As a broker with previous experience at CBA and Westpac across lending and project management roles, Tom Burton from Shore Financial knows the industry extremely well. Here’s Tom’s wisdom on Australia’s financial landscape and working with Spotcap.
What makes your approach to finance unique?
I believe there is a large gap in the market for tailored debt advice for small to medium-sized businesses (SMEs). Most brokers are residential focused, with limited knowledge of trading businesses. So Australian SMEs will likely approach their accountant and their relationship manager at the bank, and form impersonal relationships that don’t offer much value.
Through specialising in tailored debt advice for SMEs, I have all the lenders to choose from across a much larger product suite. My goal is to build relationships with my clients that last years longer after a particular relationship manager has moved on from that bank and that financer has changed their appetite for that particular business.
Commercial broking is where banking was 15 years ago, when a bank would say “there is a deal in there somewhere”.
Do you feel there is a need for Spotcap in the world of small business finance?
Absolutely – Spotcap is filling a gap in the market that hasn’t been met previously. No longer do we have to wait for a credit manager to get back to us five days later with a request to take security of the directors home! Our clients are SMEs that need alternative solutions quickly, as the banks simply are not supporting many of them grow.
What did you enjoy about working with Spotcap?
Quite simply, the speed and service. The product is priced right where it needs to be, given the nature of the product.
Walk us through your experience with Spotcap.
A client of mine has a fast growing IT business that needed cash flow quickly to remedy a bridge in receivables and finance some upcoming projects. An invoice financing option was not flexible enough and was too complicated for the client.
Spotcap were able to workshop the deal and request all the correct info upfront. It made the process very efficient and they explained how it all worked to the clients to reinforce the discussions I had already had.
The speed in which they responded on all fronts has meant I will win all the other businesses on the table with these clients.
Have you used an unsecured SME commercial lender before? How did Spotcap compare?
Yes – Spotcap is great. The ongoing support and workshopping the deals is the stand out as the technology is becoming more widely used.
Originally published May 25 2018 , updated June 13 2018