Non-bank launches 'Open for Business' campaign

by Madison Utley14 Oct 2020

A non-bank lender has launched a marketing campaign designed to raise consumer awareness of the lending alternatives available beyond the major banks.

OnDeck’s ‘Open for Business’ campaign kicked off on 1 October. Cameron Poolman, CEO of OnDeck Australia explained the origin of the initiative.

“Our research has shown that one in four SMEs have been rejected for bank finance. Even among those that have secured finance from their bank, 27% say they have been negatively impacted by the time taken to secure funds,” he said.

“Our ‘Open for Business’ marketing campaign is designed to let brokers and SMEs know that alternative lending options are available that can fast-track the application and funding process to as little as one business day without compromising on responsible lending. It’s all about helping brokers and their small business clients make 2021 a year to remember.”

The campaign will be delivered through multiple channels including social media, banner advertising and public relations with particular emphasis placed on Western Australia and South Australia as both states' SMEs emerge from COVID-19 restrictions.

The 1 October launch of OnDeck’s new marketing campaign also coincided with a 35% rise in loan applications received by the group between August and September, data Poolman has interpreted as being reflective of improved confidence across the small business sector.

“Trading conditions for small businesses have been hugely disrupted by the COVID-19 pandemic. But the 35% jump in loan applications experienced by OnDeck suggests that SMEs hold a bright outlook for the future, and are taking positive steps towards recovery,” he said. 

“Along with the upcoming holiday period, we are also seeing SMEs keen to take advantage of super-sized instant asset write off announced in the 2020/21 Federal Budget, to improve productivity or expand capacity.

“As we head into the busiest trading period of the year, the expertise of a broker will be highly valued by SMEs in streamlining the funding process,” Poolman concluded.