Code of Lending Practice

Introducing the Code

Spotcap is a founding signatory to the Code of Lending Practice, a commitment which will increase transparency across the Australian online business loan sector. Transparency is at the core of what we do and the Code is the next step in ensuring our customers can clearly identify if a financial product is right for their needs, exactly how much it is going to cost, and if a product is the best solution available to them. Through the Code, we’re affirming our commitment to meeting all legal and regulatory requirements as well as promoting an increased level of transparency and disclosure in the small business lending market.

Creation and Implementation

The Code was created through extensive collaboration between a leading group of online business lenders, the Australian Finance Industry Association (AFIA), the Australian Small Business and Family Enterprise Ombudsman (the Ombudsman), SME advocate, and industry association FinTech Australia. Key elements agreed in the code include:

To ensure effective enforcement, the Code will be supported by a Charter focused on governance including its monitoring, review and enforcement processes.

AFIA will appoint a Code Compliance Committee (CCC) as an independent governing body to monitor and enforce the Code. The Code, Charter and the disclosure tool will be fully functional by no later than 31 December 2018.

Lending Responsibly

Spotcap are specialists in small business lending with an expert team with decades of experience at traditional financial institutions. We have been through credit cycles and are aware of systematic risks. Together, we have built Spotcap to prosper and serve small business communities in ever-changing macroeconomic conditions.

We have a rigorous commitment to lending responsibly and refuse to oversaddle a business with debt they can’t afford to repay. We champion businesses and don’t want to put them into financial distress, which is why we have a robust assessment. We want businesses to use our loans to grow and thrive.

We’re trusted by thousands of Australian businesses

Jennifer is one of many Australian business owners who has used Spotcap to grow. Read more about other aspirational businesses we have financed

working capital loans customer quote

"Spotcap finance enabled us to grow and having that emotion that someone believed in your vision just left us feeling great"

Jennifer Hart

Director of Everyday Cashmere