ScotPac doubles online Boost Business Loan cap to $500,000
ScotPac, Australia and New Zealand’s largest non-bank business lender, has increased the limit of its online Boost Business Loan product from $250,000 to $500,000 in response to strong borrower demand and the rising cost of doing business.
Boost Business Loan – formerly known as Business Fuel and acquired by ScotPac in 2022 – offers quick and simple access to funding for SMEs in any industry. Eligible businesses can now borrow between $10,000 and $500,000, and have it funded within 24 hours of approval.
Unlike many other loan products, ScotPac’s Boost Business Loan can lend up to 150% of a business’s average monthly sales. Loans under $200,000 do not require security.
The rise in lending cap for the Boost Business Loan marks the full integration of Business Fuel into ScotPac’s established suite of SME finance products.
Jon Sutton, ScotPac CEO, said adding a flexible online business lending product alongside ScotPac’s well-established Invoice, Trade and Asset Finance streams has contributed to a healthy rise in loans under management for ScotPac.
“The introduction of Boost Business Loan has given ScotPac exposure to a significant part of the SME market we have not been able to help before, namely those that want fast and flexible finance with the convenience of online applications,” Mr Sutton said.
“Growing SME and broker awareness and strong demand over the past 12 months has seen our Boost Business Loan gain a solid foothold in the rapidly emerging online business lending market.
“It has also played an important role in ScotPac’s total annual loan book growth.
“The Boost Business Loan is backed by a highly scalable technology platform that can support a significant growth in business. We expect the new cap of $500,000 will lead to a further rise in demand for the product,” Mr Sutton said.
ScotPac’s Boost Business Loan incorporates a market-leading, data driven credit decision engine that provides fast assessments and funding approval within 24 hours.
Key features and information about the Boost Business Loan include:
Businesses must have traded in the same location for at least 12 months and be able to demonstrate a minimum turnover of $10,000 a month in total sales.
Applications are 100% online and can be made via the ScotPac website.
Loans under $200,000 do not require security.
Sutton said the integration and evolution of Boost Business Loan was a key plank in ScotPac’s transformative technology program which aimed to provide fast, tailored support to make life easier for SMEs and their advisors.