NAB funding to support more lending to small business
GetCapital is proud to announce it has successfully set up a $50 million funding facility with NAB to help fund more loans to Australian small businesses.
GetCapital CEO Jamie Osborn said: “The facility gives us greater capacity to lend more money to more SMEs, and also helps us to bring down the cost of our capital so we can provide more cost-effective and innovative finance solutions to the end customer. This is a structure that works well for us and works well for the bank.”
NAB Executive General Manager of Client Coverage for Corporate and Institutional Banking, Cathryn Carver, said: “NAB backs Australian businesses – not only is GetCapital a business we support directly but, through this funding facility, we’re indirectly able to support the business customers of GetCapital too.”
The new landmark funding facility follows unprecedented growth for GetCapital, which recently exceeded $250 million of total loans written.
The important milestone puts the company on track to reach its goal of $1 billion in funded loans by 2020 as it continues to meet the changing financing needs of small business customers.