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The non-bank lender has announced changes to its asset finance offering after feedback from finance brokers.
Banjo Loans has announced changes to its asset finance offering that are designed to provide small- to medium-sized enterprises (SMEs) with “more options to grow their business”.
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The non-bank lender, which specialises in small business loans, said the changes came in response to “market feedback from both finance brokers and clients”.
These changes will see the loan size for Banjo’s Asset Finance Express bank statement analysis offering increase from $250,000 to $500,000.
Loan sizes for clients who are non-property backed and not required to give a deposit will also increase from $150,000 to $250,000.
Brendan Widdowson, Banjo Loans chief commercial officer, said finance brokers and the lender’s clients have been asking for changes that support the funding of larger assets, such as prime movers and yellow goods, with a “streamlined bank statement analysis solution”.
“Asset finance is in demand year-round, and whatever big-ticket items SMEs might be considering, we’re pleased that these enhancements should make it possible for more of them to expand and thrive,” Widdowson said.
Guy Callaghan, Banjo Loans CEO, said it was important for Banjo to be able to extend its offering.
“It allows us to better support our current clients, and it also creates additional opportunities for us to bring our proven approach to SME lending to a wider market,” Callaghan said.
Spotlight on asset finance
Banjo’s announcement comes at an interesting time in the asset finance space with another non-bank lender, Resimac, also flagging changes to its asset finance offering in November.
In an interview for The Broker’s Guide to Aggregation, Mathew Clowes, Resimac head of sales and distribution – asset finance, commented on the opportunity for brokers and lenders in the asset finance space.
“It’s also important to build strong connections with lenders, to build out this knowledge base and assess the different financing options available to tailor solutions based on a client’s needs,” Clowes said.
“In doing so, there is the opportunity to deepen customer relationships and combine asset finance with other financial products to create comprehensive solutions.
[Related: SME loan applications up 45% at Banjo]
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