Business lender Earlypay has launched its first training program for finance professionals, as it seeks to educate more brokers in SME lending.
The “Business Finance and Lending Training and Development Scholarship Program” has been developed in collaboration with financial training provider Accendo Financial and will be an “intensive” 11-week course delivered online three times per year.
The ASX-listed lender said the online course will provide flexibility for professionals to “continue their full-time role” while undertaking the education opportunity.
The participation of industry professionals in the course will also be funded by Earlypay, at a cost of $6,500 per participant.
The course consists of 13 modules designed to equip finance professionals with the knowledge to identify, structure, and implement “game-changing” finance solutions for Australian businesses.
Earlypay’s recently appointed national partnerships manager Donelle Brooks said providing finance solutions to the business sector requires an in-depth understanding of a business’ financial situation, the assets available across the enterprise and the operating nature of the organisation.
“Invoice Finance is one of the most untapped products in the market and actually accelerates the cash that a business has already earned,” Ms Brooks said.
“Understanding where and how finance can be used to support a business to improve cash flow and fund growth and investment activities can often mean the difference between a business being able to survive and thrive, or dwindling and failing.
“In working through these elements, an experienced and knowledgeable finance professional can then determine the cash flow requirements of the business and how these can be addressed.”
For example, Ms Brooks said a business that is facing a cash gap due to investment in expansion activities or the purchase of new technology, may be able to utilise sale-back finance to use equity in plant, vehicles or equipment to generate funds for the business.
“We want to support professionals who want to be part of the new breed of commercial finance specialists, which means understanding all types of business finance solutions,” Ms Brooks said.
“It’s a huge opportunity for anyone who wants to position themselves as an industry-leading commercial broker.”
How the program will support brokers
The online program, delivered by Earlypay and Accendo, will provide participants with intensive mentoring and support as part of their involvement in the course.
Ms Brooks said the program will provide “critical hands-on practical training and learning” with the mentor support of highly experienced industry experts.
“The [models] are interactive, include great case studies and also enable ongoing assessment of learner performance through activities, decision points and quizzes,” she said.
“It will also contribute to continuing professional development (CPD) with a number of key industry bodies.”
Earlypay will deliver 10 of the 13 modules and Accendo will deliver three, which will attract 6 CPD points from the three main industry bodies – the Finance Brokers Association of Australia (FBAA), the Commercial and Asset Finance Brokers Association (CAFBA) and the Mortgage and Finance Association of Australia (MFAA).
As SMEs regain momentum following the struggles faced during the pandemic and lockdowns, Accendo Financial partner John Sgambelluri said there is an opportunity for finance professionals to “help them grow their business”.
“There are well over 2 million small and medium size businesses (SME) nationally and experience within the finance sector has been lost in recent times which has left the SME market under serviced,” Mr Sgambelluri said.
“By covering more products and customer types we can assist more businesses during both buoyant and challenging economic conditions.”
Earlypay Training Scholarship Program course dates for 2022
Trimester 2, 2022
Expressions of interest: 6 June - 29 June 2022
Course participants announced: 15 July 2022
Course time frame: 25 July - 7 October 2022
Trimester 3, 2022
Expressions of interest: 1 August - 26 August 2022
Course participants announced: 9 September 2022
Course time frame: 26 September - 2 December 2022