Just six weeks on from having launched twin offerings to help meet the need for additional funding created by COVID-19, a non-bank lender has reported strong uptake of the new business lending solutions.
Liberty Financial group sales manager John Mohnacheff explained how the two recent products arose as a natural progression of the group’s recent trajectory.
“In late 2019, we launched Liberty Lift, a product designed to fill a gap in the SME lending space that provides competitive rates to business customers without requiring mortgage security,” he said.
“Then in March this year, when COVID-19 first hit Australia, it became clear business customers needed more support to get them through this testing time. In conjunction with the government’s SME Guarantee Scheme, Liberty promptly launched its Business Care program.
“As more business customers sought funding for unique situations, we recognised an opportunity to provide differentiated business lending solutions to support even more customers. This led to the roll-out of two additional business lending solutions - Liberty Mint and Liberty Access.”
In mid August, the group went to market with Liberty Mint which provides secured business loans up to $3m, as well as Liberty Access which offers a flexible line-of-credit up to $1m.
Since then, the group has been receiving “solid feedback”, with brokers expressing “delight” over being able to help a broader range of their business customers access finance via the new offerings.
“COVID-19 has affected the Australian business community in many different ways, and it is vital that brokers have access to flexible solutions that can help customers weather the storm,” Mohnacheff said.
“As a leader in specialist lending, Liberty has always supported customers in unique circumstances and will continue to do so – it’s what we have built our business on.”
Liberty has also been working hard to maintain the same level of service its customers and broker partners have come to expect.
“Despite the turbulence COVID-19 has caused, our support to brokers has remained steady and we have continued to provide open and timely communication as well as fast, efficient turnaround times,” said Mohnacheff.
“Throughout these past few months, a recurring piece of feedback we have received is how consistent our service has been.”