Online lender provides $11 million of finance to small businesses in Australia

During it’s first year of operation down under, leading FinTech lender Spotcap has issued more than $11 million of short-term finance and lines of credit to micro, small and medium-sized businesses in Australia.

Spotcap exists to provide finance to small businesses which often struggle to secure funding from traditional financial institutions such as banks because of their size or lack of credit history. Since launching in Australia in May 2015, the online lender has shown an average monthly growth rate of 30 per cent and rapidly expanded its local presence, growing from one to 10 staff members, to meet the ever increasing demand for finance.

After issuing $11 million of finance to SME’s in it’s first year, Spotcap Australia is aiming to triple the amount of credit it issues to small and medium enterprises in Australia.

In the past year, Spotcap Australia has helped hundreds of Australians businesses to grow. These SME’s are typically:

• Looking for finance to manage working capital (42%), manage cash flow (25%) or purchase inventory (21%)
• Likely to be more than five years old (58%)
• Working in a range of industries including: Services (35.9%), Retail (21.4%), Construction Services (10.1%), Transport (10%) and Manufacturing (9.9%)
• Looking for $25,000 to grow their operations
• Based in New South Wales (37%), Victoria (24%) and Queensland (23%)

Jennifer Hart, Director of Everyday Cashmere based in Castlecrag, Sydney, borrowed $40,000 from Spotcap Australia to purchase silk and cashmere yarn from Mongolia.

“We needed funds to purchase materials out of season. Despite our impressive business growth the bank wouldn’t help us without my house as security,” said Jennifer. “Our accountant referred us to Spotcap and we found the process was easy, pleasant and respectful.”

“Having someone who believed in our business gave us the confidence to invest in groundbreaking materials to give us an edge over high street retailers.”

Accessing short-term finance or a line of credit from Spotcap Australia involves a simple and fast application process and applicants receive a quick decision, usually within 24 hours. There is no application fee and Spotcap offer a flexible repayment schedule and no early repayment fees.

Spotcap Australia has been featured in the Financial Review, International Business Times, The Sydney Morning Herald and The Australian.

For more information or to apply for small business finance visit the website www.spotcap.com.au