MYOB’s new Loans and Finance hub frees funds faster for SMEs
MYOB customers have direct access to receive funds in as little as three hours via a new cashflow and lending hub, as the business management platform deepens its integration with partners Butn and Valiant. The launch is welcome news for small and medium sized enterprises (SMEs), with MYOB Business Monitor research from January 2022 showing 72% of businesses who had accessed financing found the process takes too long, and 84% said when they need funding, they need it straight away.
Loans and Finance, available in MYOB Business, provides SMEs with two pathways to improve short-term cashflow and increase funds for longer term growth opportunities. Invoice financing, powered by Butn, gives businesses early access to funds from issued invoices, prior to their due date. Once the customer has registered, these funds can be released as soon as three hours after applying*. Alternatively, SMEs can receive no-obligation quotes from over 80 lenders within 24 hours, with no credit checks, via Valiant.
According to MYOB General Manager of Financial Services, Andrew Baines, providing Loans and Finance to customers is key to helping more SMEs maintain cashflow and business liquidity.
“Cashflow is one of the major bugbears for small business owners, and while our recent SME Success Report shows invoice payment times are improving, small businesses often have outstanding payments which can stall business
operations,” Baines said.
“Cashflow inhibitors can have significant impacts, particularly on small businesses. Easy access to loans and finance and, more importantly, fast outcomes in terms of available cash, helps customers take control of their finances so they can focus on running, and building, their business.”
MYOB first announced its investment in Butn in April last year and closely followed by an exclusive partnership with Valiant in June. With both solutions now fully integrated into the business management platform, MYOB customers can unlock the value of these strategic relationships.
“Having Loans and Finance now available in product offers our MYOB Business customers a streamlined experience, connecting them to cashflow solutions without having to spend time sourcing providers.
“Utilising this function as a key part of their invoicing and cashflow activity will enable more businesses to access capital when they need it – a move that will improve business operations for a significant sector of the Australian economy.”
Loans and Finance is available to MYOB Business customers in Australia. For more information on invoice financing or business loans, visit the MYOB website.
