ScotPac unrolls string of initiatives to assist brokers

by Madison Utley30 Jul 2020

A non-bank lender has introduced a series of initiatives to assist brokers in helping their SME clients.

For the remainder of 2020, Scottish Pacific will offer no lock-in contracts, 24-hour approvals and greater flexibility around the size of funding to make it easier for SMEs to take on new facilities and provide brokers new ways to help their clients during the current economic uncertainty. 

“Many business owners are under a tremendous amount of stress. They understand they need funds to keep the business going - but may be unsure of where to go for funding,” said ScotPac head of client acquisition Wayne Smith.

The lender is aiming to make it easier for brokers’ SME clients to access working capital with the introduction of their new come and go facilities and no lock-in contracts; by acknowledging that changes in circumstance could mean the business in question may no longer need funding in the near future, ScotPac hopes to alleviate some of their stress.

“Brokers tell us common barriers for their clients are fear of trying something they haven’t tried before, and fear of being locked into long-term contracts when there is so much economic uncertainty – our initiatives remove these barriers,” said Smith.

“We can help them in this uncertain climate, by offering quicker approvals and increased flexibility that makes it easy for SMEs to walk away if their business situation changes.”

ScotPac’s goal is to provide same day approvals and access to funds within 24 hours, while enabling clients’ accounting package to connect directly with the group to further streamline their access to funds.

“Brokers are such an important part of our business, and our initiatives aim to make it easier for brokers and their clients to succeed,” said Smith.

“Business owners have the option to try something new with the ability to change their mind, but we’re confident they will try, then stay.

“This is a way for ScotPac to show additional support for our valuable broker network, and to encourage brokers and their clients to learn more about why Invoice Finance is a funding option that works in every business cycle - including the current difficult conditions,” he finished.