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A new report has found the share of small to medium enterprises (SMEs) in Australia planning to borrow from non-bank lenders has doubled in the past four years to 31%, an acceleration rate of 8% a year. That figure now exceeds SMEs’ preference for bank borrowing, which declined by 4% year on year to 28%.
The findings come from the latest round of the SME Growth Index compiled by ScotPac, Australia’s leading non-bank business lender.
The report, which incorporates feedback from more than 700 SME leaders, also found that frustration with bank onboarding processes and approval times were key factors driving non-bank lending for SMEs of all sizes.
Respondents said non-bank lenders were generally twice as fast at approving loans than banks, with average bank loan approvals stretching to 35 days, and in some cases, beyond 55 days.
Other key findings about SME borrowing intentions include:
- 55% of SMEs are planning to invest in their business in the next six months
- 41% of SMEs will seek new funding options in 2022, on average applying for $753,000 in findings. The average forecast loan size for large SMEs ($5m-$20m revenue) is a tick over $1 million, compared to $398,000 small SMEs ($1m-$5m).
- 2% of SMEs are unsure how they will ultimately fund new business investment.
ScotPac's Partner Portal
The Partner Portal enables you to better connect with businesses seeking funding options with easy to use sales and marketing tools. We’ve made it simple for brokers to generate more leads, manage prospects and nurture existing customer relationships, while delivering efficient ways to operate.
You access exclusive sales materials and tools to engage, qualify, and convert more leads in a shorter period of time with resources including:
- Engage, qualify and convert more leads: In order to help our partners grow their businesses, our Partner Portal delivers instant Asset Finance approvals plus tools such as our Working Capital Calculator and Product Selector to help engage, qualify and convert more leads quickly
- Be a smart marketer: Generate more leads and nurture them through your sales funnel, utilising simple, low touch and automated marketing campaigns with curated content from some of our country’s brightest marketing minds – customised with your brand
- Build better relationships: Maintain and grow deeper and more valuable relationships with customers – with a library of pre-loaded social content for Facebook and LinkedIn and e-newsletter content and templates
- Save yourself time: Improve efficiency to save time and expedite the process of delivering customer service