The big banks in Australia – the Big Four – failed the SME’s. Bigtime.
Small and medium enterprises in Australia are the engine room of its economy. SME’s roughly employ 4.7 million people, producing one-third of the total GDP. It is an undeniable force that pushes the economy forward. Yet big banks have not supported SME’s much. In fact, the big banks have made it difficult for SME’s to borrow money despite being able to afford to roll out the loans. Apparently, SME’s proud history of boldly accelerating the economy doesn’t mean a thing to these big banking institutions.
When the big bank’s dirty laundry was exposed, instead of wooing SME’s, they ran in the opposite direction. The big banks tightened the noose some more by requiring extensive proof of income and creditworthiness. They have also squeezed the determinants in an SME’s borrowing capacity reducing available credit. SME’s in Australia find themselves in jeopardy of being shut down
SME’s Call For Help
With all these happening, it’s no wonder that SME’s scramble for alternative funding. Funding sources that do not demand outrageous collateral. Private lenders like No B*nk responded. Its asks are quite simple: proof of cash flow, sales data and in minor cases, a decent credit score – nothing over the top. With No B*nk’s Unsecured Loan, an SME doesn't need to provide collateral to obtain a loan. No B*nks help SME’s stay afloat in these turbulent waters. And the SME’s are responding.
So the SME’s are bringing their partnership elsewhere and this is reflective in the dip of small loan applications from big banks. In fact, according to the Australian Banking Association, it has plunged by as much as a third for the last 5 years. Now that’s taking the power back to the small business owners!
Hassle-free Solutions with No B*nk
No B*nk recognises that SME’s are essential to the community hence the friendly and flexible terms. Credit decisions are based on the strength of the SME’s business rather than some mortgage underwriting.
No B*nk’s offer products and services that will make SME’s feel that they are a crucial part of the business sector. Services include:
And if there’s a product that has not been mentioned, give No B*nk a call. We can tailor-fit a solution for you, one that will not burn a hole in your pocket.
Paul Boyd Skinner, Managing Director of No B*nk has spent his career over the last 16 years helping thousands of people and businesses secure non-bank lending.