Leading business growth platform, Moneytech, has introduced a new online small business loan facility, which is the first of its kind to be offered by a non-bank lender in Australia.
Providing revolving line of credit of up to $250,000 with approvals in as little as one day based on pre- and post-COVID trading conditions, the facility is designed to support businesses with revenue above $700,000 per year by offering genuine working capital solutions.
Moneytech CEO, Nick McGrath said the firm saw a gap in the market for solutions that catered to the specific needs and challenges of the micro SME segment.
“Moneytech’s revolving line of credit has the flexibility to be used for whatever the business needs – paying for stock, bills, subcontractors, or paying down existing financing facilities,” he said.
“We’re pleased to see our new business facility gain traction among our referral partners and SME customers. Based on some initial testing with select Moneytech partners, we’ve already received positive feedback, with over 40 applications now approved.”
The new facility is complemented by an end-to-end digital experience for brokers and direct customers accessed via Moneytech’s online funding portal, the Moneytech Exchange.
“We have worked hard to ensure brokers and SME customers can enjoy a truly unique digital experience without needing to print a single piece of paper. From initial application, to signing official loan documents powered by DocuSign, it is a quick and easy digital process,” McGrath said.
The new facility forms part of the broader Moneytech growth proposition for SMEs which also includes trade, debtor, equipment, and term loan finance solutions for mid-sized businesses.
“As our customers grow and their funding needs evolve over time, we have the capability and expertise to service them fully. Through this new offering, we’re also pleased to expand our working relationship with mortgage brokers. For those who are small business owners themselves, our solution offers mortgage brokers an opportunity to further diversify their income stream into business lending. “