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The new facility, available as either a business loan or line of credit of up to $50,000, is targeted at businesses affected by rising fuel costs and supply chain disruption.
According to Moneytech, the product is intended to streamline access to short-term funding by reducing documentation requirements and simplifying the application process compared with standard business lending.
Funds can be used to cover operating expenses, including fuel, wages, and vehicle maintenance.
The lender said the product is designed for fuel-exposed sectors, including road transport and freight, couriers and last-mile delivery, trades and field services operating vehicle fleets, along with agriculture, construction, wholesale, hospitality, retail, and labour hire businesses.
It is also aimed at regional operators and small and medium-sized businesses (SMEs) where vehicles form a core part of day-to-day operations.
Mounting pressures on SMEs
The launch comes as SMEs continue to face a range of financial pressures.
Prior to the recent conflict in the Middle East and subsequent fuel price increases, businesses were already dealing with cash flow strain and upcoming compliance changes.
Earlier this year, Broker Daily reported on growing concerns around small business debt owed to the Australian Taxation Office.
Businesses are also preparing for the upcoming Payday Super reforms, which could reduce borrowing capacity by up to 15 per cent.
More recently, rising fuel costs and renewed inflationary pressure have weighed on business confidence, particularly in sectors heavily reliant on fuel and other key inputs such as fertiliser.
Industries including logistics, transport, and agriculture have been among the most affected, with smaller operators generally more exposed than larger businesses.
At the same time, SME loan applications have declined, while ATO arrears have continued to rise.
Businesses have also faced persistent inflation and multiple interest rate increases from the Reserve Bank of Australia.
A recent study from National Australia Bank found that rising operating costs continue to outpace price increases, placing further pressure on margins and contributing to inflation concerns.
Nick McGrath, CEO of Moneytech, said while economic risks remained, the lender continued to see confidence amid the wider business economy.
“We can see the arrears data the same as everyone else, and we understand why some lenders are pulling back,” McGrath said.
“But the businesses we’re talking to aren’t fundamentally weak, they’re well-run operators facing a short-term, external shock. Walking away from them at this point in the cycle doesn’t reflect what we think a good lender should do.”
Government support measures
The federal government has also introduced support measures for businesses facing cost pressures, including the recently announced $1 billion Economic Resilience Program.
The scheme, announced by Prime Minister Anthony Albanese earlier this month, will provide eligible businesses with zero-interest loans for up to two years to help manage rising fuel and input costs.
Administered through the National Reconstruction Fund Corporation, loans of up to $5 million will be available to SMEs operating in fuel, fertiliser, plastics, and other critical supply chain sectors.
Moneytech has criticised the decision to restrict applications to a select group of participating banks, excluding non-bank lenders from the program.
“If the objective is to get capital into the hands of as many eligible Australian SMEs as possible, as quickly as possible, why limit delivery to the major banks?” McGrath said.
Role of brokers
McGrath said brokers would play an important role in helping businesses access funding during the current environment.
Broker Daily has recently reported that current economic conditions are prompting brokers to adapt their advice while also creating an opportunity to build closer, longer-term relationships with SME clients.
“Brokers are usually the first call a business owner makes when conditions tighten,” McGrath said.
“They know their clients’ operations, they understand the cash flow pressures, and they can quickly assess whether a business is best supported by a bank, a non-bank lender, or a combination. A lending response to the fuel crisis only works if it moves through the channels SMEs actually use, and brokers are central to that.”
[Related: Budget a win for SMEs, but warnings raised over tax changes]
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