CreditSME has recently launched in the Australian market and is being well received by both businesses and lenders. CreditSME has developed a new credit rating system for small and medium sized businesses with the primary objective of helping them get debt funded with the most suitable lender on the best available terms.
CreditSME provides a credit rating on small and medium sized businesses that is based on a number of factors specific to the business and the industry in which it operates. This rating will incorporate the financial position of the business including the new level of debt that is being sought. This credit rating is similar to what lenders will typically calculate internally when processing a loan application and determining whether or not to approve a loan.
By obtaining this CreditSME rating before applying for a loan, a loan can then be sought from only the most suitable lenders that will therefore maximise the likelihood of obtaining a loan approval. Importantly, this will best ensure that SME business owners and employees do not waste time and resources on a loan application process only to be declined at the end of the process.
CreditSME has partnered with a wide range of lenders including the major and regional banks, equipment financiers, debtor financiers, peer to peer platforms and cash flow lenders. These lenders have been chosen on the basis of their product and service offering and to cater for the widest possible range of SMEs that are seeking finance and their funding requirements.
CreditSME also provides a consulting services to SMEs with a focus on helping them to obtain financing on the best available terms. This may involve helping the company prepare information to be presented to the lenders, make a decision on the optimal level of debt for the business and understand the different loan products available and the pros and cons of the various alternatives.
This understanding of the different lenders and loan products is becoming more important as the number of financiers in the SME market increases. Whilst the increasing number of lenders is great for SMEs, the quality and transparency of the lenders and their products varies widely so it’s important for businesses to understand the loan agreements that they are entering into and the suitability of these products to their business.
Visit www.creditsme.com.au to register and get more information on CreditSME and how you can get your business funded on the best available terms with minimal time and effort.
Brought to you by Adam Welsh, Director, CreditSME