have experienced a decrease in revenue due to COVID, while 70% have reported being forced to change how they operate.
With the JobKeeper stimulus package scheduled to decrease in October 2020 and Victoria under stage four lockdown restrictions, cash flow seems sure to remain an ongoing concern for many small businesses across the country.
“We believe our new Liberty Mint and Liberty Access products will complement our existing offering and allow us to provide brokers with solutions to suit a diverse range of SME customer needs,” Mohnacheff said.
Additionally, Liberty is a participating lender in the government’s SME Guarantee Scheme which was created to help businesses affected by COVID-19. In response to being selected, the lender has established a dedicated business lending department to further support its brokers and business partners.
“Please contact your Liberty business lending BDM to learn more about our innovative product range and to find out how we’re supporting brokers to help eligible small businesses secure funding,” said Mohnacheff.