New fintech player CreditSME is helping both banks and borrowers in SME lending space
CreditSME has recently launched in the Australian market and is working with both lenders and borrowers to create a streamlined process for small and medium sized businesses to obtain finance.
CreditSME has developed a new credit scoring system for small and medium sized enterprises (SMEs) based on the financial and operating position of the company. This credit score, along with the financing requirements of the company, are then used to match the company to the most suitable financier.
“There have been a number of new lenders entering the SME space over recent times which provides more options for borrowers, however it’s important for borrowers to understand what is being offered and how their credit profile will be assessed by the different lenders. CreditSME aims to simplify this process for SMEs and best ensure that they are matched to the most suitable lender and obtain the best available loan terms from the chosen lender” said Adam Welsh, founder and Managing Director of CreditSME.
“The whole process is quick and easy for the SMEs, significantly reducing the time and effort typically required by SMEs in obtaining finance whilst also greatly increasing the likelihood of a positive outcome”.
CreditSME has partnered with a wide range of lenders, from the major banks to alternative financiers to best ensure that a suitable financing solution can be offered to all clients.
For lenders, CreditSME helps to improve their operating efficiency by only introducing pre-qualified borrowers that fit with their lending criteria. The lenders also receive the CreditSME rating score, accompanying credit report and financial information that helps to streamline the overall loan approval process and enable a better experience for both the financier and borrower.
“Rather than trying to take market share from the banks, we are forming partnerships that should help the banks improve their operating efficiency whilst also streamlining the process for SMEs and helping them source financing from the most suitable lender” says Welsh.
