Intouch announces debtor finance facility
Intouch Finance, the wealth management division of non-bank lender intouch Home Loans, has announced it will immediately launch a debtor financing product.
Intouch chief executive Paul Ryan said the move was prompted by the Commonwealth Bank’s recent decision to withdraw from the sector following a similar move from ANZ last year, and questioned whether the other majors would follow suit.
The debtor finance product will give business owners instant access to cash flow through their outstanding invoices, Ryan said.
“Suppliers’ agreements are often 30, 60 and even 90 days, which puts enormous pressure on business owners on a monthly basis. I’m determined to provide an alternative particularly when the big banks don’t seem all that interested in servicing this sector,” he said.
Intouch debtor finance can provide up to 80 per cent of a business’ existing ledger without the need for real estate security, the firm stated.
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