Rising interest rates, the cost of living and a growing number of businesses finding themselves in default of their bank loans is leading to a spike in alternative lending options.
Leading Australian financing company OptiPay has issued over $25M in new facilities since the start of this year – a near ten fold increase in new client take ons.
“We’ve had a huge spike in broker-driven enquiries as access to capital becomes more difficult for many businesses,” says OptiPay CEO Angus Sedgwick.
“Banks are becoming more risk-averse in the current climate and it’s forcing many businesses to look at alternatives to maintaining their cash flow,” he says.
