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One of the keys to success at Scottish Pacific over our 30-year history has been the close and positive relationships we've developed with brokers.
This makes it especially gratifying for Scottish Pacific to be voted by brokers, for the third consecutive year, Best Cash Flow Lender in The Adviser’s Third-Party Lending Report – Non-Bank Lenders.
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As pleasing as this recognition from brokers is, we don’t intend to stand still. The next few years will see the fruition of new products we have been developing so that we can support businesses across a wider industry base and help them in more situations.
Additionally, our recent acquisition of Bibby Financial Services’ Australian and New Zealand business, and the integration of Bibby’s business lines into Scottish Pacific, means we’ll be able to offer an even wider range of products, services and solutions.
More opportunities for brokers will come through the addition of, for example, bad debt protection and debt recovery solutions, as well as our existing brands of FactorONE and Tradeline.
Brokers are key introducers for us and many of them have been introducing their clients to us for decades. There’s so much upside for brokers (whether commercial or residential) who are open to broader funding opportunities for their clients.
The opportunities are there. In late 2015, our SME Growth Index revealed that only one in 10 SME owners turn to a commercial finance broker for assistance when they want to review their borrowing requirements or find a new funder.
An even lower number of small business owners (four in 100) are actively looking for the financial products best-suited to their business.
This vacuum means there is a real opportunity for brokers to start talking with their SME clients about best business funding options, including expanding their horizons beyond what the banks can offer.
In recent years, many new lenders have moved into the landscape, expanding what is available to SMEs outside of the banks. Having a range of lenders and platforms is good news for entrepreneurs and for the economy.
We believe the key for brokers is tapping into the existing sentiment of their SME clients around how their businesses are funded.
This year is important for SMEs and their advisers, particularly with the federal election looming. We need SMEs to invest and grow to support Australia’s transition from a resource-led economy. At Scottish Pacific, this is driving us to innovate to ensure we can support the transition, and in the process, we aim to support our partners’ growth as well.
We hope that we continue to be considered a trusted partner that brokers and their clients feel they can rely on, and the award tells us we are on the right track. Thanks to all the brokers who gave us their vote of confidence.
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