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The major aggregator has added to its lender panel in response to growing demand for SME finance options.
Aggregation group LMG has added non-bank lender Moneytech to its lender panel in an effort to widen the small and medium-sized enterprises (SMEs) lending options available to its brokers.
LMG said the addition of Moneytech to its panel further diversified the non-bank offerings available to brokers and reflected growing demand for specialist lenders in the commercial finance space.
Brokers across the LMG network are now able to access lending products from Moneytech, which focuses on lending to SMEs. Its product range spans business loans with trade, debtor, and equipment finance.
“We’re excited to partner with LMG and provide more brokers, and in turn, more business owners with access to the type of finance that helps SMEs thrive,” Moneytech CEO Nick McGrath said.
“Our focus has always been on delivering smarter funding options that help business owners take control of their cash flow. This partnership extends our reach and gives brokers a valuable alternative to traditional finance.”
“We’re delighted to welcome Moneytech to the LMG lender panel,” said Tim Wells, head of operations – asset finance, LMG.
“Their specialist expertise in SME lending, particularly across working capital and asset finance, adds significant value to our offering. With the current economic climate placing pressure on small businesses, having access to flexible, fast and reliable non-bank funding solutions is more important than ever. Moneytech’s addition strengthens our commitment to supporting brokers with a diverse range of lending options to meet their clients’ evolving needs.”
The announcement comes at a time when many small businesses are seeking non-bank lending alternatives due to tightened bank lending conditions, ongoing cash flow pressures, and upcoming changes to tax deductions for Australian Taxation Office (ATO) debt.
The aggregator has also been expanding options for brokers this year, with several additions to its lender panels. Last month, specialist lenders Funding and N1 Holdings joined LMG’s commercial lending panel as the aggregator continued its asset finance growth push.
It has also added specialist equipment leasing finance firm Selfco and personal lender MONEYME to its lender panel and expanded its asset finance team to bolster broker support in the past year.
Moneytech has also been pushing ahead with growth and last month joined asset finance aggregator Fintelligence’s commercial panel.
[Related: LMG adds 2 lenders to commercial panel]
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