Competition intensifies in small business loan market
Competition in the small business lending market is intensifying with one of Australia’s leading non-bank lenders, RESI Mortgage Corporation, experiencing a 36% growth in its small business loan volumes in the last six months alone.
Joint managing director of RESI, Mr Peter James, said the company has observed a rapid increase in the number of small business borrowers seeking cheaper non-bank loans. These loans use competitive interest rates and do not have the restrictive fees and conditions often associated with bank business loans.
Although competition in the small business lending market is still not as fierce as in the home loan market, small business borrowers should shop around in order to take advantage of some of the benefits available.
To compare current business loan offerings see BankChoice's business loan selector.