Vijay Reddy and Abhishek Maharaj
This week we check in with two of our partners at Winquote SME Finance, a specialised commercial brokerage based in North Sydney. Read below for their valuable insight into their field, the SME Guarantee Scheme and how they find tailored solutions for their clients.
What is your name and position?
My name is Vijay Reddy and I have over 40 years retail and commercial lending experience, including manager roles for ANZ. After founding Winquote SME Finance 20 years ago, I now operate as the Director and Practice Manager on Winquote.
I am Abhishek Maharaj. I’ve been the General Manager at Winquote for the last 10 years and I bring over 18 years of banking experience in institutional banking and asset finance.
What attracted you to the industry and area you specialise in?
Our experience and knowledge along with our ability to project manage funding assignments made us a good fit for the commercial broker market. Over the years we developed great industry relationships & friendships which ensures Winquote stays relevant in the business and commercial lending space.
What do you love about being a broker?
We love to empowering business owners with funding solutions in order to achieve financial independence. Over our time, we have seen many businesses succeed with the support of our services and take us on as part of their finance department.
What are your thoughts on the Government’s SME loan guarantee scheme?
This is a very important step in helping SME’s across Australia during this testing time. Cashflow is the cornerstone of business survival and success, therefore a 6-month repayment holiday product which is supported by the government, could be the reason that certain businesses stay open.
Having said this, getting access to the loans means dealing with different requirements per lender, therefore navigating through lenders requirements can still be timely without the desired result. The complexity of the process leads to our services being relevant during this time.
How have you helped your clients with Spotcap’s services?
Spotcap has been a tremendous support for our clients. SME’s are consistently looking for quick and flexible solutions and Spotcap has certainly delivered. Recently we had a medical practice that needed to cover seasonal expenses.
They did consider approaching the bank but needed a quick solution. We managed to get our client $150,000 approved in under 48 hours and settlement shortly after. This was a big help to our customer as it allowed for them to smooth out their cash flow requirements without months of delays that they would have encountered if they applied elsewhere.
Have you seen any of your business clients’ innovate their business in the face of challenging times?
Running a business at this time has proven to be a challenge for even the strongest of businesses. If innovating is not a priority, businesses have been left behind given challenging market conditions and competition.
Recently, a solar installation company has diversified their business from mainly focusing on residential clients to now moving towards larger commercial contracts. Given the issues of COVID-19, residential clients were more reluctant to proceed therefore commercial customers have been their main focus.
Our client now has larger customers where margins are greater. Spotcap provided support to this customer by providing them with a $150,000 cashflow loan solution with a 6 month repayment holiday. This allowed them to concentrate on their new market initiatives without worrying about any cash flow issues.
What’s been your experience writing business loans with Spotcap?
The application process takes no more than 5 minutes. Along with this, the efficient team always get back to us same day with a follow up to ensure the customer has provided the required supporting documents. We have received approvals in 24 hours and also next-day settlement. The service Spotcap provides makes Winquote look to Spotcap as a viable option for finance.
The customer service team are all driving for the same result which is helping business owners with their cashflow needs. They do this with great service and are always a pleasure to speak with. Dealing with the team at Spotcap feels as if we are dealing with an internal team at Winquote. There is a unified goal and both the client and we are kept informed throughout the process.
How does Spotcap compare with other lenders?
With Spotcap, we get certainty. If the funding requirement is under $150,000, there are no financial documents required (only a bank upload). When comparing this to certain business lenders, the requirements are much less. The bank upload tends to give Spotcap a more accurate picture of cash flow and comfort which leads to providing a timely credit decision.
What would you tell other brokers thinking about using Spotcap for their business clients?
There is no better way to understand the benefits of Spotcap than to lodge your first application with them and see the results. As brokers, we are given the assignment to find funding for our customers, therefore having Spotcap as a finance provider gives another solution we can offer our customers.
As consultants in the ever-changing finance industry, it’s key to stay relevant and provide our clients with solutions to their immediate need. For cashflow solution, Spotcap provides a simplified process to approval.
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Originally published May 28 2020 , updated May 29 2020