For businesses in a tight financial spot or ready to grow to new heights, extra funding may be the X factor you need to help your company thrive.
But if the thought of applying for a big bank's business loan leaves you dreading the paperwork and long wait times, you’ll be pleased to know your options go beyond traditional lending.
Say hello to Scottish Pacific. This fintech lender is committed to providing working capital solutions without the hassle. It offers a variety of finance options depending on your business purpose, whether it's buying new equipment or importing goods from an overseas supplier.
So, if you’re after a cash flow boost, ScotPac could be the answer. But before you dive in, we’ve covered a few other big questions about the non-bank lender.
Who is Scottish Pacific?
Since 1988, Scottish Pacific has aimed to give business owners in Australia and New Zealand a better chance at success, by providing them with access to secured working capital loans.
With this 32 years of experience, ScotPac has adapted to market trends over time, recently expanding its services to trade and asset finance to cater for more business cash flow needs.
Unlike the big banks, Scottish Pacific uses an innovative digital platform which makes the process of securing extra finance much quicker and less stressful. For instance, its online Solution Finder tool promises to take just two minutes of the customer’s time to help them decide on the right funding option for their business.
What loans are available with Scottish Pacific?
You’ll find yourself spoiled for choice, as Scottish Pacific offers a wide range of finance options. These include:
- Invoice finance: a line of credit secured against unpaid invoices, so you won’t need to wait on slow or late paying clients before receiving a cash advancement.
- Trade finance: a line of credit to support companies with purchasing, importing and exporting goods domestically or internationally.
- Equipment finance: financing to facilitate new asset purchases, such as equipment, machinery and vehicles.
- Asset finance: additional funding secured against business assets to boost your working capital.
What features come with Scottish Pacific’s invoice finance?
If you’re interested in ScotPac’s invoice finance, here’s a quick rundown of its key characteristics:
- Interest rates start from 6% p.a.
- Funding amounts range from $10,000 all the way up to $100 million
- There are no ongoing or transaction fees, but an upfront fee could be charged.
The good news, Scottish Pacific doesn't always require applicants to have a minimum trading history. In other words, start-ups and new businesses can also qualify for a loan, given that they have turnover.
How does the application process work?
Securing funds with Scottish Pacific takes a few steps. To get in touch, you can either contact ScotPac directly (via online live chat or over the phone) or through a business advisor, before undergoing an application process that can take as little as 10 minutes. This will confirm whether your business is eligible for ScotPac’s product suite and whether it has a finance option that best fits your needs.
After that, ScotPac will work through credit submissions and look to establish a drawdown facility for your business.
You can also wave goodbye to waiting for weeks on end to hear back. Businesses can be approved on the same day, with funding to arrive in 24 hours from approval.
Next steps for Scottish Pacific?
Scottish Pacific has said it will continue to focus on building cash flow solutions for business owners. This involves a plan of digital transformation, which will soon see customers experience its entire loan process, from quote to settlement, all online.
Curious to see how Scottish Pacific’s small business loans weigh up against other offers in the market? Then make your first stop our business loans comparison table where you’ll be able to compare interest rates, fees and other features.