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The non-bank has confirmed its panel inclusion, said to be a move by the aggregator to meet a growing broker sector trend.
Speaking of the inclusion, AFG national sales manager commercial & asset finance David Drinkwater said that the move to incorporate Grow Finance (Grow) comes in the wake of more brokers diversifying towards small-business finance.
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“It’s great to have Grow onboard. We’re committed to ensuring brokers have the breadth of choice to meet client’s personal and business finance needs – particularly as more brokers are diversifying and increasing their exposure to SME customers,” Mr Drinkwater said.
Mr Drinkwater commented that the aggregator “lean[s] on its specialist asset finance brokers to provide feedback on what niches need filling”, adding that Grow’s products “are a great match”.
“In addition, particularly over the last two years, speed to funding has become increasingly important,” Mr Drinkwater continued.
“We are impressed with Grow’s platform that automates and streamlines the funding process, which results in fast access to commercial finance.”
Grow co-chief executive David Verschoor added that the lender was thrilled about joining AFG’s panel.
“It’s always been Grow’s vision to be the non-bank of choice for business and brokers’ preferred partner for all SME asset finance and working capital needs,” he said.
“This is achieved by consistently developing new commercial finance products that meet current and emerging demands, supported by a platform that utilises sophisticated profiling, analysis and artificial intelligence to provide aligned funding, quickly.
“This model also helps brokers accelerate their diversification by simplifying commercial finance.”
Speaking more broadly on the space, Greg Woszczalski, co-CEO for the non-bank, added that the SME lending landscape is “constantly evolving”.
“SMEs are also placing orders earlier and making larger orders to offset supply chain uncertainty and keep a comfortable buffer of stock locally for both new and existing ranges,” Mr Woszczalski said.
“Consequently, there’s a spike in applications for asset finance, invoice finance, and trade finance facilities.”
As Mr Woszczalski referenced, SME lending, particularly in asset finance, has developed persistent momentum in recent years.
Data released by NAB last year found that equipment lending for small businesses boomed by over 340 per cent in the space of two years.
Additional figures released by the Commonwealth Bank in March also suggested that asset finance was becoming a priority for small businesses, which saw a lift of roughly 87 per cent in the year to December 2021.
Earlier this month, SME lender Lend confirmed it had named three new asset-focused inclusions to its panel that are said to “accommodate [Lend’s] increasingly diverse, non-standard borrower profiles and provide solutions for the corresponding funding requirements”.
[Related: Almost two-thirds of SMEs struggling to secure funding: Banjo]
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