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Nathan Wright: “Access to suitable funding curbing SME growth in Australia”

Nathan Wright, CEO and Co-Founder of Funda, said the numbers are in and they confirm what many in the business community are already feeling.
“SME access to suitable finance solutions are still a pain point for thousands of businesses in Australia.
“According to new Sensis data recently collated from over 1,000 interviews with small to medium sized business owners, 30% of SMEs believe access to finance has gotten harder in the last six months, and that number jumps to 37% in rural areas, whilst 56% believe it has remained the same. Only 14% believe it has gotten easier.
The research also confirms that a quarter of businesses are using credit cards to access finance and more than one in five are increasing their overdraft facilities.
“So what does this mean for small business owners?
“It’s very apparent to anyone who runs a small to medium business that SMEs in this country have an appetite for business finance, however getting your hands on suitable funding solutions in a timely and cost effective manner can be elusive.
“As an alternative non-bank lender, we speak to thousands of SMEs who are disheartened by time-frames and documentation requested for access to business finance from traditional banks.
“We see frustration daily across a wide variety of businesses, whether it be a wine retailer who needs fast access to capital in order to take advantage of a bulk deal from their wholesaler, or a long established and successful butcher who has thoughtfully decided to expand his business into a new location but is having difficultly securing finance through a traditional bank.
“That’s where Funda comes in.
“We are a national non-bank lender who are on a mission to help small business owners reach their potential.
“As Funda focuses on solutions-based lending, we can help those who need funding quickly or may not currently meet standard bank loan criteria, whilst still providing all the benefits of alternative lending such as quick turnaround times, less paperwork and the ability to assess a business’ loan application based on fundamentals and story, rather than the ridged metrics traditional banks rely on.
“Funda offers a fair cost of funds, as well as leading loan terms of up to five years tailored to suit the business budget. We assess business loan applications within 24 business hours or your first month’s interest is on us. It’s our mission to help businesses reach their potential through suitable finance options,” Nathan said.
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