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Moneytech, a leading non-bank commercial lending provider, have announced the launch of their newest offering: the Moneytech Business Loan.
Designed specifically to meet the unique challenges small businesses are currently facing including more aggressive ATO activity, rising interest rates and inflation, and general working capital strain which is impacting further growth, this flexible financing option provides access to a multi-product working capital solution necessary for small business success.
Moneytech CEO, Nick McGrath said “After 4 years of Covid pandemic relief from the ATO, small businesses have accumulated over $33bn in tax arrears which is now being clawed back by the ATO. This also coincides with an extremely tough economic environment due to high interest rates and inflation. The Moneytech team have designed a market first working capital solution which combines both traditional Business Loan and Line of Credit as a single product solution under one application, one set of documents, and all within 24 hours. This allows business to receive a lump sum payment to deal with immediate requirements, and a revolving Line-of-Credit for ongoing working capital requirements. . It makes the funds available to cover day-to-day operations, such as tax, payroll, inventory, and other essential expenses.”
With limits ranging from $25,000 to $500,000, the Business Loan Facility offers a range of features and benefits tailored to the needs of small businesses. The new solution can be used for a variety of business needs including:
- Refinance existing debt.
- Clearance of ATO Debts
- Buyout directors or investors
- Business acquisition
‘Small businesses can choose to utilise the facility as a standalone business loan solution or combine it with a Line of Credit facility for enhanced financial flexibility. This unique offering allows businesses to access additional funds within 24 hours as needed, providing peace of mind, and empowering them to seize growth opportunities without hesitation. Whether used as a standalone solution or a combination, Moneytech working capital solutions are designed to support small businesses every step of the way.’ McGrath commented.
The Moneytech Business Loan is a game-changer for small businesses seeking flexible financing options. With market leading interest rates and versatility, this facility enables businesses to focus on growth and success.
A Partner in Growth
In addition to the new product, Moneytech has also enhanced its proprietary built technology platform that is used to originate and manage applications. The enhancements include a single workflow combining a Business Loan and Line of Credit application. This process allows multiple products with 1 application, 1 approval and 1 set of DocuSign generated documents. This is in addition to its Equipment Finance, Debtor Finance, Trade Finance, and Property Loan solutions.
Commenting about the enhanced technology, Nick McGrath, said “Moneytech is committed to being a reliable partner for all finance brokers. We have pioneered a groundbreaking application workflow that is a first in the Australian market, enabling multi-product origination and approval all within a single application. Whilst most non-bank competitors are offering one or two products, we are now offering five, which introduces complexity but also provides brokers with a competitive advantage when selling our products”.
For more information about Moneytech's products, please contact our team or visit www.moneytech.com.au.
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