Around 25% of all SME loans in Australia are needed urgently. There’s a range of reasons this might be the case, Businesses might need a capital injection, to purchase plant equipment or take advantage of a time-sensitive opportunity. But here’s the kicker; according to Judo Bank’s 2019 report, of loans averaging $800,000, only three quarters are successful in obtaining finance through the big banks.
So what can Australian small and medium businesses do in these edge cases? Increasingly they’re turning to smaller, more nimble lenders to help them solve a problem or take an opportunity through short term loans. And these lenders are far more accessible than the big banks, offer more than capital, and are often more dynamic than rigid lending. Here at Strive Financial, we’re a small team equipped to make fast decisions. But while we’re fast, we don’t skip the due diligence needed to make sound business decisions for all parties involved – so for full transparency, we’ve put together an anatomy of a loan showing how we spring into action when brokers or businesses reach out to us for help.