Qantas has partnered with an SME lending platform to offer Business Rewards members with Qantas points when they settle a business loan.
Qantas Business Rewards has launched a new platform in partnership with Valiant Finance that will enable its business members from any industry to find, apply and earn Qantas points on their business loans.
Businesses can submit their basic information on the loan they need through the new “Business Loan Selector” tool on the Qantas Business Rewards website.
Business loan marketplace Valiant Finance will then offer loan options from its panel of 80 lenders and allow SME clients to compare rates, terms and fees.
When a business is ready to apply for a loan, Business Loan Selector will then connect them with a specialist from the lending platform, who will assist them with their application.
The business can then earn Qantas points within 30 days of settlement of the loan or first drawdown, depending on the type of loan.
Members can earn up to 50,000 Qantas points on loans over $15,000, which they can use for flights, car hire, hotels, or redeem on office technology, workplace tools and travel.
Commenting on the partnership, Olivia Wirth, CEO of Qantas Loyalty, said its members are eager to “return to business as usual”.
“Qantas Business Rewards grew by 25 per cent last financial year, so we know being rewarded for everyday business expenses and saving on costs is highly relevant to SMEs,” she said.
“And even more so in the current environment.”
According to a survey by Qantas Business Rewards, 80 per cent of members were concerned about the current impact of the coronavirus pandemic on their business, while a third predicted the pandemic would have an extremely negative impact on their business.
Furthermore, close to one of five SME respondents said they were worried about maintaining positive cash flow, paying bills, controlling expenses and staying profitable, while a quarter of businesses said they planned to seek financial support in the form of credit or a business loan.
Alex Molloy, CEO at Valiant Finance, added: “Partnering with Qantas Business Rewards is a major step in our mission to help Aussie businesses get the finance they need to achieve their goals.”
“SMEs are the growth engine of the Australian economy and are absolutely vital to the country’s financial recovery from this pandemic.
“Our platform solves a key problem for businesses – long, stressful applications and unexplained loan rejections, by using technology to closely match lenders to the needs of the business owners through one, intuitive digital process.”
The latest partnership follows on from a similar move with La Trobe Financial, which offers frequent flyer points to those investing in La Trobe Financial.
The offer is available to Australian residents who make an eligible investment of at least $10,000 with La Trobe Financial on or after 1 August 2020 in a 12-month term account. Investors with a Qantas Frequent Flyer account will then receive 250 Qantas points for every $1,000 invested in the lender’s 12-month term account.
Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.
Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.
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