Access to finance is a key concern for small business owners in Australia. Did you know it’s two times more common for a small business to have it’s application for a loan rejected than a medium size business. Or that 20 per cent of small businesses that need finance don’t apply for a loan, because the process is too difficult?
That needs to change…
Enter Spotcap – an alternative lending platform that believes in a fair-go for small business. So much so that we’ve built our business model around that idea. Unlike traditional lenders, our online application process is fast and flexible. We make decisions by evaluating real-life business and cash flow data, rather than a backward-looking credit score. This means faster more efficient access to finance for small businesses when they really need it.
In the past four months, we have helped a number of small businesses realise their potential. Spencer Smith, founder of RV Solar Supplies recently approached us to apply for finance. As an importer of solar panels, the falling Aussie dollar has taken a toll on Spencer’s business. He needed a short-term injection of cash to finance a consignment of solar panels which were due to arrive in Australia later that month. He knew from experience that a bank wouldn’t lend to him. As a new business, he doesn’t have enough historical business data so he came to us. We take into account where the business is right now and where it can go in our approval process and as such were able to approve Spencer’s loan and provide the funds within a few days.
Access to finance is just one of the ways we support a fair-go for small business. In the coming weeks and months, we will also use this blog to share practical advice, insights and learnings from our team of experts.
Have you ever wondered how to get a better ROI from social media? Which accounting software is right for you or how to generate positive word-of-mouth? We will answer all of these important questions and more. Do you have a business problem you need a hand with? Post it in the comments below to have your questions answered in an upcoming post.
The Spotcap team.
Originally published October 12 2015 , updated January 18 2017