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ScotPac business finance review
ScotPac enables business growth by offering business, trade and invoice finance to businesses of all sizes.
ScotPac, formally known as Scottish Pacific is an award-winning lender recognised by Trade Finance Global, International Finance Australia and The Adviser. It is Australasia’s largest non-bank lender, having lent over $1 billion to SMEs.
ScotPac has over 30 years’ experience in business lending and looks for ways to say yes to businesses to enable growth. There is an office in Auckland, but you can access finance from anywhere in New Zealand.
What finance options does ScotPac offer?
ScotPac provides three different finance options for businesses: invoice finance, trade finance and business finance. It caters to a range of industries including transport, recruitment, manufacturing and wholesale trade.
Unpaid invoices can restrict cashflow in your business, but invoice finance covers money owed to you that is needed to pay wages, purchase stock or take on new opportunities. It also covers long payment terms of 90 days or more often associated with enterprise businesses.
Once approved, you will have access to a line of credit between $10,000 and $150,000,000 that grows inline with your business. Interest rates start at 6% p.a.
A ScotPac relationship manager will work with you to determine if you need a confidential funding arrangement or an accounts receivable and collection service. This service frees up your time chasing invoices so you can focus on the more important parts of your business.
You can choose a fixed-term or no-term contract and funds are available to you in as little as 24 hours. Rather than using an asset such as your home as collateral, your sales invoices are used as security.
Business finance is available to businesses of various sizes that need help with their cashflow or are wanting to expand. You can apply if you need to:
- Import goods
- Expand your business
- Pay off debt
- Improve your cashflow
- Pay wages for your staff
- Purchase equipment
- Buy stock
You can apply if you’re a startup and are having trouble getting the finance you need through a bank, need extra funds to enable growth and take on new opportunities, or need a cash injection and have no other way of getting the money you need.
Trade finance gives you the opportunity to boost your purchasing power. You can increase your stock levels by having the funds to pay both domestic and international suppliers, so you are able to offer longer payment terms and never need to turn away new orders.
When you are approved for trade finance, you’ll be given a revolving line of credit to use in any currency with no minimum term. ScotPac can facilitate transactions such as Documents against Payment, Letters of Credit and telegraphic transfers.
ScotPac has an office in China where industry-leading trade experts can assist with procuring quality goods and negotiating favourable contract terms with suppliers.
Features of a ScotPac loan
- Loan for all types of businesses. Whether you have a small, medium or large business and are needing cash for growth or to manage cashflow, ScotPac has a range of options.
- Real relationships. When you partner with ScotPac, you’ll have access to decision-makers and a local relationship team.
- Grow your business. ScotPac enables growth in your business, with customers growing at 3x GDP or more.
- Halo Portal. You can use the Halo Portal to track the movement on your credit facility, view reports, uploading invoices, requesting payments and much more. You can find training resources on the ScotPac website that help you to navigate the portal.
- A lender that works with you. ScotPac helps you through good times and bad, adapting to the changes in your business and finding a way to say yes.
- Bad credit applicants welcome. If you have a history of bad credit, ScotPac may be able to help.
How much does the loan cost?
The cost of a loan from ScotPac is determined on how much you borrow and the type of finance that you require.
Interest rates start at 6% p.a., and an establishment fee and monthly service fee will also be added to your loan. These fees will be outlined to you when you apply.
How to apply
To apply for finance with ScotPac, simply click on the ‘Go to site’ button above. Once you have submitted this form with a few basic details, a representative from ScotPac will be in touch to discuss your requirements.
Information and documentation
During the application process you will be asked to provide your debtors ledger and invoices for funding. ScotPac will also conduct a credit check.
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