Business finance in Australia is worth around $835 billion annually so it’s no surprise that new players might want to take a slice of the action. Who are these new players in the market and what is it that they do differently?
Traditional lenders still have the lion’s share
There is no doubt that traditional business lenders such as the big four banks hold by far the biggest share of the business finance market. There are some things they do very well such as transaction services (we all need banks in order to get paid!) and mortgage lending.
They also generally have solid offers in equipment finance for things like vehicles, earth moving and other plant and equipment. As a Broker we are constantly reviewing offers, rates and policies to ensure we can find the deal that best suits your business.
New lenders are finding important gaps in the big banks’ offer
The exciting innovation in the Australian market is the number of new lenders who are focusing on some areas where the big banks don’t compete at all or do so in a very limited way.
These areas include short term cash flow lending without the need for mortgage security, financing against future income and also personal lending at rates often well below the banks personal loan rates.
Want to know more?
As we approach Christmas, cash flow is a vital issue for small businesses, especially tradies and builders who close over the Christmas break.
Whether it’s short term cash flow, equipment, mortgage or other financing needs, Finance Shed is open right through the Christmas period, so while you are off the tools it may be a great time to review your finances and ensure you are getting the best deal.
Drop us an email at email@example.com sign up here for my e-brochure or call me directly on 0412 215 153 to book a meeting. We are a local Newcastle and Hunter based business so we can come to you!