A new business lender has debuted in the marketplace, offering loans to property developers and contractors whose projects face a funding crunch.
Sydney-based Pickle Money describes itself as a “boutique small business lender” with loans from $50,000 for small businesses and start-ups, up to $50m for larger construction and development firms.
Loans can be used to cover unpaid invoices, or to launch or complete a building or trades project.
Founded by Peter Wyszenko and Ruben Makken, the business is a spinoff of their property research advisory company, Smarter Tenant, which offers the opportunity for owners, investors and renters become rent-vestors on their way to achieving financial and property ownership goals.
With the two services combined, small businesses – including developers and contractors within the building and trades industries – can now tap “a holistic approach towards property and financial solutions for a wide range of purposes”.
“While Smarter Tenant was achieving success, I would often say to Ruben ‘wouldn’t it be great if we could get those developers and contractors out of a pickle’,” Wyszenko said.
“That was the inspiration behind Pickle Money, and we have worked tirelessly to secure institutional and private investment in this new business.”
Wyszenko and Makken raised $50m through institutional and private investors for the launch and now have a funding pipeline of more than $150 million.
“We understand that it’s difficult for businesses to stay afloat in the first couple of years of trading, so we want [them] to seize opportunities and get the job done,” Wyszenko added.
