The Australian government’s $90 billion Coronavirus Small and Medium Enterprise (SME) Guarantee Scheme provides a lifeline to many businesses hurt by social distancing amid the COVID-19 pandemic. It’s critical that our banks and other lenders can deliver the necessary funding at speed.
Slow loan delivery will hurt many SMEs
There is a recognised challenge that many financial institutions run multiple legacy platforms with hosted infrastructure and poor networks and will struggle to adapt to the scheme and disburse funds where they are needed quickly enough.
With approximately 57% of Australia’s GDP attributed to SMEs. the stress on Australia’s economy will be significant if the funds cannot reach SMEs in an efficient way.
Innovative lending technology is ready to step in
Taking a month or longer for a loan to be settled could prove devastating to many SMEs. Those in the hospitality, leisure, and tourism industries especially cannot wait. And they shouldn’t – innovative lending technology is available to speed up processes.
Given these challenges, automation and same-day decisioning must become the new standards at this time. Q2 Cloud Lending provides a cloud-based real-time application and documentation process for a simple and easy borrowing experience while meeting the Australian government’s specific requirements. This can be delivered rapidly (and remotely) to ensure lenders get the money where it is needed as quickly as possible.
Learn more about this lending solution.
