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The maximum loan size has increased from $500,000 to $1 million, with Bizcap citing demand from businesses and referral partners for larger funding amounts.
The lender said the expanded limit would support established small and medium-sized enterprises (SME) seeking working capital for expansion, equipment, stock, staffing and other time-sensitive business needs.
Demand for larger loans
Bizcap chief credit officer Tony Truong said the increase would allow the lender to support businesses with larger funding requirements while maintaining the product’s focus on speed and flexibility.
“Businesses don’t suddenly become less time-sensitive because they need $750,000 rather than $250,000,” he said.
“We’re seeing established Australian businesses with significant funding requirements that still value speed, flexibility and a lender willing to understand the individual business. Increasing our Fast Business Loan limit to $1 million means we can support more of those businesses without fundamentally changing what makes the product work for SMEs.”
Bizcap co-founder and co-CEO Zalman Blachman said the change reflected demand from SMEs and referral partners for larger funding options.
“We’re seeing strong demand from businesses and our referral partners for larger, more flexible funding options. Raising this limit allows us to meet that demand while giving more Australian SMEs reliable access to the capital they need to grow,” Blachman said.
Bizcap said it has provided more than $5 billion in funding to SMEs across its markets since it started operating in 2019.
The lender has also extended its Line of Credit Ultra feature, which offers eligible Australian businesses zero per cent interest for the first four weeks.
The changes follows a separate expansion of business finance options by non-bank lender ScotPac, which has increased lending capacity across three core products.
[Related: OnDeck lifts unsecured loan cap, adds instant renewals]
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