New tools released targeting SME lending

An aggregator and online lender have separately released two new tools aimed at facilitating small business lending

New tools released targeting SME lending



Online lender Spotcap and national aggregator eChoice have simultaneously released two digital tools to assist clients and brokers with small business lending.

Spotcap’s offering is an online portal to help explain and bring further awareness to the different non-bank lending options available for small and medium sized businesses (SMEs).

The portal is available in the form of an interactive microsite containing information on the different finance sources available. It was created in response to a recent market survey by Pureprofile which found over half of the approximately 1,000 respondents were unaware of the different non-bank lending choices available.

The tool was developed in conjunction with a number of other fintech lenders and will help clarify how the different options can act as an alternative to more traditional instruments such as the banks.

“We want to equip SME owners with the information they need to fund the growth of their businesses, in ways that suit their circumstances and requirements,” said Lachlan Heussler, managing director of Spotcap Australia.

“Not all financial products suit all businesses, and we want to make potential borrowers aware of both the range of options now out there, and which could work for them.”

Aggregator eChoice has also come out with its own purpose-built portal and service aimed at the self-employed sector.

“The new portal provides specialist loan and service packages for the sector and brings an aggregated offering to the market through partnerships with established industry lenders and ancillary product providers,” said CEO of eChoice, Peter Andronicos.

“As a digital and broker-supported service, the portal provides a ‘supermarket’ of opportunities for the growing number of self-employed borrowers to investigate their options, not only for property purposes, but also commercial, business and asset financing.”

The portal will extend the aggregator’s footprint as a provider of lead generation solutions while broadening its range of retail products delivered through the broker channel.

In today’s expanding market, self-employed borrowers should be aware that many lenders have a range of suitable loans available as long as any income can be substantiated, Andronicos said.

Related stories:

Big four bank builds broker SME support

SMEs double demand for non-bank lending

Small business lender partners with national insurer

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