The current challenging economic environment continues to place a significant burden on Australian SMEs, notwithstanding their well-earned reputation for optimism and resilience.
According to CreditorWatch, more than 80 per cent of Australian businesses experienced late or overdue payments in the six months to December 2023. In addition, ScotPac’s latest SME Growth Index Report found that 62 per cent of SMEs were impacted by the ATO’s ramped-up debt collection activity in the last 18 months.
Within this environment, consolidating debt with the help of an expert provider can be an essential financial solution for SMEs. And more and more SMEs are recognising the value of having a specialist provider by their side.
The proportion of SMEs planning to fund new investment through non-bank lending has shot to a record high of 52 per cent, up from just 15 per cent in 2018. At ScotPac, we are responding to this increased demand with an enhanced range of fast and flexible financing solutions to assist.
Experience counts
With more than 35 years’ experience helping SMEs optimise their cash flow, ScotPac has the broadest range of products to help businesses access funds when they need them most.
Our lending specialists work with businesses to find a tailored working capital solution to help minimise and pay off debt. Ensuring debt is consolidated will help SMEs access working capital and enjoy improved cash flow.
ScotPac’s Invoice Finance solutions can assist with a fast and flexible solution to consolidate debt and improve working capital. Finance can be approved in as little as 24 hours, making it easy for businesses to quickly access working capital to pay down debt and manage cash flow requirements.
The flexibility and control of our Invoice Finance solution enable SMEs to keep growing without being unduly burdened by debt. Additionally, our extensive range of products means we can work with SMEs and brokers to provide tailored solutions for their circumstances, rather than a cookie-cutter approach.
These include Asset Finance and Trade Finance products, our Boost Business Loan, and our recently launched Cash Line product, which operates like a flexible line of credit but without the need for property security.
Our products are supported by a team of specialists and market-leading resources including ScotPac’s Partner Portal – the ultimate relationship management tool that combines product selection, streamlined approvals, and effortless marketing campaigns to ensure brokers are always top of mind with their clients.
ScotPac is proud to have again been recognised by our partners with first place in The Adviser’s non-bank lender provider of Debtor Finance category. Our commitment to them is that we will continue to innovate in our products, backed by significant investment in technology, informed as always by what SMEs tell us they need.
