Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Judo hits $1bn in loan originations

judo bank ta judo bank ta
Hannah Dowling 5 minute read

The challenger bank has surpassed $1 billion in loan originations, nine months after receiving its banking licence.

Judo Bank has announced that its loan originations for small and medium-sized enterprises (SMEs) has surpassed $1 billion, nine months after becoming a fully licensed SME challenger bank.

The Australian Prudential Regulation Authority granted Judo Bank with its licence to operate as an authorised deposit-taking institution (ADI) without restrictions in April 2019.

The lender-turned-neobank offers loans to SMEs starting from $250,000, as well as line of credit facilities, equipment loans and finance lease solutions.

Advertisement
Advertisement

According to Joseph Healy, the bank’s co-CEO, approximately 95 per cent of the funds loaned to SMEs has come from term deposits placed with Judo.

He added that the bank’s rapidly growing loan book highlights the extent to which SMEs struggle to get credit from traditional big banks.

“The big banks have claimed that their ability to lend to Australian SMEs has been hampered by tightening lending standards, arguing that there is a lack of demand for credit from small and medium-sized businesses,” Mr Healy said. 

“The fact that a challenger bank like Judo is able to lend over $1 billion to SMEs within nine months of receiving a banking licence debunks that particular claim.

“The truth is our major banks gave up on SMEs long ago, and this is reflected in the growing finance gap uncovered by our own research, which found that unmet credit had ballooned from $83 billion to $90 billion in the 12 months to September 2019. 

PROMOTED CONTENT


“As Australia’s first dedicated SME Bank, we’re here to help SMEs access the funding they need, when they need it, and we will continue to rapidly expand our loan book to ensure Australian SMEs have access to vital funding.” 

[Related: SME lender announces policy changes]

Judo hits $1bn in loan originations
judo bank ta
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Work smarter, not harder, in 2022 and beyond, visit the website here to secure your ticket.

judo bank ta
Hannah Dowling

Hannah Dowling

Hannah Dowling is a journalist for The Adviser and Mortgage Business.

Prior to joining Momentum Media, Hannah worked as a content producer for a podcast catering to property investors. She also spent six years working in the real estate sector at a local agency. 

Email Hannah at: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

more from the adviser
Stephen Moore headshot

Breaking News

Brokers will dictate future of Choice, FAST, PLAN: White

After its management restructure, Loan Market Group will continue...

Peter Lock Kerry Betros Heritage

Breaking News

Heritage leaders address merger proposal concerns

The chairman and chief executive of Heritage Bank have addressed ...

uptick graph

Breaking News

Wisr reports 113% loan book growth

The non-bank lender originated a record $132 million over the las...