ScotPac is expanding the capabilities and lending capacity of three of its core products to help more Australian and New Zealand businesses access funding suited to their needs and circumstances.
The changes are designed to meet ambitious businesses’ continued appetite to invest while helping them manage rising operating costs, growing compliance obligations and the additional expense of responding to supply-chain disruptions.
Asset Finance Lite Doc delivers a streamlined process using bank-statement data analysis to support faster assessment, with decisions possible in as little as 48 hours.
ScotPac has also expanded lending settings for its Line of Credit and Term Loan products:
- Line of Credit: the lending ratio will increase from 150% to up to 200% of monthly sales in Australia and New Zealand. The maximum lending capacity in New Zealand will rise from $200,000 to $300,000. The Australian limit remains up to $500,000.
- Term Loan: the product, also known as Boost Business Loan, will have a higher New Zealand lending limit of $300,000, up from $200,000. In Australia, three funding bands will provide businesses with more options, with loan amounts from $10,000 to $500,000.
ScotPac Chief Product Officer Wade Doblo said the changes would make funding available to more businesses and give brokers more options to support their clients.
“Despite uncertain economic forecasts, business investment plans and the demand for non-bank lending remain very strong,” Mr Doblo said.
“ScotPac’s latest SME Growth Index Report showed that three in every five businesses are planning to invest in the next six months, and that more than 60% intend to use a non-bank funding source. That’s up from 19% just seven years ago.
“Businesses are also managing higher operating costs, new regulatory obligations such as Payday Super in Australia, and ongoing supply-chain disruption, all of which test cash reserves.
“By expanding lending capacity and making our assessment process more responsive, we can help more businesses find funding that fits their circumstances – whether they need to manage cash flow, finance equipment or invest in growth.
About ScotPac
ScotPac is Australia and New Zealand’s largest non-bank SME business lender, providing funding to small, medium and large businesses from start-ups to corporates. For over 35 years, ScotPac has helped thousands of business owners succeed, offering fast and flexible funding. ScotPac is large enough to trust, small enough to care.
For more information contact: Todd Hayward – Mob: 0412 205 151
