Grow announces extension into agriculture

Leading non-bank business lender Grow Finance announce its business loan industry extension to now include primary agriculture, as well as substantial limit increases across its asset finance products.

“All product alterations have been implemented to enable greater access to aligned finance facilities that release cash flow pressure and support growth as we further our goal of being the ‘non-bank of choice’ for businesses,” said David Vershoor, Co-CEO of Grow.

Co-CEO Greg Woszczalski concurred, further commenting, “We’re delighted to extend our acceptable industries to include primary agriculture to support the sustained sector demand for alternative working capital products to boost growth. Importantly, this extension will enable brokers to provide holistic funding solutions to a high-growth sector that continues to thrive.”

Grow has increased the limits on its Tier 3/Specialised Asset Low Doc product from $75,000 to $150,000 and increased limits from $150,000 to $250,000 on its Easy Doc product. The Low Doc (no financials) and Easy Doc (bank statements) limit extensions apply to new and used assets.

“There’s a sharp uplift in demand for used assets to offset supply chain disruption. Our product enhancements and new low doc balloon refinance product addresses this requirement – which we expect will resonate well with agribusinesses seeking to offset the cash flow drain of sizable lump payments at the end of the lease term,” Woszczalski continued.

Grow also continues to focus on financing solar developments and is currently exploring additional green finance in its next-generation product development.

“The product adjustments and extensions align with the company’s plans to obtain a larger portion of the addressable market by facilitating funding for specialised equipment, including office equipment, plant and equipment, medical devices, and other business-critical equipment,” concluded Verschoor.