SME working capital specialist funder Scottish Pacific has launched a new specialised finance division along with an expanded product suite that allows brokers more opportunities for diversification.
Craig Michie, a senior executive at Scottish Pacific, will head the new division and will be responsible for new offerings such as Progress Claim Finance, Asset Finance Loans and Bad Debt Protection in addition to the funder’s existing products like Selective Invoice Finance, Trade Finance, Import Finance and Export Finance.
The expanded range will offer more avenues for Scottish Pacific to work with brokers and their clients to “find more opportunities and more ways to make funding deals happen,” Michie said.
“For 30 years we’ve specialised in debtor finance, and helped thousands of clients to survive and thrive. But sometimes brokers’ clients don’t fit into a traditional debtor finance model, so we’ve made it easier, with new and very flexible products which can be tailored to meet very specific funding needs.”
The new products and division will also allow Scottish Pacific to fund broker clients throughout the supply chain from purchase to payments, he said.
“For brokers, if your clients don’t fit a standard debtor finance deal, we’ll work with you to tailor a deal, whether your clients are looking for $30,000 or $30 million in funding. We’ll be able to say 'yes' to your clients, faster and more often than ever. In a tough market, this offers brokers new sources of income.”
Both commercial and residential brokers could use these new offerings to diversify into working capital finance, Michie noted.
“There are real incentives for brokers to work with us on Asset Finance Loans and Progress Claim Finance, as not many providers are able to provide our scale of funding. These products allow us to fund where we have not been able to say yes to in the past.”
Scottish Pacific has added the following products to its funding range:
- Progress Claim Finance: an invoice finance solution providing up to 70% funding against certified progress claims (up to $750,000) for businesses with contractual arrangements raising progress claims under the Security of Payments Act
- Asset Finance Loans: a product that helps existing or potential debtor finance clients maximise working capital through access to additional funding against assets such as plant & equipment or equity in property
- Bad Debt Protection: a product that protects clients from the risk of bed debts stemming from customer insolvency or inability to pay with Scottish Pacific handling reporting and processing in the event of a claim
Michie said he looked forward to working with brokers to help them find the right product for their client needs.
“We are keen to expand our strong existing community of broker introducers. With further new products on the horizon, we encourage brokers to take a closer look at our range of solutions and how they can be combined to help brokers’ clients.”
Scottish Pacific would work together with brokers to explain the different products on offer so clients can obtain more flexible business solutions, Michie added.
“Some of our new products are applicable across a wide range of industries. Others, such as our niche Progress Claim Finance, make us the only major financier in Australia targeting the construction industry, so this is a real opportunity for brokers with clients in this industry.”
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