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This article was produced in partnership with Bizcap
Access to business financing is crucial for the growth and success of small and medium-sized enterprises (SMEs). However, traditional lenders have tightened their lending criteria in recent years, making it increasingly challenging for SMEs to secure the funding they need.
In response to this changing landscape, there has been a notable rise in SMEs turning to brokers and financial service providers for assistance. Let’s explore the current dynamics of SME business lending in Australia, highlighting the difficulties faced by SMEs and the growing trend of them seeking broker support.
There is an opportunity that exists for new-to-industry brokers and finance professionals. Partnering with Bizcap - one of the leading financial service providers in Australia - is the best way to take advantage of the opportunity that exists.
SMEs play a vital role in the Australian economy, contributing to job creation and economic growth. However, a survey recently revealed that 30% of businesses would find it difficult to meet their financial commitments through 2023. Attracting employees, managing cash flow and the rising cost of doing business were the reasons cited for the lack of confidence. Another survey found that 46% of SMEs considered non-bank lenders as a viable alternative to traditional lenders. When you couple this with the rise of traditional lenders tightening up their business lending policies, there is a great opportunity for brokers to jump in and match these SME business owners with lenders such as non-banks.
Considering the challenges to accessing traditional financing, SMEs are increasingly turning to brokers and financial service providers for help. Brokers offer a range of benefits to SMEs, including access to a wider network of lenders, expertise in navigating complex loan processes, and tailored financial solutions. As a result, a number of surveys show there has been a significant rise in SMEs seeking broker assistance. One showed that 55% of SME owners are planning to invest in their businesses in the next six months, while 41% said they would be seeking new funding options in 2023 - this presents a significant opportunity for new-to-industry brokers and finance professionals to provide valuable support to SMEs and establish themselves in the industry.
Bizcap is a trusted and reputable financial service provider, having helped over 15,000 small businesses since the company's inception in 2019. Bizcap is also Australia’s most open-minded lender, who specialise in supporting SMEs who need fast access to business finance. They welcome businesses: that have defaults or judgments from past hardships; that have been declined from other lenders; with poor credit scores (no minimum credit score requirement).
By becoming accredited with Bizcap, new-to-industry brokers and finance professionals can access a wide range of financing options tailored to the needs of the many SMEs in the Australian economy. Bizcap offers fast funding solutions (loans funded within 3 hours), including unsecured loans and short-term loans, with the ability to fund businesses within three hours.
Getting accredited with Bizcap offers several advantages for new-to-industry brokers and finance professionals. Firstly, it allows brokers to tap into the rising trend of SMEs seeking broker assistance, positioning themselves as trusted advisors and helping SMEs overcome financing challenges.
Secondly, Bizcap provides training and support to its accredited brokers, equipping them with the knowledge and tools needed to excel in the SME lending space. Lastly, brokers working with Bizcap benefit from competitive commission structures and a seamless end-to-end loan management process.
The dynamics of SME business lending in Australia have undergone a significant shift, with traditional lenders tightening their lending criteria, making it harder for SMEs to access financing. However, this challenging landscape has created a rising trend of SMEs seeking assistance from brokers and financial service providers. As a new-to-industry broker or finance professional, this presents a tremendous opportunity to support SMEs in their quest for business financing.
In an ever-evolving financial landscape, brokers must stay ahead of the curve to effectively support their SME clients. Partnering with Bizcap presents an incredible opportunity for Brokers to harness the power of fast funding and open doors to funding options previously inaccessible to SMEs. By getting accredited with Bizcap, you can leverage this trend, access a wide range of financing options, and provide valuable solutions to SMEs.
Call 1300 922 223 to get accredited with Bizcap or click here.
Bizcap is a leading business lender operating in Australia and New Zealand. Launched in 2019, the business has dedicated itself to helping SMEs secure the funding needed to grow their operations, having helped over 15,000 business to-date. With loan options from $5K - $4M (funded in as little as 3 hours), and a dedicated support team, we work with our broker partners and clients to make the whole process easy.
