Banks can provide a lot of useful solutions, however, for many SMEs across Australia, there is an increasing need for more flexibility. This is where Classic Funding Group comes in.
Banks provide cost effective finance solutions for businesses that have the time, resources and systems in place to comply with their regulations, protocols and can tick all their boxes. However, for many SMEs across Australia, there is an increasing need for more flexibility.
In fact, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell pointed out an increasing concern among small businesses about how bank practises may be hindering SME growth potential. "I've held extensive consultations with the small business sector in recent months, and bank-related complaints are certainly high on their list of grievances; so much so that in my view, without an increased level of accountability, some banking practises certainly have the capacity to stifle the growth potential of many small businesses in this country," explained Carnell.
While many strong and profitable small businesses in Australia find themselves in need of funding, the credit criteria adopted by banks sometimes makes securing the necessary finances difficult.
The Non-Bank Alternative
At Classic, we often come across SME owners who require more flexibility and a solution that involves a closer understanding of their business needs. This is when a non-bank lenders, like Classic Funding Group, can become extremely useful to the SME. We can take a look at transactions that the big banks cannot or will not, and can work with the business to provide a tailored solution that will encourage growth.
Take Servers Australia, one of Australia's leading (and preferred) web hosts, as an example. They came to Classic frustrated with the fact that the banks did not seem to understand their growth rates or business requirements. Classic provided them with the personalised help they needed.
"Classic Funding was able to sit with us, come up with a plan and a model and allow us to grow by funding us with the right solution," explained Jared Hirst, CEO of Servers Australia.
"The ease of the process with Classic has also allowed us to gain huge growth in the past year. The ability for us to order our hardware and simply forward the invoices to Classic to have them paid just makes the whole process so simple. This takes away the stress from us, and allows us to focus on our core business. Servers Australia doesn't have the time nor resources to be dealing with complicated funding arrangements, we would much rather be engaging with our clients." Read the full testimonial here
For growing businesses, like Servers Australia, Classic can provide a more flexible approach to funding.
To learn more, contact me for an obligation free chat today.
Senior Relationship Manager
1300 780 895