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Short-term lender Assetline says it has identified a “massively untapped area” in the SME market and believes that brokers are uniquely placed to capture it.
Assetline has launched 365 Capital – a lender designed to provide short-term, unsecured loans between $5,000 and $100,000 in less than 48 hours to small businesses that lack hard assets but have strong cash flow.
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Nick Raphaely, director of Assetline, sees 365 Capital as a flexible alternative to the banks that significantly reduces the time it takes for SMEs to receive funding.
“What these sorts of businesses don’t have is time,” he told The Adviser. “We’re offering finance that can be applied for and approved very quickly and efficiently by submitting an application form online or downloading it and sending it to us.”
“We are already well-entrenched in the SME market for secured lending, but there is a big opportunity lending to the same customers who don’t have security but have good cash flow to support the loans.
“With the two offerings, it almost covers the spectrum. If you’re a strong cash flow business, you can talk to 365 Capital and if you’re a well asset-backed business, then Assetline can look after you.”
Kevin Heydt will head up 365 Capital as managing director. He brings to the role more than 20 years of global finance experience, having worked in Sydney, London and New York for Rand Merchant Bank, EDF Trading and Allco Finance Group.
Mr Heydt said he is looking to grow the business primarily through the third-party channel and will leverage off Assetline’s existing broker network.
“The key area is the broker market, so over the next 12 months we will be focused on educating that base of introducers about this alternative service,” he told The Adviser.
“At the moment it’s been very much been about getting the name out there and talking one-on-one with people about how it works.”
[Related: SME funder rebrands, upgrades platform]
