Understand your business

30 September 2015


3 min read

Introducing Banjo:  An online lender providing secured and unsecured loans to small business.

At Banjo, we are 100% committed to small business, after all, it’s the lifeblood of the Australian economy. In order for any business to grow, you need capital to purchase stock, maintain cashflow, recruit new employees and purchase equipment. Yet funding for small and medium business enterprises (SMEs) globally has become constrained during the recession and stayed at these low levels since. It is generally more profitable for traditional lenders to make a $2m loan or more than a $50,000 loan.Data derived from the RBA clearly shows this trend in this graph:

New Credit Approval

Globally, traditional lenders have struggled to cost effectively service small businesses, and post GFC they have grown their personal credit books at much faster rates than their small business books. Australia is no different as depicted here, yet small business provides a big contribution to the Australian economy:

Similar to the small business owners we represent, we have passion, self-belief and a vision of how to do things better. In our case, offering new ways small businesses can access capital to fund their growth. We want to deliver this vision to the Australian marketplace.  We’re aware that little has changed in the way banks process loans but business needs have changed, we wanted to create a platform that is responsive and flexible. 

Unlike other lenders, we looks at more than just assets and collateral. Business activity, as well as multiple sources of industry data supply a more holistic view of a business’s position. As a result, more loans are approved.

At Banjo, we use technology to make small business borrowing fast, simple and transparent. We know you don’t have hours to spend collating paperwork or sitting on hold. We are different to traditional lenders in several ways:

  1.  Our working capital loan is between $5,000 – $250,000, with a term of 6 months.
  2.  Our interest rate is between 1.75% – 8.25% in month 1 and 2, and then between 0.5% – 1.0% for each month thereafter. There are no prepayment fees for early repayment.
  3.  Repayments can be flexibly structured to meet the cashflow needs of the business. We can deduct fixed payments from your bank account weekly, fortnightly, or monthly.
  4.  Banjo can make funding decisions in hours and can deliver funding in as fast as 1 business day.

 Hate paperwork? So do we! Banjo’s loan application process has been cleverly designed to be as simple and seamless as possible: just 10 simple on-line questions and loans can be approved in a matter of hours, with funds deposited within 2 working days.

 Plus, we also understand that your business needs can change from one day to the next, Banjo can give you access to an ongoing loan facility where you can draw additional funds without reapplying. We want to work with you to achieve your business goals and if things are going well, you can be assured of no penalties for paying off a loan early!

The founders of Banjo have 25 years of experience across various fields of expertise, including banking, risk, technology and business. We also have a customer service team comprised of bank officers with 25- 40 years of industry experience. At Banjo, we recognise that your business is much more than numbers. At the heart of every business is passion, ideas, self-belief and vision.

Our goal is to help you achieve yours.

Please visit our website www.banjoloans.com to see how our business may be able to help grow yours.

Banjo. Just brilliant business loans.