ISCOVER
The SME lender has launched a new Line of Credit product, with lending limits up to $500,000.
Non-bank lender ScotPac has unveiled a new credit facility designed to give businesses on-demand access to funds, with interest charged only on the amount they use.
The Line of Credit ranges from $50,000–$500,000, with eligible businesses able to borrow up to 150 per cent of average monthly sales.
Borrowers can access the facility online and make weekly payments on the debt, with no hidden fees.
Funds can reportedly be settled within 24 hours of approval.
Qualifying businesses must be owned by an Australian citizen or permanent resident over the age of 18, with applicants required to have traded for at least 12 months and generate a minimum monthly turnover of $50,000.
Businesses must also provide six months of bank statements, along with photo identification and privacy consent.
ScotPac’s latest lending product launch coincides with its research showing that almost 60 per cent of SMEs plan to invest in their business in the next six months.
Commenting on the new credit facility, ScotPac CEO Jon Sutton said: “Every business faces cash flow demands. That’s why we’ve introduced a Line of Credit that puts business owners firmly in control of their cash flow.
“This product aims to empower business owners with access to fast, transparent finance when they need it most. SMEs can move at their own pace, safe in the knowledge they will only pay for the funds they use.
“Whether it’s covering payroll, purchasing stock, paying down debt, or seizing a growth opportunity, ScotPac’s Line of Credit puts the funds that businesses need within easy reach.”
To hear more from ScotPac, attend the SME Bootcamp 2025 this month. Click here to register.
[Related: ScotPac prices asset-backed securitisation at $250m]
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