Grow announces asset finance rate drop and classification extension

Grow announces asset finance rate drop and classification extension

Leading non-bank business lender Grow Finance announces an asset finance rate drop and classification extension that buck the trend of interest rate hikes and tightening credit restrictions.

Asset finance rates have been reduced by 40BP for light commercial vehicles following the reclassification of small trucks from Tier 2 to Tier 1 (<4.5t GMV that does not require a medium or heavy rigid licence to operate). The facility accepts asset and non-asset-backed loans with minimal documentation, with the option to source via both dealer and private sale.

“The decision comes off the back of heightened funding requirements for businesses seeking new and used small trucks, as well as to support key growth sectors priming for the busy summer months,” said David Verschoor, Co-CEO, Grow.

The Group has also extended industry classifications to include the travel and tourism sector. The revised classifications now also include food wholesale and services to the hospitality industry (noting it still excludes restaurants, cafes, and bars).

Co-CEO, Greg Woszczalski concurred, “There’s sustained appetite for commercial finance in health and personal care services, transport and logistics, manufacturing, and fast-moving consumable products – particularly food. Typical finance requirements include single product or blended solutions to enable advance stock purchases, working capital injections to gear up for the holiday period, and investment in equipment to help streamline operations. There’s also ongoing enquiry for office, plant and equipment, yellow goods, and trucks of various sizes.”

“In addition, credit approvals are now valid for 120 days, and pricing approvals are valid for 30 days to ensure brokers have complete clarity, certainty and confidence – which again, is a-typical in the current environment,” concluded Verschoor.

Grow is increasingly being recognised as the ‘non-bank of choice’ for business by being the primary financier for SMEs’ cash flow needs, including business loans plus asset, trade, invoice, floorplan, and insurance premium finance. Grow was recognised as the #1 fastest-growing company in the 2021 AFR Fast 100! and was recently received the # 1 Australian and #8 Asia-Pacific high-growth company in the 2022 Financial Times: Asia-Pacific high-growth ranking.