Fifo Capital has launched a training program designed for mortgage brokers to expand into the commercial finance market.
The SME finance lender, which funds over 3,000 SMEs with more than $2 billion in funds, has also offered a new fintech platform white-labelled for free with the program.
Both initiatives highlight Fifo Capital's commitment to delivering cutting-edge solutions and providing greater support for SMEs through direct-to-client relationships and broker channels,” said Fifo Capital director Mark Occhiuto (pictured above left).
Led by expert working capital finance professionals, Occhiuto, Simon Suggett and Andrew Allen, Fifo Capital said its Fast-Track Program program offers mortgage brokers “invaluable insights and industry knowledge”, with exclusive mentorship covering essential commercial lending aspects.
Occhiuto said the lender has committed to providing crucial support and training to brokers, fostering greater viability, and elevating knowledge in SME finance.
"By strengthening the connections between brokers and working capital lenders, we aim to empower a new generation of brokers to offer genuine, sustainable, and powerful finance solutions for SMEs,” Occhiuto said.
With the home loan market has become increasingly competitive, many mortgage brokers recently have branched out into other facets of finance broking.
The number of mortgage brokers also writing commercial loans hit a new high (6,118) April – September 2022 period representing nearly one third of the total mortgage broker market, according to the latest MFAA ISS report.
The ISS report also showed the total loan book value of commercial lending for mortgage brokers has also continued to grow, and recent data indicates this is likely to continue, especially in the SME finance space.
However, some brokers lack the knowledge in this space and still choose to specialise in home loan lending.
Occhiuto said Fifo Capital’s program, which was developed after collaborating with Australian Broker, is designed to change that, offering access to comprehensive training modules, advanced technology solutions, and personalised support.
“We are proud to join forces with Australian Broker and support the esteemed Australian Mortgage Awards,” he said.
“This collaboration has inspired us to develop a one-of-a-kind program that showcases our unwavering dedication to supporting brokers. We're excited to offer this exclusive opportunity to assist more brokers in successfully entering commercial lending.”
Occhiuto also highlighted the issue of false promises in the finance industry.
"While many lenders claim to offer working capital finance, few truly deliver on this promise,” he said.
“That's why we're taking a leading role in this space, striving to provide better finance options and elevate the standards of the commercial lending landscape."
The announcement followed Fifo Capital's successful launch of its finance platform, Fifopay, which offers businesses a way to manage and access payments.
“Fifopay has many features such as easy access to supplier discounts, AI smarts for smarter financial decisions, and seamless working capital management that drives business growth,” Occhiuto said.
As part of the training program, brokers will have access to a white-label version of the Fifopay platform, valued at more than $45,000.
“Don't miss out on this opportunity to fast-track your lending capabilities and unlock new opportunities in the commercial market,” Occhiuto said.
Another move the lender has made was to establish a local corporate office in New South Wales to further its impact amid a turbulent business landscape.
The company said the move would enable Fifo Capital to enhance its capabilities and expand its funding offerings, providing even greater support to businesses in the region.
New senior business development manager Brandon Robins (pictured above right) will lead this corporate model expansion in the state.
This came after Fifo Capital boosted its presence in other states and bolstered its broker market team late last year.
“We are dedicated to empowering brokers and their SME clients with essential tools and knowledge to enhance their service offerings,” Robins said.
To register for the Broker Fast Track program, click here: https://fifocapital.com.au/broker-fast-track-program.
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