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Asset finance aggregator Platform Finance has made a strategic referral partnership with Moneytech Finance, allowing Platform brokers access to its SME line of credit.
This partnership will also allow Platform brokers access (which will commence from this week onward) to Moneytech’s other services, including debtor finance, trade finance, equipment finance and property loans.
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“Platform Finance are a market leader in the commercial finance aggregation space and this partnership will assist brokers in the network to access small business finance in a seamless manner through our automated technology,” Moneytech Finance’s chief executive, Nick McGrath, said of the partnership.
“Moneytech is also an accredited lender under the federal government’s SME Loan Recovery Scheme, SMEG3. This will allow Platform brokers and its customers to access government guaranteed loans which allows streamlined underwriting and lower borrowing costs for SMEs.”
Platform Finance’s director aggregation and strategic partnerships, Damian Mantini, said: “Our broker network is starting to move into this SME lending space and our new partnership with Moneytech will give them more options to further assist their customer base.
“We are excited to have Moneytech join the Platform lender panel and offer their products to our broker partners.”
In May, Moneytech Finance announced it had been accepted into the second phase of the government’s Small-to-Medium Enterprise (SME) Recovery Loan Scheme.
Two months later, the fintech lender publicly urged the federal government to extend its latest phase of the Coronavirus SME Loan Guarantee Scheme beyond 30 June.
Last week, the Treasury announced that it would expand the eligibility for the SME Recovery Loan Scheme, providing any SME dealing with economic impacts from COVID-19, and with a turnover of less than $250 million, access to loans of up to $5 million over a term of up to 10 years.
Earlier this month, the subsidiary of ASX-listed COG Financial Services Limited confirmed a partnership with digital credit provider MoneyMe, connecting its brokers with the latter’s vehicle financing solution, Autopay.
[related: Government opens up criteria for SME Recovery Loan Scheme]
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