Banjo joins Connective lender panel

Lender Launch Social Tile Banjo

Business lender Banjo Loans has joined the Connective lender panel, and is looking to raise broker awareness of the benefits of unsecured lending to businesses.

Who are Banjo Loans?

As one of the leading non-bank business lenders in Australia, Banjo Loans has been helping to power SMEs across the nation since 2015, having lent over $350 million to thousands of businesses all over the country.

“We’re very excited to join the Connective panel and to work with their commercial brokers. Banjo has largely captured an increasingly popular niche – providing businesses with higher value unsecured loans from $300k-plus,” said Brendan Widdowson, Head of Sales at Banjo.

“Few lenders are willing to lend without property as security, yet SMEs repeatedly tell us that’s what they prefer. We’re one of few lenders who can meet that market need, especially at the higher end.”

Banjo offers unsecured business loans from $20k to $1m across loan terms up to three years. It also offers loans of up to $2m to businesses with multiple ABNs in a group structure.

“Banjo’s unique strength lies in our combination of rapid data analysis technology with a personalised relationship approach, that gives clients and partners the best of both worlds,” said Mr Widdowson.

What can they do for members?

Brent Starrenberg, Head of Asset Finance at Connective, is excited for Banjo to join Connective’s lender panel, particularly to support Australian SMEs in growing their business.

“We know how hard it can be for small business to secure funding crucial to maintain or expand their businesses. Because of this, we’re eager to have Banjo join our lender panel as they bring a realistic, efficient and tailored option for SMEs who need to access funding.

Up to 80 per cent of Banjo’s lending is currently sourced through brokers, and the lender has deep national coverage. A recent SME survey conducted by Banjo found that 62 per cent of businesses faced challenges securing funding, with the slow pace of big bank processes the main frustration.

“From our experience working with businesses across a broad range of industries and borrowing purposes, we know that fast approvals within hours, not weeks, are critical to many SMEs,” said Mr Widdowson.

“Our research also tells us that Australian SMEs are coming out of two years of the pandemic with an upbeat outlook and an eagerness to invest in their business. Yet many are not fully informed about the alternative options available to them,” said Mr Widdowson.

“Ultimately, our goal is to be able to help brokers to help many more SMEs around Australia.”

Banjo’s inclusion on the Connective panel is effective from 1 May 2022.