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AFG commercial general manager Keiran Evans believes that the aggregator’s new digital lending platform will provide SMEs with unprecedented access to finance options.
In a speech at AFG’s annual commercial conference, Mr Evans announced that AFG Business, Australia’s first SME lending platform, will allow brokers to deliver faster and efficient access to capital as well as provide SMEs with greater choice when seeking a loan.
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“The AFG Business platform offers you [brokers] choice for your existing clients, and the chance to create a whole new pipeline of business clients. It also gives you far stronger and wider lender relationships,” Mr Evans said.
AFG Business will likely service a growing demand from SMEs for business loans, with figures released this week by the Reserve Bank of Australia reporting a 4.3 per cent growth in business lending.
Also addressing brokers at the conference was Australian Small Business and Family Enterprise Ombudsman Kate Carnell, who reinforced the significance of increased SME lending efficiency, particularly for small businesses.
“As brokers, you are really important. From a business perspective, the key is working with experts to find the right finance,” the Ombudsman said.
Ms Carnell added: “New businesses generate the majority of new jobs. Young SMEs (0–5 years old) contribute 40 per cent more to gross job creation than mature SME firms, and added 1.12 million jobs (net) to the economy from 2006 to 2011. For every 100 existing jobs in Australia in any given year, start-ups will, on average, add five jobs within the following three years.
“As brokers, time-poor SMEs place their trust in you to find the best fit product or products, to follow responsible lending practice to ensure the SME can afford the loan and over the life of the loan have exit strategies if circumstances were to change.”
[Related: Business credit growth to outpace mortgage growth: Morningstar]
