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The non-bank lender’s products are now available to brokers aggregating through two asset finance groups, providing more finance options for SME clients.
Business lender Lumi has joined the lending panels of COG Aggregation and its related entity Platform Finance, giving brokers a broader range of innovative funding solutions to better serve their SME and self-employed clients.
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The SME non-bank lender offers secured and unsecured business loans and lines of credit ranging from $5,000 to $500,000.
Its products – including its new rate-reducing business loan that rewards customers for good payment behaviour and a line of credit with no interest incurred when left unused – will now be available to brokers aggregating through the two asset finance groups.
John Clifford, head of third party at Lumi, commented: “For commercial and asset finance brokers, Lumi’s services complement existing offerings perfectly, filling in the financial gaps not covered by asset finance.
“We’re here to assist with the additional costs [broker] clients may face, from importing machinery to funding recruitment expenses or training staff on new machinery.
“Our goal is to provide financing solutions that are as unique as the businesses we serve.”
Mr Clifford said that Lumi’s business development managers were “eager to provide guidance and support” to brokers needing support with their SME loans, adding: “We understand the varying degrees of involvement brokers prefer and we accommodate that, ensuring we adapt to the client management approach of every partner.
“The inclusion of Lumi on the COG Aggregation and Platform Finance lender panels is a testament to the shared vision of empowering brokers with more resources and businesses with flexible financing options.
“This partnership is set to broaden the horizons for brokers and their clients, facilitating growth and success in the ever-changing commercial landscape.”
Damian Mantini, head of strategic partnerships at Platform Finance, stated: “COG and Platform are excited about our new relationship with Lumi.
“It’s important that we continue to add new, innovative lenders to our panel to provide our brokers with the diversity needed to best service their clients. Expanding our SME business finance options complements our existing asset finance lenders and offers our brokers a strong alternative income stream.”
You can find out more about the latest trends in SME finance, Lumi’s latest innovations, and how brokers can assist SMEs in accessing funding in this high interest market, in the The Adviser’s Focus podcast episode, partnered by Lumi.
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