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Belinda Luc
Debtor financing could prove a fruitful option for brokers looking to diversify their businesses, with one of the industry’s providers reporting a surge in demand for its products.
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Bibby Financial Services yesterday announced a significant 40 per cent growth in its debtor financing books over the last 12 months.
Managing director Greg Charlwood said the company has experienced the surge off the back of tougher lending conditions over the last year. SMEs were struggling to secure funding from traditional institutions, he said.
“We expect the debtor finance industry to grow by 20 per cent over the next 12 months and we intend to stand by our clients in these tough times, thanks to the flexibility of this unique product,” he said.
“After all, SME’s in Australia are the largest employers and largest contributors to GDP – an important sector to support.”
