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The major aggregator's brokers will now have access to Bizcap’s short-term business funding products.
LMG has integrated small business lender Bizcap into its lending network, enabling its brokers to access Bizcap’s short-term business funding options.
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Bizcap offers short-term unsecured and secured loans with a funding process that can reportedly be completed in as little as three hours.
Since its inception in 2019, Bizcap has aided over 10,000 customers in Australia and New Zealand with their funding needs, and it is particularly known for its support to businesses with defaults, prior rejections from traditional lenders, and low credit scores.
LMG’ Asset Finance's head of operations, Tim Wells, highlighted Bizcap’s technology and integration capabilities as key reasons for this addition. He observed a growing number of clients turning to brokers for their working capital requirements, highlighting the importance of providing brokers with the right products.
“Our role is to ensure brokers have the right tools in place to entertain those conversations and introducing Bizcap solidifies our commitment to brokers in the small business lending space," he said.
“The tech ecosystem we’ve built and continue to develop is one that delivers a seamless experience for brokers.
“Partnering with lenders such as Bizcap that have superior tech and integration capabilities enables us to achieve this,” Mr Wells said.
“Bizcap’s specialist team is another strength and I’m sure they’ll provide significant value to brokers and their respective SME clients.”
Rebecca Del Rio, Bizcap’s chief revenue officer, expressed excitement about the partnership with LMG and their broker network, aiming to offer innovative funding solutions to a broader range of SMEs.
“We’re thrilled to join forces with Australia’s largest aggregator, leveraging their expansive broker network to bring open-minded funding solutions to a broader spectrum of SMEs.
“We aim to unlock new avenues for Australian businesses to secure financing solutions that push the boundaries of what traditional non-bank lenders provide.”
She emphasised Bizcap’s mission to support small business growth and craft tailor-made solutions.
“We look forward to helping LMG brokers solidify their position as the broker of choice with their SME clients while inviting more SMEs to experience the benefits enjoyed by our existing 18,000 satisfied customers.”
Furthermore, the major aggregator has successfully completed its acquisition of Commercial Lending Excellence (CLE), a specialised commercial lending technology platform, marking a significant expansion in its commercial offerings.
The fintech, co-founded and developed by Drago Mitkov, will see CLE integrated into the myCRM platform to “give commercial brokers a significant efficiency advantage”.
The CLE platform and knowledge centre currently offer a centralised hub for increasing confidence and improving opportunities in commercial finance.
It provides brokers with mentoring for commercial banking scenarios, a fulfilment centre and deal lodgement and sub-aggregation services.
This strategic move aligns with the aggregator’s ongoing growth strategy.
LMG Asset Finance has also expanded its asset finance sales team across the eastern states, with the addition of Matthew Thompson, Clint Hawthorne, and Daniel Scollo.
[Related: LMG acquires commercial lending fintech]
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