New Finance Options For SMEs Ignored By Banks

Small business owners can feel insignificant and forgotten when it comes to their banking needs. But figures from NAB, ironically, prove that banks can no longer ignore them. The study showed that SMEs now contribute 57% of Australia’s GDP. On top of that they’re responsible for creating around seven million jobs in Australia. Despite this, many of them find it hard to secure the right finance to help them grow.

What banks can perhaps sometimes forget is that lots of big businesses were once small. More and more we have seen it become difficult for small to medium businesses to raise finance via the big banks.

Fortunately, new non-traditional lenders are stepping into this space with a range of funding including unsecured business loans that can be approved quickly, with the money deposited in the businesses account within a couple of days in some cases.

Because they are unsecured the application is simpler and the loan amounts tend to be smaller – usually anywhere from $5,000 to $250,000, with terms from one to 24 months.

A loan like this could be just the thing to help in the short-term; you might use it to smooth out seasonal cash flow, paying expenses and wages, or grasp an opportunity if one comes up.

If your business needs a lending strategy or a cash injection, give me a call to discuss how we can help.