Lenders need to work harder to finance small businesses backed by their cashflows, rather than secured against property, says Commonwealth Bank head of business banking Mike Vacy-Lyle.
National Australia Bank business boss Andrew Irvine said the bank hoped to increase limits on how much it lent against cashflows above the $250,000 that it could now offer, and was also hoping for greater take-up of the services.Mr Vacy-Lyle said this type of lending was helping customers – who could repay loans from their working capital as it came in, optimising cashflows – as well as the bank, because credit became a part of the core merchant offering.
With about 18 per cent lending market share and 22 per cent share of the transaction market, CBA is focused on lending more into those relationships throughout 2022 and 2023. But CBA was also looking to grow in the hospitality sector, which had emerged from the pandemic in good shape.“Australians love a club and a pub. We initially thought it would be absolutely smashed by the pandemic, but it’s quite remarkable to see how resilient they’ve been,” he said.
I hope they walk the talk But i reckon this is bullshit
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