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.
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.