Business loan

Local fintech launches new small business lending model

“Moneytech supported us with fantastic flexibility and options. Because we had access to a credit facility, we never left our supply chain, which meant we could keep everyone working and the wheels were turning, Jackson said.

“We are a national company and there was only one period when all states were in lockdown simultaneously. Otherwise, we were still operating in markets that weren’t confined. So we still had to maintain our supply chain, get the product in, pay for it, and sell it. Having extra credit up our sleeve was fantastic.

Moneytech pioneered a new small business lending model called asset-based financing, which is the ability to borrow against assets a business owns.

Chief Executive Nick McGrath says Moneytech is a fintech with a difference.

“We are a technology-driven company with a human touch. Of course, we have the best automated credit underwriting software. But full automation may not yield the right outcome for small business borrowers. »

Moneytech pioneered a new small business lending model called asset-based financing, which is the ability to borrow against assets a business owns.

The Moneytech team uses a wide range of data inputs to inform their lending decisions.

As for Moneytech’s sweet spot as far as customers are concerned, the team focuses on companies with revenue between $700,000 and $100 million per year.

“We support businesses when they’re small, and as they grow, our funding platform and loan sizes can scale with them,” McGrath says.