With offices in Sydney, Melbourne, Perth, Adelaide and Brisbane and over 30 years experience providing finance solutions for a range of Australian small businesses, ScotPac are well and truly an old hand in the world of business lending.
ScotPac (previously Scottish Pacific) aren’t your typical business loans provider. Instead, they offer a unique lending model to suit the specific needs of Australian businesses and help with their cash flow. ScotPac provide access to a variety of finance options including invoice finance, debtor finance, equipment finance and even trade finance.
Interested in learning more? Check out the table below for everything you’ll need to know about the key features and fees associated with SootPac’s invoice finance.
from 1.25% per fortnight
Line of Credit
Borrowed funds are secured against outstanding invoices.
2.50% late payment fee.
When it comes to the interest rates on invoice finance, ScotPac like to keep things as simple as possible for business borrowers with rates for invoice financing starting from 3.00% per 30 days.
Aside from the interest rate itself, there a number of other costs potential borrowers with ScotPac should weigh up before taking out invoice finance. Businesses will need to pay a $500 upfront fee, as well as a 2.50% fee for any late payments. However, businesses won’t need to fork out any other ongoing or exit fees.
ScotPac understand the need for small businesses to have fast access to funding, which is why they’ve created a simple 10 minute application process. Eligible businesses can be approved on the same day they apply and have access to funding in as little as 24 hours. For invoice financing, approved businesses will have access to 95% of the approved value (minus fees), with the final 5% made available once the invoice has been paid in full.
While each individual business will be different, you may need to supply some general information depending on the type of ScotPac financing option you choose to apply for. That could include how long your business has been trading, your revenue, the industry it’s in, as well as details like your ABN. Businesses can even get pre-approval for funding online with ScotPac, or they can apply over the phone.