Powered by MOMENTUM MEDIA
the adviser logo
Lender

SME lender announces policy changes

by Hannah Dowling2 minute read
Spotcap

Spotcap has announced it has made changes to its term periods for unsecured business loans, now offering loan terms up to 36 months.

The SME lender has stated that it is now offering unsecured business loans of between $10,000 and $500,000 with terms up to 36 months.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

The lender is offering business loans with no collateral or caveat requirements, but it does require the use of a personal guarantee.

Small businesses that have been trading for at least 18 months and make $200,000 in annual turnover will have access to Spotcap loans, provided they can provide an ABN and Australian bank account details.

Under the new policy, loan terms vary depending on how long the business has been established. Terms are determined as follows:

  • 1.5 years in business – 18-month loan term
  • 2 years in business  24-month loan term
  • 3 years in business  30-month loan term
  • 4+ years in business  36-month loan term

Spotcap said its business loans can be used for the purposes of boosting working capital, purchasing inventory or equipment, or hiring staff among, other uses.

[Related: SME lending platform appoints new head of broker]

SME lender announces policy changes
spotcap ta
TheAdviser logo
spotcap ta

Hannah Dowling

Hannah Dowling

AUTHOR

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

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

daniel tuttlebee resimac asset fInance ta l27zun

Resimac takes controlling stake in Sonder

Resimac Asset Finance has expanded its acquisition stake in equipment finance business Sonder Equipment Finance...

READ MORE
asic ta 2

ASIC seeks ‘common-sense solutions’ to breach reporting

The Australian Securities & Investments Commission (ASIC) has committed to “improving” the operation of the...

READ MORE
andrew mills homestart ta htfetw

HomeStart drops graduate loan deposit to 2%

HomeStart Finance, a non-bank lender backed by the South Australian state government, has lowered the deposit hurdle...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more