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Bizcap has joined the major aggregator’s lending panel, offering AFG brokers wider access to funding options for SMEs.
Australian Finance Group (AFG) has added business finance lender Bizcap to its lender panel as the aggregation group seeks to expand SME financing options for its broker network.
AFG brokers can now offer Bizcap’s short-term business loans and line of credit products, which the latter said feature quick approvals, minimal documentation, and tailored financing.
With the addition of Bizcap to its lender panel, AFG brokers have access to business loans ranging from $5,000 to $5 million and business credit lines.
Bizcap said the move would benefit borrowers who are “underserved by mainstream lenders”.
Rebecca Del Rio, Bizcap’s chief revenue officer, said that demand was growing from borrowers for more flexible lending options.
“Joining AFG’s lending panel is a significant milestone in Bizcap’s commercial lending expansion,” Del Rio said.
“With 57 per cent of our customers coming to us after being declined elsewhere and 50 per cent choosing Bizcap for our speed, it’s clear there’s high demand for fast, flexible funding. Brokers play a critical role in bridging this gap, ensuring SMEs get the financial support they need when traditional options fall short.”
Del Rio said the tie-in with AFG reinforced Bizcap’s position in the commercial lending space as it expanded into new markets like Singapore and the UK.
AFG head of sales and distribution Them Lam said the expanding demand for commercial finance offerings was the driver for AFG to add Bizcap to its panel.
“AFG is very pleased to be working with the team at Bizcap to help meet the needs of our brokers as they further build their businesses by diversifying into commercial finance,” he said.
“The addition of Bizcap to the panel means more competitive lending options are available to our brokers to help them support Australian SME business operators at a time when they really need it.”
The latest addition to AFG’s lender panel comes off the back of first-half financial results in which the aggregator reported record settlement volumes and a growing broker network that surpassed 4,100 for the first time.
Bizcap has also been on a growth drive, in November announcing plans to expand into Singapore and growing its product line last year.
[Related: AFG brokers settle record volumes again]
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